Sub Markets

Property Sectors

Topics

Canada CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Canada  + Alberta & Prairies + Cross Border News  + Retail  | 
Photo of a Hudson's Bay Company store in Montreal.

All Hudson’s Bay Company Stores Set to Close on Sunday

It’s the end of an era.

A long era.

All Hudson’s Bay Canada stores are set to close Sunday as the iconic department-department store chain continues its business its wind-down.

The closures were scheduled previously as part of the 355-year-old firm’s creditor-protection process. They come as the futures of the store spaces and company brands become more clear.

B.C. billionaire Weihong (Ruby) Liu has agreed to acquire 28 Bay store leases at malls in B.C., Alberta and Ontario. Liu, a relatively unknown investor now making a name for herself, plans to develop a new department-store chain using the leases.

Meanwhile, Primaris REIT has secured full control of fives leases that went unclaimed following a bid process. Primaris also expects to get up to four leases back out of the nine that it issued altogether.

And, Canadian Tire has acquired the Bay’s brand assets for $30 million. Canadian Tire has also bid on what the firm called “a handful” of Bay store leases.

Hudson’s Bay is Canada’s oldest company.

Connect

Inside The Story

Primaris REIT

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Sale/Acquisition
  • ◦Financing
New call-to-action