Aldi Announces Global $5.7 Billion Store Investment
ESSEN, GERMANY - In one of the biggest moves in its history, German-born retailer and rising discount power Aldi is looking to invest upwards of $5.71 billion USD (5+ billion euros) in revamping stores around the globe.
With locations in Germany, Europe, the U.S., and Australia, Aldi’s most recent counts shows just over 4,800 stores in Europe, with Aldi North in particular operating more than 460 upmarket Trader Joe's stores in the United States, according to a Reuters report.
The retail body has had its eye on a significant U.S. expansion since entering the market, with sister Aldi South having previously announced a goal of 2,500 stores stateside by 2022, a $3.4 billion expansion.
Weekly German news Bild am Sonntag source said earlier this week that Aldi North planned to finance its multi-billion-euro investment from existing cash rather than by taking on debt, but that it still needed approval from one of the three controlling foundations of the company before it could move forward.
Founding Partner Theodor Albrecht, who helped launch the company concept with his brother Karl in 1962, had placed control of Aldi North in the hands of three foundations, all of which must approve any strategic decisions.
While the source cited those involved with the company, Aldi North reportedly was not immediately available for comment on the move.
As the discount grocery market continues to heat up in North America and beyond, keep checking in with AndNowUKnow for the latest key moves being made.