High-end U.S. retailers to expand in Canada

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U.S. luxury retailer chain Nordstrom is in the works to open six stores in Canada between now and 2017. Another U.S. luxury brand Saks Fifth Avenue is planning to open up two stores in Toronto next year. Target has also been investing in a Canadian expansion recently. These U.S. retailers are appealing to the Canadian luxury consumers who have long been frequenting Canadian high-end chains like Holt Renfrew and Harry Rosen. “We believe there¹s a lack of exciting opportunities for the luxury shopper to do their spending,” Hudson’s Bay Chief Executive Officer Richard Baker told the Financial Post. “We’ll not only capture a large percentage of the existing luxury market, but we’re also going to capture a growth that’s happening in Canada and the business that’s presently leaving Canada to shop in the U.S.”

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