Hudson’s Bay Company announces the appointment of Dr. Wolfgang Link as CEO of HBC Europe

Dr. Link to establish and drive European strategy including direction of HBC’s €1 billion capital commitment in Germany

TORONTO & NEW YORK & COLOGNE, Germany, 2017-Apr-07 — /EPR Retail News/ — Hudson’s Bay Company (TSX: HBC) today (April 6, 2017) announced the appointment of Dr. Wolfgang Link as Chief Executive Officer of HBC Europe, effective May 1, 2017. Dr. Link will lead the company’s expansion and growth strategy for the European business including Galeria Kaufhof, Galeria Inno, and the entrance of Hudson’s Bay and Saks OFF 5TH. Reporting to HBC’s Chief Executive Officer, Jerry Storch, Dr. Link will oversee the European management team.

Jerry Storch, HBC’s CEO, stated: “We are pleased to welcome Wolfgang to the HBC family during this new phase of development for our European business, as we prepare to launch two new banners in the region. Wolfgang is an accomplished leader with a proven track record in the retail sector in Germany and throughout Europe. His experience in both digital and traditional channels and profound knowledge of the European market were key in selecting him for this role, and will help foster the expansion and success of HBC Europe, including our significant investment in Germany.”

Richard Baker, Governor and Executive Chairman of HBC, said: “We are committed to our long term strategy in Europe and to the €1 billion capital investment over five to seven years in Germany that we previously announced. Building on the excellent market position of Galeria Kaufhof in Germany and of Galeria Inno in Belgium, we have laid the foundation for expansion in the region. I am pleased to welcome Dr. Wolfgang Link to take our HBC Europe business to the next level.”

Dr. Wolfgang Link commented: “It is an honor for me to join HBC, a proven global leader known for best-in-class retail with exceptional banners. Among Germans, Galeria Kaufhof is the epitome of a great department store, and the same is true in Belgium of Galeria Inno. With the introduction of Saks OFF 5TH in Germany, and both Hudson’s Bay and Saks OFF 5TH in the Netherlands, exciting steps are ahead of us. I look forward to working with the strong HBC Europe management team.”

Dr. Link will join HBC after a decade with Toys”R”Us, where he served as a member of the global executive board and President of Toys”R”Us Europe since 2013. In that role, he was responsible for the company’s business operations in nine countries, including Germany, France, Spain the UK and the Netherlands, with more than 300 stores across Europe as well as country-specific online stores. Before joining Toys”R”Us in 2007 as President, Central Europe, Dr. Link served as Managing Director for the MEDIMAX specialist stores and ElectronicPartner Group Holdings, where he was responsible for the operation of more than 200 specialty stores in Germany, Hungary and Turkey. In addition, Dr. Link served many years in a variety of leadership roles at the METRO Cash and Carry Group, in corporate headquarters in Dusseldorf and in the country business units in Austria and Spain.

Don Watros, President of HBC International, will remain head of the Galeria Kaufhof Supervisory Board and will continue to pursue international opportunities in addition to supporting the company’s North American integration and cost saving initiatives.

Olivier Van den Bossche will be leaving HBC Europe at the end of April to pursue other opportunities.

“We appreciate Olivier’s work to build HBC’s presence in Europe and support the integration of Galeria Kaufhof and Galeria INNO to our business. In addition, he has helped lay the foundation for Hudson’s Bay and Saks OFF 5TH to enter Europe. We wish him the best in his next endeavor,” said Don Watros.

“I have enjoyed working with Olivier both professionally and personally. He is an excellent retailer who has made an indelible mark on our business,” said Jerry Storch.

About Hudson’s Bay Company

Hudson’s Bay Company is one of the fastest-growing department store retailers in the world, based on its successful formula of growing through acquisitions, driving the performance of high quality stores and their all-channel offerings and unlocking the value of real estate holdings. Founded in 1670, HBC is the oldest company in North America. HBC’s portfolio today includes ten banners, in formats ranging from luxury to premium department stores to off price fashion shopping destinations, with more than 480 stores and 66,000 employees around the world.

