Latest news with #departmentStore
CBC
4 days ago
- Business
- CBC
B.C. mall owner offers $6 million for 3 Hudson's Bay leases: court documents
Social Sharing The B.C. mall owner hoping to buy dozens of Hudson's Bay leases has offered $6 million to take over three locations in malls that she owns, describing it as just the beginning of a new department store empire. Weihong (Ruby) Liu's offer puts a $2 million price tag on each of the leases at Tsawwassen Mills, Mayfair Shopping Centre and Woodgrove Centre in B.C., malls she owns through her real estate business, Central Walk. The deal still needs court approval. It is separate from a bid Liu made for up to 25 other leases held by the Bay and sister companies Saks Fifth Avenue and Saks Off 5th. The new details about how much money Liu is putting behind her push to move into old Bay properties are in court documents filed by the 355-year-old department store. It asks a judge to greenlight the deal. WATCH | Liu seeking 28 Hudson's Bay leases: Billionaire mall owner looks to buy up to 28 Hudson's Bay leases 24 days ago Duration 6:59 In her first interview since Hudson's Bay announced it wanted to sell many of its leases to her, the Chinese billionaire and real estate entrepreneur said the initial $6 million was just a sliver of what she could spend on the entire 28-store package and overhaul that the sites need. "Mayfair Shopping Centre and Woodgrove Centre all require renovations since the equipment in stores was outdated, which requires me to spend at least $30 million on renovations," Liu said in Mandarin. The goal of the renovations will be to transform the business into a modern retailer she will name after herself and emblazon with a red jewel logo. WATCH | How the Bay should reinvent itself: How should the Hudson's Bay Company reinvent itself? 3 months ago Duration 9:14 Canada's oldest retailer, which operates the Hudson's Bay department stores, announced it is seeking creditor protection on Friday, but that it intends to hold onto many of its prominent locations. Retail strategist David Ian Gray said scaling down and exploring their own product lines could be options for the ailing department store chain. The stores are expected to include some former Bay vendors but would also have a product range well beyond the typical assortment for North American department stores. "We will try to include makeup, jewelry, beautiful clothing, a children's playground, [something for] seniors, tech products and fitness facilities in these three stores," she said. "I hope the mall can be a place to eat, drink and have fun." Several former Bay employees she has already hired will help her develop the new brand and revamp the Bay's vast spaces, including some that are in desperate need of repairs. Court records show the oldest of the leases in her three-store deal dates back to 1993 and is linked to Mayfair Shopping Centre in Victoria, where the Bay held a space spanning more than 166,000 square feet. A second lease for a 146,000-square-foot property at the Woodgrove Centre in Nanaimo was signed in 2000 and a third 32,700-square-foot spot for Tsawwassen Mills was occupied by Saks Off 5th. 25 other leases unclear Hudson's Bay started seeking buyers for its 96 leases in March after it filed for creditor protection and began an ultimately unsuccessful search for an investor or buyer that could keep the company alive. Real estate advisers had approached 60 firms in hopes of drumming up interest in the Bay leases. A dozen eventually made offers on a collective 39 locations. In May, Liu was chosen as the successful bidder for up to 28 leases in Alberta, B.C. and Ontario, but neither company has revealed exactly which locations beyond the three she owns are part of the deal. WATCH | What went wrong for Hudson's Bay: What went wrong with Hudson's Bay? 3 months ago Duration 5:49 Anyone who made an offer for leases had to make a deposit of 10 per cent of their estimated purchase price. Court documents show Liu made a deposit of $9.4 million, which would equate to a purchase price of just under $100 million. Any landlords who own properties that the Bay leased and Liu wants to move into must agree to the deal for it to move forward. Landlords were not part of the process that selected who would be given the leases and thus could choose to fight Liu's selection or compel her to meet the same terms Hudson's Bay and Saks had agreed to. Aside from Liu's deal, Bay lawyers have teased that two other companies interested in some of the department store's properties will be announced soon. Other than Canadian Tire Corp. Ltd., which was selected to purchase the Bay's intellectual property for $30 million, it is unknown who else made a play for leases.
CTV News
4 days ago
- Business
- CTV News
B.C. mall owner offers $6 million for three Hudson's Bay leases: court documents
Ruby Liu, chairwoman of Central Walk, poses in this undated handout photo. THE CANADIAN PRESS/HO, Ruby Liu *MANDATORY CREDIT* New court documents show the B.C. mall owner hoping to buy dozens of Hudson's Bay leases has offered $6 million to take over three of the properties the department store used in malls she owns. The filing says Ruby Liu Commercial Investment Corp. offered $2 million each for Bay leases at Tsawwassen Mills, Mayfair Shopping Centre and Woodgrove Centre in B.C. Liu owns all three of the malls under her Central Walk business and has bid on up to 25 other leases held by the Bay. However, lawyers for the Bay have asked a court to approve the transfer of leases only for the three Central Walk locations so far. Liu declined to say how much she has offered for the other locations, but says $6 million for three stores is an average price. She will use the properties to open a new, modern department store that will also include entertainment, food and children's play spaces. This report by Tara Deschamps and Nono Shen, The Canadian Press, was first published June 17, 2025.
