(Refiles to correct typographical error in sixth paragraph)
* Will open up to 20 stores in Netherlands in next two years
* Chairman says no great desire to enter new countries
* First time Hudson's Bay brand featured outside Canada
By Matt Scuffham and Anthony Deutsch
TORONTO/AMSTERDAM, May 17 (Reuters) - Canadian department
store operator Hudson's Bay Co HBC.TO said on Tuesday it will
open up to 20 stores in the Netherlands in the next two years,
but played down the chances of entering more countries in
Europe.
Hudson's Bay, which was founded in 1670 and is the oldest
continuously operating company in North America, has expanded
into Europe to help mitigate the impact of challenging markets
in the United States and Canada.
The company, which also owns U.S. luxury retail chain Saks
Fifth Avenue, said on Tuesday it planned to lease prime
locations in the Netherlands previously occupied by the oldest
Dutch department store, V&D, which went bankrupt in December.
The expansion means it will have a presence in Germany,
Belgium, Luxembourg and the Netherlands as it pursues its
aspiration to become a "premier global retailer"
However, Executive Chairman Richard Baker said the company
was not in a hurry to enter new countries.
"We don't have any great need or desire or focus on going to
any other country at the moment. We really like, in those
countries, the fact that there's very little competition. That's
a big advantage for us," Baker said.
Last June, Hudson's Bay bought Germany's leading department
store, Kaufhof, for 2.8 billion euros ($3.2 billion) giving it a
presence in Germany, Belgium and Luxembourg.
Baker said the business was now well-diversified with half
its profit coming from the United States, 30 percent from Europe
and 20 percent from Canada.
"We think we have a lot of opportunity within that
portfolio," he said.
The Netherlands deal marked the first time the company had
taken the Hudson's Bay brand outside Canada.
Baker said the reason for using the Hudson's Bay brand
rather than Saks was because the Netherlands had a "special
affinity" with Canada, citing their relationship during the
World War Two.
"There is a great affinity for Canadians here in the
Netherlands. When we did our research we found that the Dutch
people had a great affinity for Canadians and for the Hudson's
Bay Company," he said.
Hudson's Bay expects its first Dutch store to open in the
summer of 2017.
($1 = 0.8840 euros)
(Editing by Jason Neely and Steve Orlofsky)