Ruby Liu’s Ambitious Retail Expansion Thwarted by Court Ruling

B.C. billionaire Ruby Liu faced a significant setback in her plans to acquire former Hudson’s Bay stores after the Ontario Superior Court ruled against her proposed acquisitions. The court’s decision on October 24, 2023, determined that Liu’s company, Central Walk, did not satisfy the financial and operational criteria necessary to take over 25 of the 28 retail leases she sought.

Liu, a prominent Chinese-Canadian real estate mogul, envisioned transforming the shuttered Hudson’s Bay locations into a new department store chain under her name. The proposal, valued at over $120 million, aimed to revitalize Canada’s struggling retail landscape with a focus on “experiential retail.” This concept promised to blend shopping with entertainment, seeking to draw consumers back to physical stores.

The court’s ruling effectively marked the end of one of Canada’s most ambitious retail initiatives in recent years. As the chairwoman of Central Walk, Liu has made a name for herself in the real estate sector, owning major shopping destinations such as Tsawwassen Mills in Delta, Woodgrove Centre in Nanaimo, and Mayfair Shopping Centre in Victoria. Her previous successes in property investment positioned her as a capable player in the retail sector, making her proposed venture appear promising.

When the Hudson’s Bay Company entered creditor protection in early 2025, numerous vacant anchor spaces emerged across Canada. Liu quickly positioned herself as a potential savior, proposing to take over 28 of the company’s leases and rebrand them as “Ruby Liu” department stores. Her vision included creating interactive retail spaces reminiscent of successful shopping complexes in Asia, combining luxury goods with restaurants and family attractions.

Initially, the plan garnered interest from retail analysts, reflecting optimism about its potential to rejuvenate a sector grappling with declining foot traffic. Yet, Liu’s broader ambitions soon encountered resistance. Major landlords, including Cadillac Fairview, raised concerns about the financial transparency and commercial viability of her proposal.

Legal filings indicated that one landlord criticized Liu’s plans as “defying commercial common sense,” warning that her company might exhaust its capital before launching even a single store. Concerns about disrupting existing mall operations and diminishing property values amplified the objections. These issues culminated in a protracted legal dispute that ultimately led to the court’s intervention.

The Ontario Superior Court’s ruling underscored that Liu’s business “is not an established operator of major department stores” and lacked sufficient evidence of funding to sustain national retail operations. Reports indicated that several of her properties in B.C. had recently experienced declining revenues, casting further doubt on her capacity to manage a nationwide retail chain.

Despite the setback, Liu retains control of three approved Hudson’s Bay locations in British Columbia, which are expected to reopen under her brand later this year. Nonetheless, the court’s decision raises questions about her long-term retail strategies and the future of Canada’s vacant department-store spaces.

Industry experts suggest this ruling highlights the broader challenges facing traditional retail across North America. Ruby Liu’s high-stakes venture serves as a cautionary tale, illustrating that even seasoned billionaires can encounter significant hurdles in the quest to revive a struggling retail empire.