Hudson’s Bay Sees Growth In High End Market

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    Hudson’s Bay still sees most of its future growth coming from the high-end retail market even as one of its major competitors, Holt Renfrew, announced it was closing two Canadian stores. Hudson’s Bay, which also owns Home Outfitters and Lord & Taylor, is in the midst of preparations to bring the first of two Saks Fifth Avenue stores to Canada in the spring of 2016. It also plans on opening the first Canadian store in the Saks’ discount chain, Saks Fifth Avenue Off 5th, around the same time. As for the coming closings of Holt Renfrew stores in Ottawa, ON, and Quebec City, QC, Richard Baker, CEO of Hudson’s Bay, says he doesn’t see it as an indication of a shrinking appetite for luxury retail in the country. “What happens in Toronto has nothing to do with Ottawa,” he says. “We don’t plan on going to Ottawa or Quebec City because we don’t consider those to be major luxury markets. But we certainly believe that a spectacular city like Toronto can more than handle two luxury department stores.” It will eventually bring a total of seven Saks Fifth Avenue stores and as many as 25 Saks Off 5th stores to Canada as Baker believes that major Canadian cities have been underserved with luxury retail.