Canadian retailer Hudson's Bay to open stores in Netherlands

AP News
Posted: May 17, 2016 11:33 AM

THE HAGUE, Netherlands (AP) — Canadian retailer Hudson's Bay Company says it plans to open up to 20 new stores in the Netherlands over the next two years, creating thousands of new jobs in a nation recently hit by the closure of a major chain of stores.

Hudson's Bay announced the expansion Tuesday, saying it will open both Hudson's Bay and Saks Off 5th stores.

The Toronto-headquartered company says its move should create some 2,500 jobs in the stores and a further 2,500 for construction workers and involve capital investment of some 300 million euros ($340 million).

Richard Baker, the company's governor and executive chairman, says the move is a natural extension of Hudson's Bay's presence in neighboring Belgium.

The Dutch retail landscape was rattled late last year by the collapse of department store chain V&D.