In North America, HBC’s leading banners include Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue, Gilt, and Saks OFF 5TH, along with Home Outfitters. In Europe, its banners include GALERIA Kaufhof, the largest department store group in Germany, Belgium’s only department store group Galeria INNO, as well as Sportarena.

HBC has significant investments in real estate joint ventures. It has partnered with Simon Property Group Inc. in the HBS Global Properties Joint Venture, which owns properties in the United States and Germany. In Canada, it has partnered with RioCan Real Estate Investment Trust in the RioCan-HBC Joint Venture.

MEDIA CONTACT:
Hudson’s Bay Company
Andrew Blecher
212-391-3179
Andrew.blecher@hbc.com

Hudson’s Bay Company
Jen Vargas
646-634-6863
Jen.Vargas@hbc.com

FOR THE GERMAN MEDIA:
HBC Europe / GALERIA Kaufhof
Steffen Kern
+49 221 2235595
presse@kaufhof.de

Hering Schuppener Consulting
Dirk von Manikowsky
+49 211 430 79-265
hbc@heringschuppener.com

Source: Hudson’s Bay Company

Hudson’s Bay Company expands its European presence with plans for up to 20 new stores in the Netherlands over the next 24 months

  • Canada’s premium department store banner Hudson’s Bay and off-price banner Saks OFF 5TH expected to launch first stores in summer 2017 utilizing HBC’s existing European platform
  • Plans to open up to 20 stores over the next 24 months
  • Expansion is expected to create approximately 2,500 store jobs and 2,500 construction jobs in key Dutch cities
  • Anticipates 300 million Euros in capital investments, with majority to be funded by landlords

TORONTO & COLOGNE, Germany & AMSTERDAM, 2016-May-23 — /EPR Retail News/ — Hudson’s Bay Company (“HBC” or the “Company”) (TSX:HBC) is pleased to announce that it is expanding its European presence with plans for up to 20 new stores in the Netherlands over the next 24 months. The Company has finalized and is in the process of finalizing long term leases for select, sought after locations. The first stores are expected to launch in the summer of 2017 and operate under the Hudson’s Bay banner as well as the Saks OFF 5TH banner. The expansion into the Netherlands will build on HBC Europe’s existing infrastructure and will utilize the same platforms such as information technology, procurement and digital support. Build out of the stores will be funded primarily by the relevant landlords and HBC will invest in the operational aspects of the stores including merchandising and employees.

Richard Baker, Governor and Chairman of HBC stated, “We are very pleased to introduce our Canadian Hudson’s Bay banner, one of the world’s most exciting department stores, to the Netherlands. Our acquisition of GALERIA in 2015 established our European headquarters in Cologne and a platform for future organic growth. Expansion intothe Netherlands is a natural extension of our existing presence in Belgium as well as our planned entry into Luxembourg and will complete our presence in all of the Benelux countries. We were able to capitalize on an opportunity to select sought after, high street real estate locations. Canada and The Netherlands have a long, storied history built on collaboration and cultural respect. This is an extremely compelling opportunity to invest in the Dutch market, leverage the iconic Hudson’s Bay brand and introduce what will be the only nationwide all-channel premium department store.”

Jerry Storch, HBC’s Chief Executive Officer, commented, “We believe that in the Dutch retail market there is unmet demand in both the premium department store and off-price segments. The Hudson’s Bay and Saks OFF 5TH banners, tailored for the Dutch market, will introduce our all-channel retail model to the Netherlands with a combination of exciting retail destinations and a best in class ecommerce presence. The situation is similar to the one we capitalized on in Canada with Hudson’s Bay. We introduced a new, innovative format offering relevant brands and excellent service. We will use our proven playbook based on our success with fantastic department stores combined with local management expertise to create innovative retail destinations.”

Olivier Van den Bossche, Head of HBC’s European department store business, said, “We are thrilled about the opportunity to introduce Hudson’s Bay and Saks OFF 5TH to the Netherlands through our strategy of targeted organic growth. Our team of European retail experts has a strong understanding of the Dutch landscape. Our expansion is expected to result in the creation of over 2,500 store jobs, 2,500 construction jobs and 300 million Euros in capital investments, the majority of which will be funded through landlord incentives. We are committed to the Dutch marketplace and look forward to partnering with local governments to create exciting retail destinations.”

