FRANKFURT (Reuters) - Canadian department store operator Hudson’s Bay Co (HBC.TO) plans to invest 1 billion euros ($1.12 billion) in its German chain Kaufhof over the next five to seven years, its chief executive told German business daily Handelsblatt.
“It’s a big amount we are prepared to invest because we are convinced that Germany is a great market and that department stores have a future here,” Jerry Storch was quoted in an interview on Friday.
Saks owner Hudson’s Bay bought Kaufhof for 2.8 billion euros last year, giving it a launch pad to expand into Europe, something Storch said was on the cards.
“We are looking at Germany’s neighbor countries. Apart from the German-speaking regions, we think the Benelux countries are interesting for us,” Storch said, adding the company would open a new department store in Luxembourg in 2018.
Reporting by Christoph Steitz