A new Sabayons department store has been breathing new life into a property that just a year ago was on the verge of being dark and empty in the heart of downtown Victoria.

Canada’s oldest company Hudson’s Bay filed for creditor protection on March 7, 2025, under the weight of $1.1 billion in debt. The move kick-started a complex legal process that’s still ongoing as the 355-year-old business winds down, and resulted in the closure of its 80 stores and 16 more under its sister Saks banners.

An analysis by The Canadian Press has found the majority of the 96 vacated properties haven’t been reopened yet.

About 73 are still empty, including some of the country’s most prized shopping properties in downtown Toronto, Vancouver and Montreal.

Here is a look at Victoria’s new Sabayons store.

This report by The Canadian Press was first published March 6, 2026.