A British Columbia-based billionaire mall owner is still looking to purchase dozens of Hudson’s Bay store leases, despite losing the bid for the retailer’s intellectual property to Canadian Tire.
Weihong Liu, chairwoman of shopping centre owner Central Walk, said in a video posted on this week on RedNote, a Chinese social networking and e-commerce app, that she plans to take over more than 20 Hudson’s Bay leases in British Columbia, Calgary and Toronto and operate stores under the name “New Bay.”
Clutching a piece of white paper, Liu revealed in the video what appeared to be an early logo for her envisioned retail brand: a bold red diamond stamped with her name, “Liu,” and the words “New Bay” printed in italics just below.
“You see this logo, right? Next time you spot it, I hope you will stop by and support my store,” she said in Mandarin.
The 355-year-old Canadian retail icon is currently in discussions with Liu regarding her bid on the leases, according to two sources with knowledge of Hudson’s Bay’s restructuring process.
Although Hudson’s Bay announced last Thursday that it had found a new domestic home for its intellectual property in a $30 million transaction with Canadian Tire, the clock is ticking for Canada’s oldest company to select winning bidders for its leases and other assets by May 30, the deadline for court approval to sell all its assets.
In a video posted by one of Liu’s employees on RedNote on Thursday morning, the shopping mall owner, who immigrated from China, was filmed speaking with a few team members and saying she “will sign the contracts today” with Hudson’s Bay.
She was on a ferry en route to her Mayfair Shopping Centre in Victoria for the opening of an H Mart store, part of a chain of Asian supermarkets, in the mall, the post read.
Liu could not be reached for comment as of Thursday. Central Walk and Hudson’s Bay did not respond to the Star’s request for comment by publication time.
The Star first reported in early May that Liu had placed a bid on 25 Hudson’s Bay stores and was looking to hire workers, recruit people, and attract investment.
Liu’s blueprint for the Hudson’s Bay stores remains unclear, but her RedNote posts suggest a vision that departs from the traditional department store — leaning instead toward a multi-faceted shopping centre with retail, food, entertainment and boutique offerings.
According to court filings, Hudson’s Bay has received 12 “qualified” bids on a total of 39 individual leases. Canadian Tire disclosed in a press release last week that it is also bidding on some leases in addition to the intellectual property.
No qualified bids were received for 62 leases, which means Hudson’s Bay may need to abandon some of these properties and could face penalties from landlords for breaking the lease agreements.
The retailer is also developing an auction procedure for its extensive collection of 1,700 pieces of art and more than 2,700 artifacts, including the 1670 charter document that paved the way for the company’s founding.
