B.C. billionaire wanting Hudson’s Bay leases says landlord concerns are ‘misguided’
A wealthy businesswoman from British Columbia is determined to prove landlords wrong as she fights to buy several Hudson’s Bay leases for a new department store venture. Ruby Liu, a billionaire, has filed court documents asserting that she is fully prepared to make her business successful and is willing to personally guarantee the first year of rent to landlords to show her commitment.
Liu’s ambitious plan involves transforming 25 former Bay leases, along with three other locations she already owns, into a new department store concept that includes entertainment, dining, and recreation spaces. Despite objections from major landlords such as Cadillac Fairview, Oxford Properties, and Ivanhoe Cambridge, Liu is adamant about her vision and is ready to invest over $400 million into the project.
The main point of contention between Liu and the landlords is the scope and cost of renovations needed to make the spaces suitable for her concept. While Liu believes that minimal renovations are required in many locations, landlords argue that the timelines and budgets proposed by Liu are unrealistic given the extent of work needed.
In response, Liu has offered to fund any additional renovation costs and explore staged renovations to open parts of the stores sooner. She has also secured commitments from 11 companies willing to work with her, including well-known brands like Conair, Northern Reflections, and Indeka Group.
The court battle between Liu and the landlords is set to continue, with a judge scheduled to hear arguments on the matter in August. Despite the challenges ahead, Liu remains determined to see her vision come to life and shake up the Canadian retail landscape with her innovative concept.
The Bay has also come out in support of Liu, pointing out that they operated in the spaces without the extensive renovations now being demanded by the landlords. The Bay’s senior vice-president of real estate and legal, Franco Perugini, emphasized that Liu’s investment in repairs far exceeds what The Bay had planned to spend on the properties.
Ultimately, Liu’s venture represents a bold and potentially transformative vision for the retail industry in Canada. While the road ahead may be challenging, her determination and willingness to invest in her business demonstrate her commitment to making her department store concept a success. Are you tired of the same old routine and looking for a change in your life? Well, look no further because we have the perfect solution for you. It’s time to step out of your comfort zone and try something new!
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