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Hudson's Bay CEO plans to invest 1 bln euros in Kaufhof -Handelsblatt

Published 2016-03-11, 02:03 a/m
© Reuters. Hudson's Bay CEO plans to invest 1 bln euros in Kaufhof -Handelsblatt
HBC
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FRANKFURT, March 11 (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 neighbour 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.
($1 = 0.8950 euros)

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