TORONTO—One of Canada’s most iconic brands is heading to the land of windmills and tulips.
Hudson’s Bay Company has announced that it plans to open up to 20 stores in the Netherlands over the next two years as part of an aggressive push to grow its presence in Europe.
The move will mark the first time North America’s oldest retailer, which was founded primarily as a fur trading company in 1670, has introduced its namesake brand outside of Canada.
“Our DNA is that we experiment and we try things,'” Richard Baker, HBC chairman and governor, said in an interview from the Netherlands.
“It looks like we’re going quicker than we are. And we are going quickly, but we’re pretty careful people.”
Baker said the company wasn’t initially looking at expanding its footprint in the Netherlands but was presented with a “unique opportunity” when Dutch department store V&D closed its doors last year.
The departure of bankrupt V&D left a hole in the retail market and dozens of empty storefronts in highly sought-after urban locations up for grabs. The retailer’s demise was blamed on various factors, including its inability to compete with rivals like fast-fashion powerhouse H&M and criticism that it lacked its own unique identity.
