Richard Baker, chairman, chief executive officer, and governor of Hudson’s Bay Co., says the best category in the U.S. right now is luxury, with high-end customers out “in full force” looking for something unique and branded. The more moderately-priced product is “rather flat, not negative”. Baker says the off-price category is showing “tremendous growth”, though he credits that to the company’s retooling of that category rather than a more confident consumer. Hudson’s Bay also owns Lord & Taylor and Saks Fifth Avenue. Baker says Saks is planning to open stores in Puerto Rico, Saratoga, Florida and in Hawaii. Baker speaks with Bloomberg’s Kathleen Hays and Vonnie Quinn on Bloomberg Radio’s "The Hays Advantage". Guest host Ken Natori, vice president at the Natori Company, joins the conversation as well.
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