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They appear to have pushed the opening date for hr2 at Vaughan Mills back from April 27 to May 10.
Holt Renfrew launches loft-like stores aimed at fashionistas on a budget
In a soft retail market being bombarded by newcomers like Target and Nordstrom, Holt Renfrew launches a new concept, hr2, aimed at budget shoppers.
By: Francine Kopun Business reporter, Published on Fri Apr 19 2013
Toronto Star
MONTREAL—Holt Renfrew has launched a new store design that should make Nordstrom feel a little uneasy.
The high-end retailer, better known for their haute fashion and prices to match, has launched a new line of stores called hr2, targeting the chic and budget-minded.
The first hr2 in Canada opened in March in a massive new shopping district called Quartier DIX30 in the Montreal suburb of Brossard. The second is slated to open in Toronto at Vaughan Mills on May 10.
In a total departure from the luscious, padded feel of the landmark Holt Renfrew on Bloor Street, the new hr2 store in the Brossard is hangar-sized, with a cement floor and high ceilings. It is airy, brightly lit, neat and smartly curated, with prices that will make bargain hunters feel victorious – a blue Eileen Fisher t-shirt with a suggested retail price of $135 was selling for $74 this week. A matching Eileen Fisher sweater was $144 instead of the suggested retail price of $265.
A Diane von Furstenberg dress with the required spring ruffles was priced at $172 instead of the suggested retail price of $325. A silk polka-dot-print dress from Armani Collezioni was priced at $538 instead of $1,075.
A casual men's shirt from Ted Baker London was priced at $99 instead of $185; a Hugo Boss men's slim shirt was $105 instead of $175. Beautifully tailored Holt Renfrew suits were priced at $599.
There were walls of purses, including a timeless Valentino for $999, walls of shoes for women, and a wide range of well-priced designer shoes for men, including Prada at $199 instead of $375 and Gucci and Hugo Boss for nearly half price.
In fact, the men’s selection was robust.
“We really feel that that’s an underdeveloped market. I think there’s great opportunity there. Men love brands and they love deals as well,” said Heather Arts, vice-president of hr2.
The concept has been in development at Holt Renfrew for a couple of years, said Arts, and Holt Renfrew was happy to be able to execute before the U.S. department store chain Nordstrom opens its first Canadian store in Calgary in 2014.
“Nordstrom is really competition for everyone and timing is everything, but it’s really because the real estate came up quickly and we wanted to take advantage of it,” said Arts.
Among other tactics, hr2 takes advantage of product cancellations from other retailers and relationships with existing vendors. It is also working with U.S. vendors and retailers to get product into the hr2 stores that will not otherwise be available in Canada.
And while the designer clothes sold at hr2 are current and in season, they are not fresh off the runway.
Some Holt Renfrew customers are so in tune with fashion, they want goods fresh off the runway, they want to be the first to wear it,” said Arts.
“It really is the same quality. We have a reputation and integrity to uphold. This is not about watering down product.”
A team of merchandisers will work in each store, ensuring merchandise and displays look sharp, to avoid the tossed-over look of some discount stores.
There will also be seasonal markdowns.
The hr2 store at DIX30 was well-staffed, with eight cash registers and 20 change rooms. The store at Vaughan Mills will be similarly set up, said Arts.
Other leading brands that will be sold at the stores include: Alice + Olivia, Diane von Furstenberg, Splendid, Michael Kors, Cole Haan, Ray-Ban, 7 for All Mankind, Nicole Miller, Elie Tahari, House of Harlow, Anzie, John Varvatos, Hunter and hr2 private label.
Nordstrom plans to enter Canada beginning in the fall of 2014, with five locations identified so far, including two in Toronto – at Sherway Gardens and Yorkdale – and in prime locations in Vancouver, Calgary and Ottawa. It is also looking for Nordstrom Rack locations.
With prices that run the gamut from low to high, and customer service they claim is second-to-none, Nordstrom hopes to hit the midpoint market and up, serving Canadians who can't afford Holt Renfrew on a regular basis, and who for a long time, were not well-served by existing department stores in Canada, including the Bay and Sears.
But veteran retailer Bonnie Brooks, president of HBC, is sprucing up stores and wooing retailers from Burberry to Top Shop to open stores within the Bay, driving traffic in the hopes of driving up sales-per-square foot.
Sears Canada CEO Calvin McDonald is focused on wooing families back to shop at Sears, with a focus on moms and baby and children’s wear, home appliances and fashion.
Target meanwhile, has begun its planned expansion into Canada with 24 stores in Ontario and 124 across Canada by the end of the year, trying to scoop up bargain hunters who associate Target with discount design, even though competitors like Home Sense offer affordable home design too.
Retail consultant Jim Danahy of CustomerLAB in Toronto said that while the hr2 concept is new to Canada, Nordstrom is typically credited with developing the formula with Nordstrom Rack stores.
“It’s designed to say, this is not Holt Renfrew but it’s from Holt Renfrew. They are trying to make the brand envelope bigger without diluting the original.”
“At the very least, it is a very important defensive move since we know Nordstrom is coming.”
Holt Renfrew is in expansion mode after three years of record profits, Holt Renfrew president Mark Derbyshire has said.
On Friday, Holt Renfrew announced a new flagship store planned for spring 2016 at Square One shopping centre in Mississauga. The 120,000 square-foot store is part of an expansion that will add 40 per cent more square footage to the Holt Renfrew network across Canada.
There are currently nine Holt Renfrew stores in Canada. Holt Renfrew is hoping to establish a national presence with hr2 by 2015.
Holt Renfrew began in 1837 as a hat shop in Quebec City. It was bought in 1986 by W. Galen Weston and the Hon. Hilary M. Weston. It has 2,300 employees.
