What: Ruby Liu Commercial Investment Corp acquires 28 Hudson's Bay retail leases to launch a new department store concept in Canada.

Why it is important: This transaction represents a significant shift in Canadian retail, as a new player emerges amidst the dissolution of a 355-year-old retail institution.

Hudson's Bay Company has reached a definitive agreement to sell 28 retail leases across Ontario, Alberta, and British Columbia to Ruby Liu Commercial Investment Corp. The transaction, part of a court-approved lease monetisation strategy, will provide the foundation for a new, modern department store concept planned by Ruby Liu. The deal is particularly noteworthy as Ruby Liu's company already serves as landlord at three British Columbia locations included in the agreement. This development comes as Hudson's Bay proceeds with its broader liquidation process, which will see all 79 Hudson's Bay and Saks Fifth Avenue locations close by June 15. The company recently sold its intellectual property portfolio, including the iconic HBC Stripes, to Canadian Tire Corporation, while continuing discussions with other qualified bidders for its remaining leases.

IADS Notes: The sale of Hudson's Bay's leases to Ruby Liu represents a significant transition in Canadian retail. As reported in March 2025, Hudson's Bay entered creditor protection with CAD $1 billion in debt, following years of real estate-focused management that prioritised property monetisation over retail operations. The May 2025 sale of intellectual property to Canadian Tire for CAD 30 million and the April 2025 announcement of an artifacts auction demonstrate the systematic dismantling of this historic retailer. Ruby Liu's emergence with a new department store concept provides an interesting counterpoint to the consolidation trend seen in luxury retail, exemplified by the December 2024 Saks-Neiman Marcus merger.

Hudson’s Bay to sell 28 leases to Ruby Liu for new department store concept