The Bay Centre has changed hands once again, and the shopping centre’s new owner says attracting destination-style tenants to downtown Victoria will be a major focus moving forward.
Montreal-based real estate investment and development firm Leyad has purchased the Bay Centre from Manulife, marking the latest chapter for one of Victoria’s most prominent retail properties.
Financial details of the transaction were not disclosed.
Located at 1150 Douglas Street, the Bay Centre occupies an entire downtown city block bounded by Douglas, Government, Fort and View streets.
The shopping centre spans approximately 420,000 square feet and sits along some of Victoria’s busiest pedestrian corridors.
For many Victorians, the biggest question surrounding the mall’s future is what will happen to the massive former Hudson’s Bay department store space, which has sat mostly vacant since the retailer’s closure last year.
According to Leyad Chief Executive Officer Henry Zavriyev, filling that space is now one of the company’s top priorities.
“We are seeking to backfill with destination tenants,” Zavriyev told Victoria Buzz.
The former Hudson’s Bay location accounts for roughly 200,000 square feet, nearly half of the shopping centre’s total footprint.
While the vacant department store has become the most visible symbol of the mall’s challenges, Zavriyev says the remainder of the property is performing much better than many people may realize.
“The rest of the property actually has a high occupancy of 95%+,” he said.
Current tenants include the YMCA-YWCA, Winners, Sport Chek, Service Canada, Earls Kitchen + Bar and Ardene, along with numerous restaurants, service providers and professional offices.
As for what could eventually occupy the former Bay space, Leyad is looking beyond traditional retail.
There are reports the company is exploring experiential, entertainment and destination-focused concepts that could help draw more people downtown and create reasons for visitors to spend more time at the shopping centre.
Among the ideas being considered are laser tag facilities, pickleball courts, museum-style attractions and other entertainment-based businesses.
No deals have been finalized, and Zavriyev cautioned that Victorians should not expect official announcements anytime soon.
“We’re still evaluating opportunities,” he said, adding that any major announcements are unlikely before 2027.
The acquisition continues an aggressive expansion period for Leyad, which has been purchasing shopping centres and retail properties across Canada over the past several years.
In 2026 alone, the company has acquired Winnipeg’s St. Vital Centre, Lloyd Mall in Alberta, Thunder Bay’s Intercity Shopping Centre and a portfolio of grocery-anchored properties leased to Loblaw Companies across multiple provinces.
The Bay Centre has undergone several ownership changes throughout its history.
The complex originally opened in 1989 as Victoria Eaton Centre through a partnership between Cadillac Fairview and Eaton’s.
Following Eaton’s bankruptcy in 1999, the anchor department store space was later occupied by Sears Canada and eventually Hudson’s Bay, leading to the mall’s current name.
Cadillac Fairview sold the property to LaSalle Investment Management for $90 million in 2010. LaSalle later sold the centre to Manulife in 2015 for a reported price estimated between $100 million and $105 million.
While many downtown residents have expressed concerns about vacancies in recent years, the new ownership group appears to be betting that entertainment, recreation and experiential attractions could play a significant role in the Bay Centre’s next evolution.
For now, however, Victoria shoppers will have to wait and see what that future looks like.
💬 Join the conversation
No comments yet — be the first to start the conversation