HBC was advised by Stibbe and Stikeman Elliott LLP on legal matters and by Eric Zorn, Chairman of ESZ LLC, anInternational Real Estate Consulting Group, along with one of his partners, Robert Bray, on real estate matters.

About Hudson’s Bay Company
Hudson’s Bay Company is one of the fastest-growing department store retailers in the world, based on its successful formula of driving the performance of high quality stores and their all-channel offerings, unlocking the value of real estate holdings and growing through acquisitions. Founded in 1670, HBC is the oldest company inNorth America. HBC’s portfolio today includes ten banners, in formats ranging from luxury to better department stores to off price fashion shopping destinations, with more than 460 stores and 66,000 employees around the world.

In North America, HBC’s leading banners include Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue, Gilt, and Saks OFF 5TH, along with Find @ Lord & Taylor and Home Outfitters. In Europe, its banners include GALERIA Kaufhof, the largest department store group in Germany, Belgium’s only department store group Galeria INNO, as well asSportarena.

HBC has significant investments in real estate joint ventures. It has partnered with Simon Property Group Inc. in theHBS Global Properties Joint Venture, which owns properties in the United States and Germany. In Canada, it has partnered with RioCan Real Estate Investment Trust in the RioCan-HBC Joint Venture.

Forward-Looking Statements

Certain statements made in this news release constitute forward-looking statements within the meaning of applicable securities laws, including, without limitation, statements regarding the Company’s plans to expand its European presence to the Netherlands by opening up to 20 stores over the next 24 months, the Company’s expectation that such stores will launch in the summer 2017 and operate under the Hudson’s Bay and Saks OFF 5TH banners, long term leases for up to 20 store locations will be finalized in the near future, the build-out of the stores will be primarily funded by the relevant landlords through landlord incentives, and the benefits that are expected to result from the expansion into the Netherlands, including the creation of new jobs. Often but not always, forward-looking statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “believe”, “estimate”, “plan”, “could”, “should”, “would”, “outlook”, “forecast”, “anticipate”, “foresee”, “continue” or the negative of these terms or variations of them or similar terminology.

Although HBC believes that the forward-looking statements in this news release are based on information and assumptions that are current, reasonable and complete, these statements are by their nature subject to a number of factors and risks that could cause actual results to differ materially from management’s expectations and plans as set forth in such forward-looking statements for a variety of reasons. Some of the factors and risks – many of which are beyond HBC’s control and the effects of which can be difficult to predict – include, among others – (a) the risk that HBC is unable to finalize long term leases for up to 20 select, sought after store locations in the Netherlands, (b) the risk that the expansion into the Netherlands requires capital expenditures in excess of those currently anticipated and/or more than 24 months to complete, (c) the risk of introducing new brands into new markets and of doing business abroad, (d) the risk that the anticipated benefits from the expansion into the Netherlands cannot be realized, (e) credit, market, currency, operational, liquidity and funding risks generally, including changes in economic and geopolitical conditions, interest rates or tax rates, and (f) risks and uncertainties relating to information management, technology, supply chain, product safety, changes in law, competition, seasonality, commodity price and business.

HBC cautions that the foregoing list of important factors and assumptions is not exhaustive and other factors could also adversely affect its results. For more information on the risks, uncertainties and assumptions that could cause HBC’s actual results to differ from current expectations, please refer to the “Risk Factors” section of HBC’s Annual Information Form dated April 28, 2016, as well as HBC’s other public filings, available at www.sedar.com and at www.hbc.com.

The forward-looking statements contained in this news release describe HBC’s expectations at the date of this news release and, accordingly, are subject to change after such date. Except as may be required by applicable Canadian securities laws, HBC does not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.

