The Toronto-based luxury retailer has announced that it will spend $400-million to expand and renovate some of its stores in the next two years. These changes should help the retailer stay afloat and compete with such major brands as Nordstrom and Saks Fifth Avenue.
Despite the fact that Holt’s will be renovating and expanding some of its locations, the retailer is still planning to close its standalone men’s store on Bloor Street West and make significant changes to its brand assortment.
“As the Canadian luxury retail landscape evolves, so too is Holt Renfrew. These investments will help us to enhance the first-rate, luxury shopping experience our customers expect from Holt Renfrew. We’re securing our position as a top global destination for luxury fashion and beauty products,” said Mario Grauso, President, Holt Renfrew.
The Retail Insider is also reporting that Holt’s has unveiled its plans to finally launch an expansive e-commerce website. According to the luxury retailer, most of the changes are set to take place by the year 2020.