Lidl Unveils Plan to Invest Over $1.7 Billion in Spain Over Four Years; Imanol Zabala Comments
GERMANY & SPAIN - A new investment in the retail sector made waves on the newswire late last week as Lidl announced it will be focusing on the grocery market in Spain. The German retailer announced it hopes to invest €1.5 billion (around $1.75 billion) in its Spanish operations between 2021 and 2024.
“This ambitious expansion plan responds to our firm determination to continue boosting our business in Spain,” Imanol Zabala, Manager of Lidl Expansion & Real Estate in Spain, said in a statement obtained by Reuters.
Currently, the chain has over 17,000 employees across its 630 locations in Spain. According to the report, Lidl is planning on investing in its operations to open more than 150 new stores and four logistics hubs by 2024.
Lidl’s development plan for Spain concentrates mostly on Madrid as over €200 million ($234.4 million) will allegedly be used to open 50 new locations over the next four years. The news follows the retailer’s most recent store expansion strategy in Great Britain, where Lidl planned to hit 1,000 stores by the end of 2023.
As Lidl had originally laid down the foundation for a new logistics center in pain early last year, one can only wonder how much further the retailer will be investing in these markets.
Will Lidl bring this attention to growth Stateside? Stay tuned as we keep an eye on the wire.