Holt Renfrew announces hr2, a new chain devoted to budget-friendly designer brands

Move over Nordstrom, as it looks as though Holt Renfrew is beating you to the budget-friendly punch.

Holt Renfrew announced today that they would launch a new chain early next year called hr2, which will offer discounted designer clothing that will likely draw younger consumers into its stores. The Canadian retailer has an edge on their American counterparts, as these projected stores are set to open before Nordstrom comes into Canada in 2014. The store’s budget-conscious line, Nordstrom Rack will also be arriving in our country and will likely be big competition for hr2.

According to The Globe and Mail, the first store is set to open in March in Brossard, Quebec and another in a yet to be named location in Ontario. According to Heather Arts, a vice-president at Holt Renfrew the company has been toying with the idea for hr2 for a few years, long before American stores such as Nordstrom and Target announced plans to expand into Canada.

And what about those Holt Renfrew Last Call stores that we see scattered throughout malls across Ontario? Apparently those stores will transit into the new outlets, and by 2015 Arts says that hr2 will have a big presence across the country.

Items from designers such as Dolce & Gabbana and Gucci for a fraction of the price? We’re already saving every penny.

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