Landlord Resistance Threatens Ruby Liu’s Department Store Expansion

A bold retail revival plan by entrepreneur Ruby Liu is facing significant resistance, as landlords for 23 former Hudson’s Bay locations have formally opposed the transfer of leases to her company, Central Walk. The leases, spanning key shopping centres across Ontario, Alberta, and British Columbia, were intended to form the foundation of Liu’s new department store chain.

The opposition, revealed in a court monitor’s report, casts uncertainty over Liu’s broader acquisition strategy. While she has secured approval for three locations she already owns in British Columbia—Tsawwassen Mills, Mayfair Shopping Centre, and Woodgrove Centre—landlords of the remaining properties have declined to consent to the lease assignments.

Despite the setback, Liu remains undeterred. In a public statement, she emphasized her vision to reimagine department stores as vibrant, community-driven spaces that blend retail with culture, dining, and entertainment. “This isn’t just about capital or profit,” she wrote. “It’s about building something meaningful — something vibrant, fresh, and full of life”.

Negotiations are ongoing, and Liu’s legal team is working to address landlord concerns. The court may still approve the lease transfers under the Companies’ Creditors Arrangement Act, but only if it deems Liu a suitable assignee and the move beneficial to creditors.

The outcome could reshape the future of Canadian retail—or stall one of its most ambitious reinventions.