Canadian Retail Thread

[whatnext]

Originally Posted by SpongeG

Woodgrove Centre for sale after billionaire owner announced intention to buy Hudson's Bay stores
The listing comes a little more than a week after Woodgrove Centre’s billionaire owner, Weihong Liu, announced on social media her intention to buy “dozens” of Hudson’s Bay stores.....[/I]

There aren't enough eyerolls

For interested non-Vancouver formers some deets on this lady:

https://vancouversun.com/opinion/col...fic-upbringing

[savevp]

She comes across as a sort of excited tourist in Canada. I can't tell if she's a Communist Party sleeper or a genuinely patriotic Canadian (who has limited interaction outside the Chinese community). Quite a fascinating, weird article.

[Ozabald]

Originally Posted by savevp

She comes across as a sort of excited tourist in Canada. I can't tell if she's a Communist Party sleeper or a genuinely patriotic Canadian (who has limited interaction outside the Chinese community). Quite a fascinating, weird article.

Now, one of the malls she owns, Woodgrove Centre in Nanaimo, is up for sale.

https://www.timescolonist.com/busine...tores-10503386

[whatnext]

Originally Posted by Ozabald

Now, one of the malls she owns, Woodgrove Centre in Nanaimo, is up for sale.

https://www.timescolonist.com/busine...tores-10503386

Gotta fund that Bay purchase somehow.

I wonder what kind of FINTRAC checks someone who suddenly shows up with bags on money undergoes when they come to Canada? Haha, just kidding.

[YOWetal]

Originally Posted by whatnext

Gotta fund that Bay purchase somehow.

I wonder what kind of FINTRAC checks someone who suddenly shows up with bags on money undergoes when they come to Canada? Haha, just kidding.

The answer is none. The amount of Real Estate owned by people showing up with bags of cash would shock you.

https://financialpost.com/pmn/busine...-a-swiss-court

Teenage daughter of a career public official now owns hundreds of millions of dollars of Ottawa real estate and it's defamation to suggest anything untoward.

If you pay all cash you can buy whatever you want in Canada. If you get a mortgage you need to prove the downpayment is clean. Huge loophole in our regulations.

On the other hand who cares. If foreign countries allow theft why not let the money was onto our shores as long as it operates above board once it gets here.

[casper]

Originally Posted by whatnext

Gotta fund that Bay purchase somehow.

I wonder what kind of FINTRAC checks someone who suddenly shows up with bags on money undergoes when they come to Canada? Haha, just kidding.

If I had that kind of money, I would not be buying the Bay. I say that as someone who in youth stocked shelves at the Bay part time in Vancouver when I was student. Maybe she can turn it around? I would not even try.

Originally Posted by YOWetal

[/B]

The answer is none. The amount of Real Estate owned by people showing up with bags of cash would shock you.

https://financialpost.com/pmn/busine...-a-swiss-court

Teenage daughter of a career public official now owns hundreds of millions of dollars of Ottawa real estate and it's defamation to suggest anything untoward.

If you pay all cash you can buy whatever you want in Canada. If you get a mortgage you need to prove the downpayment is clean. Huge loophole in our regulations.

On the other hand who cares. If foreign countries allow theft why not let the money was onto our shores as long as it operates above board once it gets here.

There is an assumption that these funds are illegal. While that may be the case, a good number of these people are trying to escape a less stable and open country.

If we are talking about funds from China, how exactly are we going to check up on it. Do we trust the Chinese government enough to share data with them.

[whatnext]

Originally Posted by casper

If I had that kind of money, I would not be buying the Bay. I say that as someone who in youth stocked shelves at the Bay part time in Vancouver when I was student. Maybe she can turn it around? I would not even try.



There is an assumption that these funds are illegal. While that may be the case, a good number of these people are trying to escape a less stable and open country.

If we are talking about funds from China, how exactly are we going to check up on it. Do we trust the Chinese government enough to share data with them.

I'm just curious as to exactly how much was declared etc and how. Who can forget this case:

Following a Trail of Tainted Money From China Into Vancouver Real Estate
Investigation
A man accused of paying bribes in one of China's biggest-ever military corruption scandals allegedly funneled at least 114 million Canadian dollars into banks in that country before investing more than CA$32 million in luxury Vancouver real estate.

Before moving from China to Canada in 2006, Chen Runkai told immigration officials that he made at most 41,000 Canadian dollars a year. His wife, he said, was employed as a clerk.

Despite their modest incomes, a series of money transfers poured CA$114 million into the Chen family’s Canadian bank accounts a few years later.

