Holt Renfrew (Toronto) has made the decision to end its off-price division, HR2, as well as close its two HR2 brick-and-mortar stores. The division and stores will close by mid-2017.
The company began the premium off-price division in 2013 as a way to compete with Saks Off Fifth (New York) and Nordstrom Rack (Seattle), reports Women’s Wear Daily. The company has no plans to pursue an alternative off-price model in the future, but instead will continue to invest in its existing fleet of Holt Renfrew stores.
“The decision to close the HR2 off-price model was made so that we can focus fully on our enhanced luxury business in our Holt Renfrew stores across Canada,” said Mario Grauso, president of Holt Renfrew.