刘伟宏接手The Bay门店：重振百货，还是地产人的新剧本？

上周我分享了Canadian Tire以三千万加币的价格收购了Hudson Bay’s 的品牌知识产权，包括The Bay的名称、商标、经典的彩条图样等。除了IP之外，Hudson’s Bay在加拿大全国依然有很多门店需要有人接手他们的租约等。昨天，来自中国的女投资人刘伟宏成功竞标获得了28家门店的租约，并宣布将打造一个“全新的现代百货“品牌。

那么刘女士为何能够成功获得竞标呢？

首先是她的资产实力与行业经验：她在BC省是知名的地产投资人，拥有Tsawwassen Mills、Mayfair Shopping Centre和Woodgrove Centre三大购物中心，并担任Central Walk董事长。她具备雄厚的资金实力，已为25家门店的资产支付了10%的保证金，显示出厉害的金钱实力。

第二，是市场时机。Hudson’s Bay现在的债务超过了11亿美元，急需出售门店租约以偿还债务。刘女士抓住这一窗口期，提出打造“新型现代百货”的愿景，计划将这些门店转型为多元、沉浸式体验的百货空间，满足加拿大多元文化和代际融合的需求。

第三，在竞标书里，刘女士强调与本地资源合作的承诺，她承诺会优先聘用原有员工，并优先与原供应商及合作伙伴合作，因此获得了社区和行业一定程度的支持。她在小红书等社交平台上也积极分享自己的想法，表达了“复兴百货”“可以让更多华人有归属感”等观点。这种主动表达愿景的做法，不仅能赢得舆论关注，也可能对法庭与其他利益相关方产生了正面的印象，增加了她竞标的正当性与公众支持度

第四，在Hudson’s Bay进入清盘程序、各方竞购纷纷登场时，刘女士选择了一个聪明的切入点，她没有去争取品牌本身的知识产权，而是专注在地盘租约上。这种另辟蹊径的策略，让她竞标成功。

第五，一切按照加拿大法律与程序行事。Hudson’s Bay已向法院申请批准刘女士接手租约，而且她也已按要求提交保证金和正式投标文件，程序合规。

那么刘伟宏的机会是什么呢？

首先，The Bay的退出意味着主流百货留下了空缺，消费者仍有对中高端百货的需求，特别是在城市中产与移民社区中。如果她能打造出一个兼具体验感、价格合理又有文化共鸣的新百货品牌，那么有希望可以填补这一市场空白。而且从整个市场来说，加国零售业的确亟需创新。加拿大零售市场长期被几大连锁主导，创新乏力，百货业尤其如此。如果她能够引入亚洲成功的“购物中心+生活方式+社群互动”的运营模式，结合数字化体验，潜力还是很大的。

第二，刘女士作为华裔投资人，熟悉中加两地市场，有能力引入更丰富的品牌和服务，吸引多元族裔消费者，尤其是购物能力极强的华人社区。

第三，优先雇佣原来的员工和与Bay之前的原供应商的合作，也会快速恢复运营、稳定团队、重建供应链。

那么她面临的挑战会有什么呢？

首先是不能低估重塑品牌的高难度。尽管刘女士拿到了租约，但她无法使用“Hudson’s Bay”这个名字，也不能使用其经典彩条、Logo等识别标志。这意味着她必须从零建立一个新品牌，并让消费者愿意走进门店、留下来、买单。在当前实体零售低迷的大环境下，这是个巨大的挑战。

新品牌的压力不仅限于是顾客，新老供应商对新东家的信任也需要时间去建立，因此可能会要求现金结算，增加了运营初期的资金压力。另外，重建百货店需要巨额投入进行改造和品牌重塑，如果不在短时间内实现业绩增长，将有面临持续亏损风险。

第二是百货业态本身的问题，百货业的困境不是偶然，而是模式本身的问题。品类重复、价格不具优势、体验单一。如果刘女士的新百货模式不能有效区分于传统百货，或未能抓住年轻及主流消费群体，她的压力也会很大。因此她必须颠覆传统百货模式，打造体验驱动的新概念，否则即使换了门面，也难以持久。