Chen, it turns out, is wanted for arrest by the Chinese government on charges of bribery for his alleged role in a major corruption scandal involving a senior military official, OCCRP and the Toronto Star have learned. Now, he’s fighting to stay in Canada, where his family has two mansions in Vancouver overlooking the Pacific.

He is the owner of a Tudor-style home with mountain and ocean views he purchased in 2016 for CA$15.6 million. It sits a few doors down from another mansion his daughter purchased in 2012 for about CA$14 million — without a mortgage — when she was 25, while listing her occupation as “student.”

Until now, Chen has been unknown to the public and referred to only as “Person A” in a case study by a British Columbia commission tasked with examining overseas money laundering in the province, and its links to surging property prices.

The Chen family’s investments in Canada add to mounting concerns about illicit overseas money flowing into the country’s overheated real estate markets, helping push already sky-high housing costs out of reach for many Canadians....(bold mine)

https://www.occrp.org/en/investigati...er-real-estate

[casper]

Originally Posted by whatnext

I'm just curious as to exactly how much was declared etc and how. Who can forget this case:

Following a Trail of Tainted Money From China Into Vancouver Real Estate
Investigation
A man accused of paying bribes in one of China's biggest-ever military corruption scandals allegedly funneled at least 114 million Canadian dollars into banks in that country before investing more than CA$32 million in luxury Vancouver real estate.

Before moving from China to Canada in 2006, Chen Runkai told immigration officials that he made at most 41,000 Canadian dollars a year. His wife, he said, was employed as a clerk.

Despite their modest incomes, a series of money transfers poured CA$114 million into the Chen family’s Canadian bank accounts a few years later.

Chen, it turns out, is wanted for arrest by the Chinese government on charges of bribery for his alleged role in a major corruption scandal involving a senior military official, OCCRP and the Toronto Star have learned. Now, he’s fighting to stay in Canada, where his family has two mansions in Vancouver overlooking the Pacific.

He is the owner of a Tudor-style home with mountain and ocean views he purchased in 2016 for CA$15.6 million. It sits a few doors down from another mansion his daughter purchased in 2012 for about CA$14 million — without a mortgage — when she was 25, while listing her occupation as “student.”

Until now, Chen has been unknown to the public and referred to only as “Person A” in a case study by a British Columbia commission tasked with examining overseas money laundering in the province, and its links to surging property prices.

The Chen family’s investments in Canada add to mounting concerns about illicit overseas money flowing into the country’s overheated real estate markets, helping push already sky-high housing costs out of reach for many Canadians....(bold mine)

https://www.occrp.org/en/investigati...er-real-estate

Not saying criminals don't try to get into the country. But we need to assume people are innocent unless proven otherwise. We don't live in a police state.

We have no reason at this point to believe that this investor is a criminal. She has been in Canada for a long time. She clearly owns a number of large shopping centers in the province.

[someone123]

Originally Posted by casper

We have no reason at this point to believe that this investor is a criminal. She has been in Canada for a long time. She clearly owns a number of large shopping centers in the province.

Did you read the article? It presents reasons to believe that money laundering took place, such as banks reporting suspicious transactions to federal authorities. It states that the family likely moved $114M into the country that was largely unaccounted for.

[casper]

Originally Posted by someone123

Did you read the article? It presents reasons to believe that money laundering took place, such as banks reporting suspicious transactions to federal authorities. It states that the family likely moved $114M into the country that was largely unaccounted for.

Yes, I did read both articles.

So is Chen Runkai related to Weihong Liu? I don't remember seeing that anywhere in either article.

One is a developer in Toronto that looks to be in trouble and the other an investor in Vancouver/Victoria.

Could be wrong, but as far I can tell looking at those articles the only overlap between them is they both were originally from China.

[whatnext]

Originally Posted by casper

Yes, I did read both articles.

So is Chen Runkai related to Weihong Liu? I don't remember seeing that anywhere in either article.

One is a developer in Toronto that looks to be in trouble and the other an investor in Vancouver/Victoria.

Could be wrong, but as far I can tell looking at those articles the only overlap between them is they both were originally from China.

The link is that there was a lot of unscrutinized money entering Canada from China. Was that the case with Weihong Liu? Very likely not, but who has confidence in the whole process at this point?

I'd liek to see what remains of The Bay go to a serious bidder with a plan.

[whatnext]

Buh-bye Bay.