Holt Renfrew launches loft-like stores aimed at fashionistas on a budget
In a soft retail market being bombarded by newcomers like Target and Nordstrom, Holt Renfrew launches a new concept, hr2, aimed at budget shoppers.
By: Francine Kopun Business reporter, Published on Fri Apr 19 2013
Toronto Star
MONTREAL—Holt Renfrew has launched a new store design that should make Nordstrom feel a little uneasy.
The high-end retailer, better known for their haute fashion and prices to match, has launched a new line of stores called hr2, targeting the chic and budget-minded.
The first hr2 in Canada opened in March in a massive new shopping district called Quartier DIX30 in the Montreal suburb of Brossard. The second is slated to open in Toronto at Vaughan Mills on May 10.
In a total departure from the luscious, padded feel of the landmark Holt Renfrew on Bloor Street, the new hr2 store in the Brossard is hangar-sized, with a cement floor and high ceilings. It is airy, brightly lit, neat and smartly curated, with prices that will make bargain hunters feel victorious – a blue Eileen Fisher t-shirt with a suggested retail price of $135 was selling for $74 this week. A matching Eileen Fisher sweater was $144 instead of the suggested retail price of $265.
A Diane von Furstenberg dress with the required spring ruffles was priced at $172 instead of the suggested retail price of $325. A silk polka-dot-print dress from Armani Collezioni was priced at $538 instead of $1,075.
A casual men's shirt from Ted Baker London was priced at $99 instead of $185; a Hugo Boss men's slim shirt was $105 instead of $175. Beautifully tailored Holt Renfrew suits were priced at $599.
There were walls of purses, including a timeless Valentino for $999, walls of shoes for women, and a wide range of well-priced designer shoes for men, including Prada at $199 instead of $375 and Gucci and Hugo Boss for nearly half price.
In fact, the men’s selection was robust.
“We really feel that that’s an underdeveloped market. I think there’s great opportunity there. Men love brands and they love deals as well,” said Heather Arts, vice-president of hr2.
The concept has been in development at Holt Renfrew for a couple of years, said Arts, and Holt Renfrew was happy to be able to execute before the U.S. department store chain Nordstrom opens its first Canadian store in Calgary in 2014.
“Nordstrom is really competition for everyone and timing is everything, but it’s really because the real estate came up quickly and we wanted to take advantage of it,” said Arts.
Among other tactics, hr2 takes advantage of product cancellations from other retailers and relationships with existing vendors. It is also working with U.S. vendors and retailers to get product into the hr2 stores that will not otherwise be available in Canada.
And while the designer clothes sold at hr2 are current and in season, they are not fresh off the runway.
Some Holt Renfrew customers are so in tune with fashion, they want goods fresh off the runway, they want to be the first to wear it,” said Arts.
“It really is the same quality. We have a reputation and integrity to uphold. This is not about watering down product.”
A team of merchandisers will work in each store, ensuring merchandise and displays look sharp, to avoid the tossed-over look of some discount stores.
There will also be seasonal markdowns.
The hr2 store at DIX30 was well-staffed, with eight cash registers and 20 change rooms. The store at Vaughan Mills will be similarly set up, said Arts.
Other leading brands that will be sold at the stores include: Alice + Olivia, Diane von Furstenberg, Splendid, Michael Kors, Cole Haan, Ray-Ban, 7 for All Mankind, Nicole Miller, Elie Tahari, House of Harlow, Anzie, John Varvatos, Hunter and hr2 private label.
Nordstrom plans to enter Canada beginning in the fall of 2014, with five locations identified so far, including two in Toronto – at Sherway Gardens and Yorkdale – and in prime locations in Vancouver, Calgary and Ottawa. It is also looking for Nordstrom Rack locations.
With prices that run the gamut from low to high, and customer service they claim is second-to-none, Nordstrom hopes to hit the midpoint market and up, serving Canadians who can't afford Holt Renfrew on a regular basis, and who for a long time, were not well-served by existing department stores in Canada, including the Bay and Sears.
But veteran retailer Bonnie Brooks, president of HBC, is sprucing up stores and wooing retailers from Burberry to Top Shop to open stores within the Bay, driving traffic in the hopes of driving up sales-per-square foot.
Sears Canada CEO Calvin McDonald is focused on wooing families back to shop at Sears, with a focus on moms and baby and children’s wear, home appliances and fashion.
Target meanwhile, has begun its planned expansion into Canada with 24 stores in Ontario and 124 across Canada by the end of the year, trying to scoop up bargain hunters who associate Target with discount design, even though competitors like Home Sense offer affordable home design too.
Retail consultant Jim Danahy of CustomerLAB in Toronto said that while the hr2 concept is new to Canada, Nordstrom is typically credited with developing the formula with Nordstrom Rack stores.
“It’s designed to say, this is not Holt Renfrew but it’s from Holt Renfrew. They are trying to make the brand envelope bigger without diluting the original.”
“At the very least, it is a very important defensive move since we know Nordstrom is coming.”
Holt Renfrew is in expansion mode after three years of record profits, Holt Renfrew president Mark Derbyshire has said.
On Friday, Holt Renfrew announced a new flagship store planned for spring 2016 at Square One shopping centre in Mississauga. The 120,000 square-foot store is part of an expansion that will add 40 per cent more square footage to the Holt Renfrew network across Canada.
There are currently nine Holt Renfrew stores in Canada. Holt Renfrew is hoping to establish a national presence with hr2 by 2015.
Holt Renfrew began in 1837 as a hat shop in Quebec City. It was bought in 1986 by W. Galen Weston and the Hon. Hilary M. Weston. It has 2,300 employees.
