Lidl Ups the Ante on Growth with 230 New Stores
UNITED KINGDOM - There’s no rest for grocery retailers, particularly if you’re German discount retailer Lidl. In its quest to push forward growth on all fronts, the grocery chain has unveiled plans to open another 230 stores by 2023, The Times reported. This massive expansion will bring Lidl’s total store count in the United Kingdom to 1,000.
According to the news source, Lidl UK’s CEO Christian Hartnagel confirmed the chain’s plan, which ramps up a previous one that outlined the opening of 50 to 60 new stores a year. While more stores mean more business, industry experts agree that Lidl has chosen to roll out a whopping 230 new stores in order to put the pressure on its biggest competitors in the UK—namely Tesco, Asda, Sainsbury’s, and Morrisons.
Since the beginning of fall, Lidl has been preparing for heightened growth in the UK. In October, the grocer made a couple of strategic moves that now seem to connect the dots to its latest expansion announcement. Specifically, Lidl opened its largest distribution center in Great Britain and committed to a $19 billion agreement with its British suppliers—both of which help stabilize, optimize, and expand its supplier and store network.
Is Lidl eyeing the U.S. market for more growth as well? AndNowUKnow will continue to report on every change of the tide in the grocery retail sector.