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After 78 years in Ottawa, Holt Renfrew, for years the undisputed leader in the luxury retail market in the capital, has announced it will close its doors at 240 Sparks St. in January.
Seventy-two employees — many of whom have worked for the company for decades — will also be out of work.
Mark Derbyshire, president of Holt Renfrew, said Thursday the decision to close the flagship store was a difficult one. He thanked Ottawa’s loyal customers, who have included politicians, diplomats and business executives.
“Today, Holt Renfrew informed employees that the Ottawa location will close at the end of January 2015. This was a difficult business decision as the Ottawa store continues to perform well and we and our employees have valued being a part of Ottawa’s retail environment. Holt Renfrew explored a number of options for its businesses in these markets, however 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. Holt Renfrew employees in Ottawa have been devoted through many successful years, and we are dedicated to supporting them through this transition. We thank our loyal customers in Ottawa. We hope that many of them will continue to shop with us in other stores and in future online channels.”
While Holt Renfrew announced the closing of its stores in Ottawa and Quebec City, Derbyshire also noted an expansion plan in other markets, including a new store in Mississauga and Montreal and updates on its flagship stores in Vancouver and Calgary. They also unveiled plans for a Holt Renfrew Men store on Bloor Street in Toronto. Holts, which had not updated the Ottawa store in many years, would have faced stiff competition with the arrival of Nordstrom’s next spring and a flurry of other top fashion chains opening in the Rideau Centre and Bayshore Shopping Centre.
“Holt Renfrew employees in these markets have been devoted through many successful years,” said Derbyshire.
Holt Renfrew, which began as a hat shop in 1837 and was bought in 1986 by Galen and Hilary Weston, has more than 2,600 employees. It expects overall levels of employment to grow through 2017 to support its national expansion plans.
“Holt Renfrew is confident in its strategy and growth plans. We look forward to continuing to enhance our position as Canada’s destination for luxury and style,” said Derbyshire.
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Seventy-two employees — many of whom have worked for the company for decades — will also be out of work.
Mark Derbyshire, president of Holt Renfrew, said Thursday the decision to close the flagship store was a difficult one. He thanked Ottawa’s loyal customers, who have included politicians, diplomats and business executives.
“Today, Holt Renfrew informed employees that the Ottawa location will close at the end of January 2015. This was a difficult business decision as the Ottawa store continues to perform well and we and our employees have valued being a part of Ottawa’s retail environment. Holt Renfrew explored a number of options for its businesses in these markets, however 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. Holt Renfrew employees in Ottawa have been devoted through many successful years, and we are dedicated to supporting them through this transition. We thank our loyal customers in Ottawa. We hope that many of them will continue to shop with us in other stores and in future online channels.”
While Holt Renfrew announced the closing of its stores in Ottawa and Quebec City, Derbyshire also noted an expansion plan in other markets, including a new store in Mississauga and Montreal and updates on its flagship stores in Vancouver and Calgary. They also unveiled plans for a Holt Renfrew Men store on Bloor Street in Toronto. Holts, which had not updated the Ottawa store in many years, would have faced stiff competition with the arrival of Nordstrom’s next spring and a flurry of other top fashion chains opening in the Rideau Centre and Bayshore Shopping Centre.
“Holt Renfrew employees in these markets have been devoted through many successful years,” said Derbyshire.
Holt Renfrew, which began as a hat shop in 1837 and was bought in 1986 by Galen and Hilary Weston, has more than 2,600 employees. It expects overall levels of employment to grow through 2017 to support its national expansion plans.
“Holt Renfrew is confident in its strategy and growth plans. We look forward to continuing to enhance our position as Canada’s destination for luxury and style,” said Derbyshire.
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