第三是运营资源与团队挑战。刘女士从地产开发跨足零售运营，并不是简单地“换个行当”。这需要对商品、采购、供应链、店务管理、客户关系等有全面认知。如果没有一个真正专业的零售管理团队，她将很难将构想变成现实。特别是在打造一个新的零售品牌时，地产开发强调“空间价值”，而零售品牌强调“情感价值”。零售运营不仅仅是卖商品，更是要与消费者建立长期的情感纽带，形成品牌认同感和忠诚度。消费者在百货、商场的体验，往往包含归属感、仪式感、惊喜感等情感要素。这需要零售商对顾客功能与情感价值有着深入的认识，并且从营业的每个角度精心打造，而非单靠硬件空间或地产逻辑就能实现。

最后，这个交易仍需法院批准，公众和监管方也会持续关注她是否真有能力“复兴”这些门店，而不是一时的炒作。一旦她运作不佳，很多人可能迅速会从支持转向质疑。

总的来看，刘伟宏凭借雄厚的资金实力、接地气的商业头脑，并且把握住了Hudson’s Bay清算带来的罕见窗口期，成功切入到了加拿大的百货业领域。然而，接下来的路并不轻松。她必须面对供应链重构、资金投入、品牌定位等一系列复杂挑战。能否真正把“新百货”的概念落地，并实现持续盈利，还需市场和时间的双重考验。

更重要的是，这些加拿大的黄金零售资源不应仅被她当作资本运作的工具，而应成为推动本地零售体验革新的平台。希望她能深思熟虑新品牌的定位与愿景，不要止步于短期的热闹炒作，或走向“二房东式”的简单收益模式收取块钱。

最后，那个临时Logo真的有些过于廉价了。既然是要打造新时代的百货品牌，不妨请一位真正懂品牌的设计师来认真打造一个能传达理念、经得起时间考验的标志吧。

From Property to Retail: Can Ruby Liu Build Canada’s Next Big Department Store Brand?

Last week, I shared that Canadian Tire purchased Hudson’s Bay’s intellectual property for CAD $30 million, including the names “The Bay” and “Hudson’s Bay,” as well as its iconic striped design and other trademarks. But beyond the IP, there were still many of Hudson’s Bay retail leases across Canada left in need of a new operator.

Yesterday, Chinese investor Ruby Liu successfully won the bid for 28 of these leases and announced her plan to launch a “new modern department store” brand.

So, how did Ms. Liu, a billionaire from mainland China, manage to win this bid?

1. Her Financial strength and industry experience:
Ms. Liu is a well-known real estate investor in British Columbia and currently serves as chairwoman of Central Walk. She owns three major shopping centres in B.C. - Tsawwassen Mills, Mayfair Shopping Centre, and Woodgrove Centre. Her financial strength is evident, and she has already put down a 10% deposit on 25 of the store assets, demonstrating serious capital commitment.

2. Market timing:
With Hudson’s Bay carrying over CAD $1.1 billion in debt, the company urgently needed to offload its store leases. Ms. Liu seized this rare opportunity, proposing a new vision for a modern department store, one that would transform the spaces into diverse, immersive retail experiences tailored to Canada’s multicultural and multigenerational society.

3. Local commitment and community goodwill:
In her bid, Ms. Liu emphasized a strong commitment to working with local resources. She pledged to prioritize rehiring former staff and continue working with original suppliers and partners. This earned her a degree of support from both the community and industry. On popular social media platforms like RedNote, she has also been vocal about her ambition to “revive department stores” and offer a sense of belonging to the Chinese community in Canada. This public-facing vision likely helped shape a more favorable impression among the court and stakeholders involved in the bidding process.

4. Strategic focus on leases, not IP:
While many bidders focused on acquiring Hudson’s Bay’s brand and trademarks, Ms. Liu took a different route. She bypassed the IP and went directly for the real estate. This “land-first” strategy gave her a clearer path to success, without getting caught in the more competitive branding battle.