INVESTOR RELATIONS:
Kathleen de Guzman, 646-807-0148
kathleen.deguzman@hbc.com
or
Elliot Grundmanis, 416-256-6732
elliot.grundmanis@hbc.com
or
MEDIA CONTACTS:
Andrew Blecher, 212-391-3179
andrew.blecher@hbc.com
or
Tiffany Bourré, 905-595-7184
tiffany.bourre@hbc.com

Source: Hudson’s Bay Company

News Provided by Acquire Media

Hudson’s Bay Company expands European presence with plans for up to 20 new stores in the Netherlands

  • Canada’s premium department store banner Hudson’s Bay and off-price banner Saks OFF 5TH expected to launch first stores in summer 2017 utilizing HBC’s existing European platform
  • Plans to open up to 20 stores over the next 24 months
  • Expansion is expected to create approximately 2,500 store jobs and 2,500 construction jobs in key Dutch cities
  • Anticipates 300 million Euros in capital investments, with majority to be funded by landlords

TORONTO & COLOGNE, Germany & AMSTERDAM, 2016-May-17 — /EPR Retail News/ — Hudson’s Bay Company (“HBC” or the “Company”) (TSX:HBC) is pleased to announce that it is expanding its European presence with plans for up to 20 new stores in the Netherlands over the next 24 months. The Company has finalized and is in the process of finalizing long term leases for select, sought after locations. The first stores are expected to launch in the summer of 2017 and operate under the Hudson’s Bay banner as well as the Saks OFF 5TH banner. The expansion into the Netherlands will build on HBC Europe’s existing infrastructure and will utilize the same platforms such as information technology, procurement and digital support. Build out of the stores will be funded primarily by the relevant landlords and HBC will invest in the operational aspects of the stores including merchandising and employees.

Richard Baker, Governor and Chairman of HBC stated, “We are very pleased to introduce our Canadian Hudson’s Bay banner, one of the world’s most exciting department stores, to the Netherlands. Our acquisition of GALERIA in 2015 established our European headquarters in Cologne and a platform for future organic growth. Expansion intothe Netherlands is a natural extension of our existing presence in Belgium as well as our planned entry into Luxembourg and will complete our presence in all of the Benelux countries. We were able to capitalize on an opportunity to select sought after, high street real estate locations. Canada and The Netherlands have a long, storied history built on collaboration and cultural respect. This is an extremely compelling opportunity to invest in the Dutch market, leverage the iconic Hudson’s Bay brand and introduce what will be the only nationwide all-channel premium department store.”

Jerry Storch, HBC’s Chief Executive Officer, commented, “We believe that in the Dutch retail market there is unmet demand in both the premium department store and off-price segments. The Hudson’s Bay and Saks OFF 5TH banners, tailored for the Dutch market, will introduce our all-channel retail model to the Netherlands with a combination of exciting retail destinations and a best in class ecommerce presence. The situation is similar to the one we capitalized on in Canada with Hudson’s Bay. We introduced a new, innovative format offering relevant brands and excellent service. We will use our proven playbook based on our success with fantastic department stores combined with local management expertise to create innovative retail destinations.”

Olivier Van den Bossche, Head of HBC’s European department store business, said, “We are thrilled about the opportunity to introduce Hudson’s Bay and Saks OFF 5TH to the Netherlands through our strategy of targeted organic growth. Our team of European retail experts has a strong understanding of the Dutch landscape. Our expansion is expected to result in the creation of over 2,500 store jobs, 2,500 construction jobs and 300 million Euros in capital investments, the majority of which will be funded through landlord incentives. We are committed to the Dutch marketplace and look forward to partnering with local governments to create exciting retail destinations.”

HBC was advised by Stibbe and Stikeman Elliott LLP on legal matters and by Eric Zorn, Chairman of ESZ LLC, anInternational Real Estate Consulting Group, along with one of his partners, Robert Bray, on real estate matters.

About Hudson’s Bay Company
Hudson’s Bay Company is one of the fastest-growing department store retailers in the world, based on its successful formula of driving the performance of high quality stores and their all-channel offerings, unlocking the value of real estate holdings and growing through acquisitions. Founded in 1670, HBC is the oldest company inNorth America. HBC’s portfolio today includes ten banners, in formats ranging from luxury to better department stores to off price fashion shopping destinations, with more than 460 stores and 66,000 employees around the world.

In North America, HBC’s leading banners include Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue, Gilt, and Saks OFF 5TH, along with Find @ Lord & Taylor and Home Outfitters. In Europe, its banners include GALERIA Kaufhof, the largest department store group in Germany, Belgium’s only department store group Galeria INNO, as well asSportarena.

