Canadian retailer Hudson's Bay Company (HBC) has announced plans to open up to 20 new stores in the Netherlands over the next two years.
This move is a part of its expansion plans in Europe, and will create nearly 2,500 jobs in stores and 2,500 construction jobs.
HBC already operates in Belguim and intends to invest around $340m in its Dutch operations.
Last year, major Dutch department store chain V&D went bankrupt. Therefore, HBC's announcement is seen as a positive sign in the retail landscape.
HBC is planning to open a flagship store in Amsterdam's Rokin area and plans to lease locations previously occupied by V&D stores.
The company also owns Saks Fifth Avenue, a US luxury retail chain.