Hudson’s Bay to liquidate all remaining stores: court docs
By The Canadian Press

Posted April 23, 2025 1:56 pm. Last Updated April 23, 2025 2:10 pm.
Hudson’s Bay says in a new court filing that the company will begin selling off all merchandise at the six stores previously spared from liquidation beginning Friday.

Adam Zalev says in an affidavit that company is making the move because there is a “low probability” that it will find a buyer for the six remaining locations.

https://vancouver.citynews.ca/2025/0...es-court-docs/

[Nouvellecosse]

That's so annoying. They couldn't just leave a few stores, oh no. Have to get rid of every single location.

[Wigs]

Originally Posted by Nouvellecosse

That's so annoying. They couldn't just leave a few stores, oh no. Have to get rid of every single location.

Agreed. Canada's oldest corporation of over 3.5 centuries and once beloved nationwide department store down the tubes

[kwoldtimer]

I can't believe that the brand doesn't still have value. Maybe somebody will resurrect it. Somebody still has to sell the blankets, no?

[whatnext]

More bad news on the retail front:

Frank and Oak to close all stores, sell intellectual property
The retailer filed a notice of intention in December, citing financial difficulties due to COVID-19 and supply chain problems
Author of the article: The Canadian Press
Published Apr 23, 2025

Clothing retailer Frank and Oak is closing all 14 of its stores in the coming weeks and selling its intellectual property to a Montreal-based company as part of ongoing restructuring efforts.

In a press release, the company says the Superior Court of Quebec approved the sale of the brand to Lamour Group and Thread Collective Inc.

It says the Frank and Oak brand will continue on, but the original corporate entity UGC Canada Holdings Inc. is expected to file for bankruptcy and wind down its operations.

Existing inventory will be liquidated, while e-commerce sales will continue for Canadian customers....

https://financialpost.com/news/retai...tores?tbref=hp

[casper]

Originally Posted by kwoldtimer

I can't believe that the brand doesn't still have value. Maybe somebody will resurrect it. Somebody still has to sell the blankets, no?

Currently the wrong format.

Best thing to do would be the close down the department store and bring it back in a format similar to Roots of Eddie Bower.

Small form factor retail stores in a limited number of prime retail locations across Canada plus some online sales. Selling only HBC branded product.

They try to do something similar under the Zellers store-within-store concept.

I would not be surprised to see HBC and Zellers both return just not as department stores.

[kwoldtimer]

Originally Posted by casper

Currently the wrong format.

Best thing to do would be the close down the department store and bring it back in a format similar to Roots of Eddie Bower.

Small form factor retail stores in a limited number of prime retail locations across Canada plus some online sales. Selling only HBC branded product.

They try to do something similar under the Zellers store-within-store concept.

I would not be surprised to see HBC and Zellers both return just not as department stores.

I could see a mid-to-high range store curating Canadian-designed, Canadian-made, and Bay-branded merchandise. The times seem right for something like that, istm.

[Nouvellecosse]

Makes me wonder if dept stores are even viable in Canada anymore. Sure one could say that the ones that closed failed to keep up with market conditions and consumer preferences. But there's still a lot fewer of them overall than there was 50 years ago and the ones that closed had venerated brands. So i wonder if the same fate awaits Holts and Simons as well.

[casper]

Originally Posted by Nouvellecosse

Makes me wonder if dept stores are even viable in Canada anymore. Sure one could say that the ones that closed failed to keep up with market conditions and consumer preferences. But there's still a lot fewer of them overall than there was 50 years ago and the ones that closed had venerated brands. So i wonder if the same fate awaits Holts and Simons as well.

I think Holts and Simons are different. They are fashion and may be a few items in other areas.

When I was a student going to school I had a part time job working in the Bay Toyland stocking shelves. That was late 80 and early 90s. The floor I was on split in two. The side I was on the manager was responsible for toys, yarn and luggage. The ladies that covered yarn knew their stuff and avoiding going near the today and we did the same. The other half of the floor had TVs, audio equipment and major appliances. They understood their products better than the BestBuy people do today.

Being in Toys we would cross sell batteries. So I have to go up stairs to hardware and take some of their stock when were running low. They hardware department have everything from tools to the weird backets you would use to built a chain link fence.

That was an extremely diverse set of products. It worked because they invested in making the sales people specialists in the relevant area and if you wanted advise you were talking to someone that understood the product in their department. You paid for that.

Walmart works because they are low margin and everyone knows not to even bother asking the associates for advise they are simply there to unpack the boxes, if you need advise you ask google or go find a local independent.