FRANKFURT — Canadian mall operator Hudson’s Bay Co plans to invest 1 billion euros (US$1.12 billion) in the German chain Kaufhof over the next five to seven years, its leader told German business daily Handelsblatt.
“It’s a large amount we’re prepared to invest because we are believing that Germany is a great market and that shops possess a future here,” Jerry Storch was quoted within an interview on Friday.
Saks owner Hudson’s Bay bought Kaufhof for just two.8 billion euros this past year, passing on a launch pad to expand into Europe, something Storch said was around the cards.
“We are taking a look at Germany’s neighbour countries. Apart from the German-speaking regions, we believe the Benelux countries are interesting for all of us,” Storch said, adding the organization would open a new department store in Luxembourg in 2018.
? Thomson Reuters 2016
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