Hudson’s Bay CEO plans to invest US$1.12B in its German chain Kaufhof-Handelsblatt

FRANKFURT — Canadian mall operator Hudson’s Bay Co intends to invest 1 billion euros (US$1.12 billion) in the German chain Kaufhof over the next 5 to 7 years, its chief executive told German business daily Handelsblatt.

“It’s a big amount we’re ready to invest because we’re convinced that Germany is a great market and that shops possess a future here,” Jerry Storch was quoted in an interview on Friday.

Saks owner Hudson’s Bay bought Kaufhof for just two.8 billion euros this past year, giving it a launch pad to expand into Europe, something Storch said was on the cards.

“We’re taking a look at Germany’s neighbour countries. In addition to the German-speaking regions, we think the Benelux countries are interesting for us,” Storch said, adding the company would open a brand new department store in Luxembourg in 2018.

? Thomson Reuters 2016

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