HBC has significant investments in real estate joint ventures. It has partnered with Simon Property Group Inc. in theHBS Global Properties Joint Venture, which owns properties in the United States and Germany. In Canada, it has partnered with RioCan Real Estate Investment Trust in the RioCan-HBC Joint Venture.

Forward-Looking Statements

Certain statements made in this news release constitute forward-looking statements within the meaning of applicable securities laws, including, without limitation, statements regarding the Company’s plans to expand its European presence to the Netherlands by opening up to 20 stores over the next 24 months, the Company’s expectation that such stores will launch in the summer 2017 and operate under the Hudson’s Bay and Saks OFF 5TH banners, long term leases for up to 20 store locations will be finalized in the near future, the build-out of the stores will be primarily funded by the relevant landlords through landlord incentives, and the benefits that are expected to result from the expansion into the Netherlands, including the creation of new jobs. Often but not always, forward-looking statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “believe”, “estimate”, “plan”, “could”, “should”, “would”, “outlook”, “forecast”, “anticipate”, “foresee”, “continue” or the negative of these terms or variations of them or similar terminology.

Although HBC believes that the forward-looking statements in this news release are based on information and assumptions that are current, reasonable and complete, these statements are by their nature subject to a number of factors and risks that could cause actual results to differ materially from management’s expectations and plans as set forth in such forward-looking statements for a variety of reasons. Some of the factors and risks – many of which are beyond HBC’s control and the effects of which can be difficult to predict – include, among others – (a) the risk that HBC is unable to finalize long term leases for up to 20 select, sought after store locations in the Netherlands, (b) the risk that the expansion into the Netherlands requires capital expenditures in excess of those currently anticipated and/or more than 24 months to complete, (c) the risk of introducing new brands into new markets and of doing business abroad, (d) the risk that the anticipated benefits from the expansion into the Netherlands cannot be realized, (e) credit, market, currency, operational, liquidity and funding risks generally, including changes in economic and geopolitical conditions, interest rates or tax rates, and (f) risks and uncertainties relating to information management, technology, supply chain, product safety, changes in law, competition, seasonality, commodity price and business.

HBC cautions that the foregoing list of important factors and assumptions is not exhaustive and other factors could also adversely affect its results. For more information on the risks, uncertainties and assumptions that could cause HBC’s actual results to differ from current expectations, please refer to the “Risk Factors” section of HBC’s Annual Information Form dated April 28, 2016, as well as HBC’s other public filings, available at www.sedar.com and at www.hbc.com.

The forward-looking statements contained in this news release describe HBC’s expectations at the date of this news release and, accordingly, are subject to change after such date. Except as may be required by applicable Canadian securities laws, HBC does not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.

INVESTOR RELATIONS:
Kathleen de Guzman, 646-807-0148
kathleen.deguzman@hbc.com
or
Elliot Grundmanis, 416-256-6732
elliot.grundmanis@hbc.com
or
MEDIA CONTACTS:
Andrew Blecher, 212-391-3179
andrew.blecher@hbc.com
or
Tiffany Bourré, 905-595-7184
tiffany.bourre@hbc.com

Source: Hudson’s Bay Company

News Provided by Acquire Media

METRO GROUP announces reorganisation at Galeria Kaufhof management structure

Initiated generational change creates foundations for continued economic success and personnel continuity

  • Olivier Van den Bossche new CEO of department store operations
  • Lovro Mandac new Chairman of the Supervisory Board of GALERIA Kaufhof GmbH
  • Edo Beukema and Volker Schlinge resume the Management Board positions for Procurement and HR – Thomas Storck and Ulrich Köster with new duties atMETRO GROUP

Düsseldorf, Germany, 2014-10-3— /EPR Retail News/ — METRO GROUP is further driving the future-oriented reorganisation of its successful department store business: according to a statement by METRO AG, Olivier Van den Bossche (38), former Spokesman of the Management Board of Kaufhof’s Belgian subsidiary Galeria INNO, has taken over from Lovro Mandac (64) as Chairman of the Management Board of the department store operations ofGALERIA Kaufhof GmbH effective 1 October 2014. Lovro Mandac will in addition to his function as Chairman of the Management Board of GALERIA Holding GmbH also assume the position of Chairman of the Supervisory Board ofGALERIA Kaufhof GmbH, so far held by Mark Frese, Chief Financial Officer ofMETRO AG. METRO AG plans to ensure the future management of theGaleria Kaufhof Group which, in addition to its operational business also includes the city-centre real estate portfolio, via the company’s Shareholders’ Meeting chaired by Mark Frese. At the same time, new Managing Directors for Procurement and Human Resources are rising to the management of the leading German department store operator.

