Hudson's Bay Co.'s planned $2.4 billion deal to buy US-based luxury retailer Saks and open seven stores in Canada is a key part of the company's goal to keep more of the country's luxury spending at home. Canadian Saks stores, along with Nordstrom's plan to open its first stores north of the border, are likely to keep more wealthy consumers from traveling to the US to shop, said HBC CEO Richard Baker.

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