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Holt Renfrew launches Canadian discount chain
Toronto -- Canadian luxury fashion retailer Holt Renfrew & Co. said Monday it will launch a new discount chain called hr2, with a first store in March in Quebec, followed by planned locations across the country by 2015.
It said the stores will range in size from 25,000 sq. ft. to 35,000 sq. ft., smaller than Holt Renfrew’s nine department stores, and targeting women age 25 and up.
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Consumer spending climbs 0.8% on higher incomes
Washington, D.C. -- A Monday report by the Commerce Deptartment showed that consumer spending in the U.S. for September rose more than forecast as household incomes climbed.
Household purchases increased 0.8%, the most since February and topping the 0.6% gain expected by Bloomberg. The Sept. rise followed a 0.5% advance in August.
Incomes rose 0.4%, the most since March.
The economy expanded at a 2% annual pace in the third quarter, boosted by the uptick in household purchases.