“With these structural measures we are initiating the generational change atGaleria Kaufhof while at the same time securing management continuity to sustainably secure and continue the successful course of our department store business”, said Mark Frese. “With Olivier Van den Bossche, we have won a recognised top manager as new Chairman of the Management Board for the operational department store business who has already done excellent work at Inno in Belgium. In his new function, Lovro Mandac, who has been a significant contributor to the successful development of Galeria Kaufhof for more than 20 years now, will ensure a smooth leadership transition within the company”.

GALERIA Holding GmbH is the umbrella organisation that combines the retail business and the real estate activities of Galeria Kaufhof; in addition to Lovro Mandac (Chief Executive Officer), the Management Board also includes Dr Henning Klöppelt (Chief Real Estate Officer) and Thomas Fett (Chief Financial Officer).

Two more changes will take place on the Management Board ofGALERIA Kaufhof GmbH effective 1 October 2014: The new Head of Procurement will be Edo Beukema, who has so far very successfully served in the same position at the Dutch department store operator de Bijenkorf. Thomas Storck, the current Head of Procurement, will be appointed to the newly created position of Chief Solution Officer and CIO at METRO Cash & Carry where he will manage the digital transformation of the wholesale business. In this role he will also be responsible for the online business of METRO Cash & Carry. At the same time, Ulrich Köster, CHRO and Labour Relations Director, will assume new duties within METRO GROUPstarting form 1 January 2015 and therefore withdraw from the Management Board of GALERIA Kaufhof GmbH; he will be succeeded in this position by Volker Schlinge, former Head of Marketing at GALERIA Kaufhof GmbH. Rami Al Assouad, currently Chief Buying Officer at Galeria INNO, will rise to the position of Spokesman of the Management Board of the Belgian department store subsidiary.

“With the new structure and this powerful team we will be well positioned to successfully advance Galeria Kaufhof with regard to both, its operational department store business and its real estate business”, stressed Mark Frese. “This way we will be able to further expand our leading position in the German market”.

Lovro Mandac stated: “The new holding structure of the Galeria Kaufhof Group will allow for an efficient and performance-oriented development of the company as a whole. With Olivier Van den Bossche we will be excellently positioned in our operational business in the future. He is very familiar with our company and has already demonstrated in Belgium that he is capable of managing a department store highly successfully and with a strong customer focus. We thank Ulrich Köster and Thomas Storck for their valuable contributions to the advancement of Galeria Kaufhof over the past years. We are looking forward to the future collaboration with Olivier Van den Bossche, Volker Schlinge, Edo Beukema and Rami Al Assouad and wish all of them every success in their new tasks”.

Management structure of Galeria Kaufhof as from 1 October 2014

METRO

METRO GROUP is one of the largest and most important international retailing companies. During the financial year 2012/13 (pro forma), it generated sales of about €66 billion. The company operates around 2,200 stores in 31 countries and has a headcount of around 250,000 employees. The performance of METRO GROUP is based on the strength of its sales brands that operate independently in their respective market segments:METRO/MAKRO Cash & Carry – the international leader in self-service wholesale – Media Marktand Saturn – the European market leader in consumer electronics retailing – Real hypermarkets and Galeria Kaufhof department stores.

The GALERIA Kaufhof GmbH with its headquarters in Cologne is part of the METRO GROUPand one of Europe’s leading department stores. The company presents modern shopping and experience worlds with its innovative and successful Galeria concept. With its total of around 21,500 employees, GALERIA Kaufhof GmbH operates 105 department stores and 17 sports stores in Germany alone and 15 department stores in Belgium.