Canada's Holt Renfrew is in the midst of a $300 million makeover aimed at preparing the luxury department store for the coming onslaught of competition from U.S. retailers including Nordstrom, Hugo Boss, Stuart Weitzman and Saks, which is being acquired by Hudson's Bay. "The suggestion is that there is an undeveloped market in Canada -- there is a need. But we're not seeing a lot of money spent in the luxury market," said NPD Group Analyst Alecsandra Hancas.

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