Hudson’s Bay Company will not operate a store at Vancouver’s redeveloped Oakridge shopping centre when it reopens.

The Bay store at Oakridge shut down temporarily as QuadReal and Westbank launched a five-year redevelopment project that is slated to conclude in 2025 when the revitalized centre open its doors. Both Toronto-based HBC and QuadReal, have publicly confirmed multiple media reports stating that retailer has reached an agreement with QuadReal Properties to exit the mixed-use project.

HBC was initially set to occupy 140,000 square feet across two levels in the new indoor mall, near the northern section of the 28-acre redevelopment site, where the previous Hudson’s Bay outlet was located.

When asked by the Canadian Press about the decision, HBC spokesperson Tiffany Bourré said the company is focused on optimizing its real estate portfolio.

“We continuously look for opportunities to ensure our properties best serve our customers and the communities we operate in,” Bourré stated in an email to CP.

The departure marks a significant shift in plans since the partnership between HBC and QuadReal was announced in 2018. At the time, QuadReal had agreed to provide $172.5 million to support the relocation and redevelopment.

The funding included $151.5 million to repay HBC’s revolving credit facilityand $21 million to outfit the new store’s interior.

Despite the change, HBC says it remains committed to serving Vancouver. The company has voiced plans to invest in and redevelop its flagship store on Granville Street in downtown Vancouver, ensuring it remains a central retail destination in the city.

Oakridge Park’s redevelopment is a major transformation project, featuring residential, retail, and public spaces. With HBC stepping away, it remains to be seen how the northern section of the site will be reimagined.

QuadReal has indicated that it will attempt to fill the space with luxury and lifestyle-oriented retailers.

Rendering: Westbank