Hudson’s Bay Co. Inc. is expanding further into Europe — and taking its Hudson’s Bay and Saks Off 5th nameplates with it.
The Canadian retailer today revealed that it plans to open up to 20 stores in the Netherlands for the two formats over the next few years, beginning in summer of 2017. The company said it is finalizing long-term leases for “select, sought after locations. The first store will be a flagship for Hudson’s Bay in Amsterdam. Hudson’s Bay is combining three existing buildings to create the new property.
HBC will open a 75,000-square-foot Hudson’s Bay in downtown Amsterdam known as the Rokin.
HBC said it anticipates making 300 million euros, or $38.64 million, of capital investments and creating 5,000 new jobs to fuel the expansion.
Hudson’s Bay Co. and its governor and executive chairman Richard Baker have been aggressive about expanding in Europe ever since the retailer acquired German chain Kaufhof in September 2015. Kaufhof’s Galeria unit also operates 16 Inno stores in Belgium. When the deal was unveiled in June 2015, Baker said it represented the first step in building a “global platform” for expansion of the Hudson’s Bay, Saks and Saks Off 5th chains.
“Expansion into the Netherlands is a natural extension of our existing presence in Belgium as well as our planned entry into Luxembourg and will complete our presence in all of the Benelux countries. We were able to capitalize on an opportunity to select sought after, high street real estate locations,” Baker said in a release. “This is an extremely compelling opportunity to invest in the Dutch market, leverage the iconic Hudson’s Bay brand and introduce what will be the only nationwide all-channel premium department store.”