Lidl to Acquire 27 Best Market Stores
ARLINGTON, VA - Lidl is expanding its presence in the U.S. market in a big way, for the retailer recently announced an agreement with Best Market to acquire 27 of its stores in New York and New Jersey. Notably, the deal will see Lidl expanding its regional presence and entering a new market in Long Island.
"Best Market has played an enormously positive role in the area, and we look forward to working closely with Best Market employees to build on that success," said Johannes Fieber, CEO of Lidl US. "We are excited to expand into many great communities on Long Island and across the New York City area and introduce more customers to our simple and efficient approach to grocery shopping, which will mean high quality and huge savings for more shoppers."
According to a press release, Lidl will begin the transition process next year. This step-by-step plan involves the remodeling, reinvestment, and reflagging of Best Market stores into Lidl stores. Lidl noted that all Best Market employees in New Jersey and New York will have guaranteed employment opportunities with Lidl once the stores have been converted.
"Today is a great day for Long Island, our Best Market team, and our valued customers in New Jersey and New York," said Aviv Raitses, Co-Owner of Best Market. "Partnering with Lidl on this deal offers our employees a secure future with a growing grocer and continues the great tradition we started more than twenty years ago. We are delighted to be part of such a win-win and Best Market customers have something great to look forward to with Lidl."
The terms of the acquisition agreement are not disclosed, and it is expected to close over the coming months.
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