Victoria's Bay Centre has been acquired by Montreal-based firm Leyad, which plans to revitalize the downtown shopping hub with a fresh mix of retail and experiences. The sale was announced on June 22, 2026, marking a new chapter for the struggling mall.
New Ownership and Vision
Leyad, a real estate investment and development company, purchased the Bay Centre from previous owner OMERS. The firm aims to transform the property into a vibrant destination that attracts both locals and tourists. According to Leyad representatives, the plan includes diversifying the tenant mix beyond traditional retail to include entertainment, dining, and community spaces.
"We see tremendous potential in the Bay Centre and are committed to creating a dynamic hub that reflects the needs of modern Victoria," said a Leyad spokesperson. The company has a track record of revitalizing underperforming retail properties across Canada.
Challenges and Opportunities
The Bay Centre has faced declining foot traffic and vacancies in recent years, exacerbated by the rise of e-commerce and changing consumer habits. The new ownership aims to reverse this trend by introducing experiential elements that cannot be replicated online. Leyad plans to engage with local businesses and community stakeholders to ensure the redevelopment aligns with downtown Victoria's character.
"This acquisition signals confidence in the future of downtown Victoria," said a local economic development official. "We look forward to working with Leyad to bring new energy to the Bay Centre."
Timeline and Next Steps
Leyad has not disclosed the purchase price. Renovations are expected to begin in late 2026, with initial changes to the tenant mix rolling out over the next 18 months. The firm will also explore opportunities for residential or office components as part of a long-term redevelopment strategy.
