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.

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HBC already operates in Belguim and intends to invest around $340m in its Dutch operations.

"HBC intends to invest around $340m for the Netherlands expansion."

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.

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The company also owns Saks Fifth Avenue, a US luxury retail chain.

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