Hudson’s Bay continues to bet on Toronto as well as the high-end luxury retail market for its success in the future as it is set on bringing two Saks Fifth Avenue stores to Canada in 2016. CEO Richard Baker told CTV News that its competitor Holt Renfrew shutting down two of its stores in Ottawa and Quebec City has no indication on the luxury market shrinking.
“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.”
There are plans to bring seven Saks Fifth Avenue stores to Canada, as well as approximately 25 Saks Off 5th stores. CJ