A high-end Ottawa department store is closing.
Holt Renfrew has announced it is shutting down the company’s Ottawa Spark's Street location.
It means job losses for the luxury retailer's 72 employees.
The company made the decision after what they call a "strategic analysis of the Canadian Marketplace" and have chosen to instead focus on the expansion of so-called "flagship markets" like Toronto, Montreal, Vancouver and Calgary.
The company will also close the Quebec City location.
In a statement to CTV Ottawa Holt Renfrew President Mark Derbyshire says “This was a difficult business decision as the Ottawa store continues to perform well and we and our employees have valued being a part of Ottawa’s retail environment. Holt Renfrew explored a number of options for its businesses in these markets, however it was ultimately concluded that Holt Renfrew’s enhanced specialty luxury business model requires a significantly larger store footprint in any target market and a deep assortment across a wide array of its core brand partners. Holt Renfrew employees in Ottawa have been devoted through many successful years, and we are dedicated to supporting them through this transition. We thank our loyal customers in Ottawa.”
The Ottawa location also leases space to Hugo Boss, Gucci, Links of London and Tiffany & Co.
The Ottawa store will close at the end of January 2015.
