Hudson’s Bay has finalized new lease deals for six of its former department store sites across Canada.
Among these:
YM Inc. purchased five leases for $5.03 million, covering sites at Vaughan Mills (Vaughan, ON), Tanger Outlets (Kanata, ON), Outlet Collection (Winnipeg, MB), CrossIron Mills (Rocky View, AB), and Toronto Premium Outlets (Halton Hills, ON).
Ivanhoe Realties Inc. secured a lease at Metrotown Mall in Burnaby, BC for $20,000, paid to its parent company Ivanhoe Cambridge.
Broader Context & Significance
These lease deals emerge amid the ongoing liquidation of Hudson’s Bay stores in Canada—initially 80 HBC locations and related Saks Fifth Avenue and Saks OFF 5th stores closed earlier in 2025 after the company filed for creditor protection.
Earlier in the year, plans were underway to transfer up to 28 leases to Ruby (Weihong) Liu, a B.C.–based real estate investor, who intended to launch a new department store chain in those locations. However, legal complications and landlord objections have delayed full approval.
To date, three leases have been transferred to Liu through a separate $6 million deal, pending further landlord and court approvals.
Summary Table
Topic Details
Leases sold 6 total (5 to YM Inc., 1 to Ivanhoe Realties)
Locations covered Ontario, Manitoba, Alberta, British Columbia
Total value Approximately $5.05 million
Context Amid Hudson’s Bay liquidation; part of broader move to reassign leases
Other pending deals Up to 28 leases under consideration by Ruby Liu
What It Means
These transactions mark continued progress in reallocating retail space left empty by Hudson’s Bay’s national closures.
The successful sale of these leases reflects demand and interest in revitalizing former department store sites.
They also represent early outcomes in a complex restructuring arena where multiple parties—including Ruby Liu—are still working to secure additional lease rights.