Hudson’s Bay Company is expanding its European presence with plans for up to 20 new stores in the Netherlands over the next 24 months.
The company said it has finalized and is in the process of finalizing long-term leases for the selected locations. The first stores are expected to launch in the summer of 2017 and operate under the Hudson’s Bay banner as well as the Saks Off 5th banner.
The expansion into the Netherlands will build on HBC Europe’s existing infrastructure and will utilize the same platforms such as information technology, procurement and digital support. The build out of the stores will be funded primarily by the relevant landlords and the company will invest in the operational aspects of the stores including merchandising and employees.
Last year, the company had acquired Galeria Holding, the parent company of department store chain Kaufhof, which operates Galeria Kaufhof stores in Germany and Galeria Inno stores in Belgium.
Richard Baker, chairman of Hudson’s Bay Company, said, “We are very pleased to introduce our Canadian Hudson’s Bay banner to the Netherlands. Our acquisition of Galeria in 2015 established our European headquarters in Cologne and a platform for future organic growth. 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. Canada and The Netherlands have a long, storied history built on collaboration and cultural respect. 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.”