March 11, 2016 / 7:13 AM / in 2 years

Hudson's Bay CEO plans to invest 1 billion euros in Kaufhof: Handelsblatt

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.

People walk into the Hudson's Bay Company (HBC) flagship department store in Toronto January 27, 2014. REUTERS/Mark Blinch

“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

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