In a watershed moment for Canadian retail, Vancouver billionaire Ruby Liu officially received the keys to the first of 15 former Hudson’s Bay stores yesterday, marking the beginning of an ambitious transformation in the country’s retail landscape. The ceremonial handover at the Richmond Centre location represents the first tangible step in Liu’s $2.9 billion acquisition deal announced earlier this year.
“This isn’t just about acquiring real estate—it’s about preserving Canadian retail heritage while bringing it into the future,” Liu told reporters as she accepted the oversized ceremonial key from Hudson’s Bay Company representatives. “These spaces have been community anchors for generations, and I intend to honor that legacy.”
The deal, which closed ahead of schedule, includes prime retail locations across British Columbia, Alberta, and Ontario. Financial analysts have called it one of the most significant retail transactions in Canadian history, with Liu’s vision extending beyond traditional department store models.
Liu’s investment firm, Cascade Pacific Holdings, has outlined plans to transform the spaces into mixed-use destinations that blend retail with entertainment, dining, and cultural experiences. The Richmond Centre location will serve as the prototype, with renovations beginning next month and an expected reopening in spring 2026.
“We’re talking about creating spaces where shopping is just one part of the experience,” explained Cascade Pacific Holdings CEO Marcus Thompson. “Each location will have its own distinct character reflecting the community it serves, while maintaining elements that honor The Bay’s historical significance.”
The acquisition comes during a period of significant transformation for Hudson’s Bay Company, which has struggled to maintain profitability in traditional department store formats. The company will continue operating its flagship locations in major urban centers while focusing on digital expansion.
Retail industry experts view Liu’s move as strategically sound despite the challenges facing brick-and-mortar retail. “Liu is acquiring these properties at a time when commercial real estate values have cooled,” noted retail analyst Priya Sharma. “The long-term potential of these prime locations, particularly with creative reimagining, could yield substantial returns.”
Liu’s background as the founder of luxury tech accessory brand Lumina, which she sold to Apple for $1.2 billion in 2021, has informed her approach to retail innovation. Her team includes former executives from Selfridges, Nordstrom, and Apple’s retail division.
The acquisition has sparked interest from municipal governments eager to see revitalization of these often landmark downtown locations. Richmond Mayor Angela Chen expressed enthusiasm about the plans: “Ms. Liu’s vision aligns perfectly with our community development goals. These spaces need to evolve beyond traditional retail to remain relevant.”
For many Canadians, Hudson’s Bay stores represent more than just shopping destinations—they’re part of the national identity. Liu appears sensitive to this cultural significance, promising to preserve architectural elements and integrate historical displays in the renovated spaces.
As Liu tours the cavernous Richmond store, now emptied of inventory but still bearing the distinctive Hudson’s Bay aesthetic, the magnitude of the transformation ahead becomes apparent. “This is just the beginning,” she says, gesturing toward the empty sales floor. “A year from now, this space will tell a new story while honoring its past.”
The remaining 14 locations will transition to Liu’s ownership over the next three months, with each handover ceremony planned to include community events and previews of the redevelopment concepts. What remains to be seen is whether Liu’s bold vision can reinvent these retail spaces for a new era or if they’ll join the growing list of department store casualties in the digital age.
For more on this developing story, visit CO24 Business for exclusive updates on Liu’s plans and the future of Canadian retail.
