Holt Renfrew shutters off-price segment

By

Jennifer Braun

Published
Feb 27, 2017

Canadian luxury retailer Holt Renfrew is closing down its off-price retail chain hr2, according to a report. The hr2 concept stores, which made their debut in 2013 with locations in Quebec and Ontario, are expected to close in the coming months.
 

Mario Grauso, president of Holt Renfrew, told WWD that the decision to shutter the company’s off-price division “was made so that we can focus fully on our enhanced luxury business in our Holt Renfrew stores across Canada.”

Still, Holt Renfrew is facing increased competition due to the recent Canadian arrival of Nordstrom and Saks Fifth Avenue. The American luxury retailers equally operate off-price divisions under the name Saks Off Fifth and Nordstrom Rack in Canada, with several new locations set to open in the next two years.

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At one point, Holt Renfrew announced plans to open up to ten off-price stores in Canada, but the store openings stopped at two. The hr2 concept stores carry an assortment of clothes and accessories for both men and women from brands that are generally less expensive than Holt Renfrew’s full-line stores. The hr2 stores measure about 25,000 to 29,000 square feet.
 
Holt Renfrew operates seven full-line stores in Vancouver, Calgary, Edmonton, Toronto, Mississauga and Montreal.