Canadian retailer Hudson’s Bay Company has announced plans to expand in the Netherlands, with up to 20 new Bay and Saks Off Fifth stores opening through the year 2017.
The announcement by Hudson’s Bay said the move marks the first time that The Bay brand will open outside Canada. A report by the CBC indicates that the chain is currently finalizing long term leases and expected to open the first locations in the summer of 2017.
The move comes after the chain’s $3.9-billion purchase last year of Germany’s Galeria Kaufhof, giving HBC a major foothold in Europe and a launching pad to further expansion due to Kaufhof’s supply chain.
“We are very pleased to introduce our Canadian Hudson’s Bay banner, one of the world’s most exciting department stores, to the Netherlands,” HBC chair Richard Baker said.
Hudson’s Bay, which owns Saks Fifth Avenue, Lord & Taylor and Hudson’s Bay department stores, plans to spend upwards of $1.5 billion in the coming years to strengthen its European presence, including 40 Saks Off Fifth stores in Germany.
The decision by HBC should create some 2,500 jobs in the stores and a further 2,500 for construction workers, and will involve capital investment of some $340 million.
The CBC report also notes that the Dutch retail landscape was rattled late last year by the collapse of department store chain V&D.