Canadian Hudson’s Bay Company wants to leave Europe and the stock exchange. The Dutch stores are an exception and remain part of the company - for now.
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Galeria Kaufhof Karstadt, the company that resulted from the merger between German department store chains Karstadt and Galeria Kaufhof, should become profitable again by 2021. This could be achieved without closing any stores, CEO Stephan Fanderl hopes.
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Hudson’s Bay considers the past quarter an improvement, even though turnover is still dropping. "We're a much stronger and more capable company than a year ago," the department store group believes. Nevertheless, HBC is still planning to close a number of stores to boost profits.
At the end of the month, Belgian chain Galeria Inno will be forced to close its webshop. The chain points to its new owner and says its plans for Inno remain unclear for now.
In collaboration with international retail expert Erik Van Heuven, RetailDetail sets out to explore the world of department stores. A series of interviews with entrepreneurs and managers will map the challenges and opportunities for the industry.
There may be an alliance in the making between the two largest German department store chains. Canadian Hudson's Bay, owner of Kaufhof, is in talks with Signa Holding, which acquired Karstadt in 2014.
German Signa Holding’s “unsolicited” bid for German department store chain Galeria Kaufhof has been rejected. Hudson’s Bay Company’s board, which currently owns the chain, unanimously voted no.
Over the next few years, Hudson’s Bay means to invest a billion euro into its fashion department stores across Germany, the Netherlands, Belgium and Luxembourg, according to Galeria Kaufhof CEO Olivier Van den Bosssche.