The Sun
5 days ago
- Business
- The Sun
UK's most iconic department store plots its first shops outside London after 318 years in business
THE UK's most iconic department store plots its first shops outside London after 318 years in business. The upmarket store currently has four UK stores that are all based in the capital. 2 2 Fortnum & Mason was established 318 years ago in 1707 and was founded by William Fortnum, a footman for Queen Anne, and Hugh Mason, his landlord. The pair started operating from a small store in St James Market and a spare room in Mason's house. The store quickly became known for its innovative and high-quality products, appealing to the tastes of the affluent and aristocratic clientele. Throughout the 18th and 19th centuries, Fortnum & Mason expanded its offerings, becoming a purveyor of fine foods, wines, and spirits. Currently, Fortnum & Mason has stores in Piccadilly, St Pancras station, the Royal Exchange in Bank and in Heathrow Terminal. But now the upmarket department store is thinking about venturing outside of the capital. The retailer said earlier this year that it was no longer seen as a 'Christmas focused' business as shoppers were snapping up its luxury food products to 'stock their own larders' throughout the year. The retailer's chief executive Tom Athron told The Telegraph that he would be interested in having branches 'up the spine of the country'. He said the business would look at sites in a 'beautiful location' with 'beautiful architecture'. 'This isn't about ubiquity. But there are other locations across the country where we think that Fortnum could offer both retail and restaurants, where it would be relevant. The Viking Centre: Britain's first American-style mall faces demolition "And we're looking at those now,' Athron said. The news comes as the retailer says there is a surge in demand for its luxury teas, biscuits and jam. The store underwent a significant refurbishment in 2007, celebrating its 300th anniversary with a rejuvenated look that honoured its storied past. History of Fortnum & Mason Fortnum & Mason was established 318 years ago in 1707. It was founded by William Fortnum, a footman for Queen Anne, and Hugh Mason, his landlord. The pair started operating from a small store in St James Market and a spare room in Mason's house. The department store eventually set up shop at its current location at 181 Piccadilly. One of Fortnum & Mason's earliest claims to fame was its invention of the Scotch egg in 1738, a portable and filling snack ideal for travellers. The store quickly became known for its innovative and high-quality products, appealing to the tastes of the affluent and aristocratic clientele. Throughout the 18th and 19th centuries, Fortnum & Mason expanded its offerings, becoming a purveyor of fine foods, wines, and spirits. It was also during this period that the store became renowned for its hampers, which were meticulously curated and became a staple of British festivities and picnics. These hampers were often sent to British troops during times of conflict, providing a comforting taste of home. By the Victorian era, Fortnum & Mason had firmly established itself as a symbol of British luxury. The store's association with the royal family was further cemented when it was granted its first Royal Warrant by Queen Victoria. This distinguished honour recognised Fortnum's as a supplier of goods to the royal household, a tradition that continues to this day. The 20th century saw Fortnum & Mason adapting to the changing times while maintaining its commitment to quality and tradition. During both World Wars, the store remained open, offering solace and a sense of continuity to Londoners. Post-war, the store further diversified its range, introducing new departments and expanding its international reach. In more recent years, Fortnum & Mason has continued to evolve, embracing modernity while preserving its heritage. The store underwent a significant refurbishment in 2007, celebrating its 300th anniversary with a rejuvenated look that honoured its storied past. Today, it offers a wide array of products, from gourmet foods and fine teas to exquisite homewares and beauty products. It offers a wide array of products, from gourmet foods and fine teas to exquisite homewares and beauty products. is set to open more shops. Earlier this year ASOS also revealed plans to relaunch a Topshop website. .
New York Times
02-06-2025
- Business
- New York Times
Quote of the Day: Retail ‘Piece of Canada' Shutters After 355 Years
'It felt like going to Tim Hortons and getting a doughnut, except you were buying blankets or slippers.' BRYAN HIGGINS, who was heading for a farewell visit to a Hudson's Bay Company store in Ottawa. The company, a fixture in Canada for 355 years and the country's last traditional department store chain, is shutting down.
CTV News
01-06-2025
- Business
- CTV News
British Columbians look back as the Bay closes for good
Vancouver Watch Shoppers at the Park Royal Hudson's Bay location were feeling nostalgic as the historic department store's liquidation sale came to a close.
