High-end retailer Holt Renfrew is closing its stores in Ottawa and Quebec City, while it focuses on growing the size and selection at its flagship stores.
The closure of those two stores at the end of January will put 157 employees out of work, but the company said its employee count of 2,600 will ultimately increase through 2017 as it expands other stores.
Holt Renfrew is spending $300 million on a growth plan, ahead of the arrival of luxury market rivals Saks Fifth Avenue and Nordstrom in the Canadian market.
Holt will focus on expanding square footage at stores in Vancouver, Calgary, Edmonton, Toronto and Montreal.
It added that the stores in Ottawa and Quebec City, though smaller, “performed well and these communities were cherished.
“It was ultimately concluded that Holt Renfrew's enhanced specialty luxury business model requires a significantly larger store footprint in any target market and a deep assortment across a wide array of its core brand partners."
The closure of those two stores at the end of January will put 157 employees out of work, but the company said its employee count of 2,600 will ultimately increase through 2017 as it expands other stores.
Holt Renfrew is spending $300 million on a growth plan, ahead of the arrival of luxury market rivals Saks Fifth Avenue and Nordstrom in the Canadian market.
Holt will focus on expanding square footage at stores in Vancouver, Calgary, Edmonton, Toronto and Montreal.
It added that the stores in Ottawa and Quebec City, though smaller, “performed well and these communities were cherished.
“It was ultimately concluded that Holt Renfrew's enhanced specialty luxury business model requires a significantly larger store footprint in any target market and a deep assortment across a wide array of its core brand partners."
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