The New Face of The Bay

Liu (right) with her proposed new logo for her shopping malls

There are only a few more days left before customers can get their last purchases from The Bay, as it will be closing on June 1 after declaring bankruptcy.

So far Canadian Tire has offered C$30 million for the intellectual property rights of the 355-year-old company, including the iconic stripes and coat of arms.

Meanwhile Hudson's Bay plans to sell up to 28 of its 39 leases in British Columbia, Alberta and Ontario to Chinese-Canadian billionaire Ruby Liu Weihong's Central Walk at an undisclosed price. The Bay has sought court permission to go ahead with the transaction.

Liu will purchase 28 of The Bay's leases

She plans to open a chain of more than 20 retail stores in the three provinces, naming them after herself -- "Ruby Liu: A New Bay", as she can't use the Hudson's Bay name... unless Liu makes a deal with Canadian Tire.

"We wanted to buy this as well [intellectual property]. But Canadian Tire is a giant company with deep pockets and we are a smaller company. It's also the pride of Canada. They offered more money," she said in a media interview.

Liu didn't think "The New Bay" would be an issue, as she intends to create a new retail experience for shoppers.

It's something she is very familiar with, as Central Walk owns Tsawwassen Mills, Mayfair Shopping Centre in Victoria, and Woodgrove Centre in Nanaimo. 

Liu is originally from Harbin, China, and moved to Shenzhen where she slowly built various small businesses selling wholesale goods. 

In 1994, she started Yijing Investment Development Co. Ltd, and then a subsidiary, Yijing Central Walk in 2002, which later bought a 1.5 million square foot mall in Shenzhen.

She is originally from Harbin, lives in BC

She and her brother sold it in 2019 to a Hong Kong-based real estate investment trust for C$1.25 billion. With that money she bought Woodgrove Centre in 2020, Mayfair Shopping Centre in 2021, and Tsawwassen Mills in 2022.

In 2014 Liu started coming to BC and became a Canadian permanent resident in 2017.

In hiring staff for the new malls, Liu will give priority to staff of The Bay, as well as suppliers and vendors. 

According to the company's press release, Liu gave a statement: 

"Central Walk Canada is planning to conduct a series of transformative initiatives aimed at fostering intergenerational connections, promoting active lifestyles, and empowering youth through meaningful engagement as part of this transaction," she said.

"We are evolving to serve Canadians better. We believe every Canadian family deserves a brighter future. Join us in this journey of growth and connection. Together, we can build a more vibrant, caring and forward-thinking multiculturalist community."

Sounds positive and idealistic... stay tuned to see if it happens...