If you're a budget-conscious shopper who loves luxurious duds, Holt Renfrew has some news for you.

The Canadian-based retailer has announced they will launch hr2, a low-priced alternative to its luxury stores.

According to Women's Wear Daily (WWD), the massive outlet (we're talking 30,000 square feet) will open in Montreal's Quartier DIX30 shopping centre in March 2013. Ontario will get a store around the same time.

Officials from Holts told the daily fashion news source the merchandise sold at hr2 will differ from the items sold at Holt Renfrew, though the budget chain will offer women's and men's wear, jewellery and accessories. "The new division will be stocked with lower-price or secondary labels from many of the same designers and brands that supply Holt Renfrew with their top-priced lines."

The goal of the move is to draw in younger often less-affluent shoppers before chains like Nordstrom (which owns the discount chain Nordstrom Rack), Target and Marshalls open stores across the country. It's all part of the trend toward "off-price retail," says Fashionista.com.

Heather Arts, a vice-president at Holts who heads hr2 said this to The Globe and Mail: “It’s a completely new opportunity for us to grow. There’s definitely a void in the market.”

The news comes two months after Holt Renfrew executives announced major expansion plans -- by the end of 2015, the chain will have 40 per cent more retail space -- and celebrated Holts' 175th anniversary.

To WWD, Holt Renfrew president Mark Derbyshire says the hr2 shopping experiences will be “like no other in the market today."

RELATED: Holt Renfrew Celebrates 175 Years

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