Luxury chains grab Canadian real estate

NEW YORK — U.S. luxury retailers are taking notice of the Canadian shopper, Bloomberg News reports, with Nordstrom planning six stores over the next three years. Saks Fifth Avenue, acquired by Hudson’s Bay Company but still based in New York, is slated to add up to seven stores, including two opening in Toronto next year. The two retailers are among the first to pierce a market that until now has been held largely by two players, Holt Renfrew and Harry Rosen. As rising housing and stock markets have enriched Canadians, high-end U.S. retailers have seen an opportunity to move in. With Sears Canada vacating several key real estate holdings, Nordstrom snapped up five of its six new store locations.