5. Full legal compliance:
As a foreign-born investor, Ms. Liu followed Canadian legal procedures to the letter. Hudson’s Bay has already applied for court approval for the lease transfers, and she has submitted the necessary deposits and formal documentation. Everything is above board.

So What Opportunities Await Her?

1. A gap in the department store market:
The exit of The Bay leaves a noticeable gap in Canada’s mid-to-high-end retail landscape. There is still demand, especially among urban middle-class and immigrant communities. If Ms. Liu can deliver a new department store brand that is experience-rich, culturally relevant, and reasonably priced, she could fill this obvious white space.

Also, Canada’s retail sector is in urgent need of innovation. Department stores, in particular, have suffered from a gradual decline. If she can incorporate successful Asian retail models, blending shopping, lifestyle, and community interaction, there is real potential.

2. Cross-cultural advantage:
As a Chinese investor who understands both the Canadian and Chinese markets, Ms. Liu is well-positioned to introduce a broader range of brands and services to attract Canada’s increasingly diverse consumer base, especially the influential and high-spending Chinese community.

3. Operational head start:
By rehiring original staff and maintaining relationships with The Bay’s former suppliers, she can rapidly stabilize operations, rebuild supply chains, and restore store functionality.

But What Challenges Lie Ahead?

1. Brand building from scratch:
Although she won the leases, Ms. Liu does not own the Hudson’s Bay name or its iconic imagery. This means she must build a completely new brand from the ground up, and convince customers to walk in, stay, and spend money. In today’s challenging retail environment, this is no small task.

The challenge isn’t just about winning customer trust. New and existing suppliers will also need time to trust the new ownership, and some may require cash payments upfront, increasing pressure on early-stage liquidity. Significant investment will also be needed to refurbish the stores and build the brand. If strong sales aren’t achieved quickly, prolonged losses could follow.

2. The inherent issues with department stores:
Department stores have struggled not just because of external factors, but because the model itself is outdated. Repetitive product lines, lack of price advantage, and uninspired shopping experiences slow down the industry. If Ms. Liu’s “new department store” concept doesn’t clearly differentiate itself from traditional ones or fails to attract younger or mainstream shoppers, she’ll face major headwinds. Reinventing the department store must go beyond surface-level change; it requires a truly genuine, customer experience-obsessed model.

3. The retail operations challenge:
Moving from real estate to retail isn’t just a shift; it’s an entirely different business. Success will require a deep understanding of merchandising, procurement, supply chain management, store operations, and customer engagement. Without a top-tier retail management team, it will be difficult to turn her vision into reality.

This is especially true for building a new retail brand. Real estate focuses on “space value,” but retail is about “emotional value.” Successful retail isn't just about selling products, it’s about creating emotional connections with consumers: a sense of belonging, ceremony, and surprise. That takes far more than good locations; it requires thoughtful strategy in every detail of the shopping experience.

4. Public scrutiny and legal oversight:
The deal is still subject to court approval. And once the public and regulators are watching, expectations will be high. If the stores underperform, the narrative could quickly shift from “visionary revival” to “overhyped misstep.”

Here are My Final Thoughts:

With deep capital resources, market instincts, and a rare window of opportunity amid Hudson’s Bay’s liquidation, Ruby Liu has successfully stepped into the Canadian department store arena. But the road ahead is far from easy.

She must overcome supply chain challenges, financial pressure, and branding hurdles. Whether her vision of a “new department store” becomes reality and a sustainable business will depend on how well she delivers in execution and how the market responds.

More importantly, these prime Canadian retail locations deserve more than a hands-off, transactional approach. They hold the potential to become platforms for meaningful innovation in Canada’s retail sector. Let’s sincerely hope she approaches them with care, vision, and a long-term commitment, rather than treating them as a short-term play or a landlord-style cash grab.

And finally… that temporary logo really needs a rethink :). If this is the start of a bold new chapter for a Canadian retail brand, then please hire professional brand strategists and designers, and give us a logo that actually tells a story, and can stand the test of time.