German-born retailer and rising discount power Aldi is looking to invest upwards of $5.71 billion USD (5+ billion euros), one of the largest backings in its history, to revamp stores in its market around the world.
Weekly German news source Bild am Sonntag 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 needs to complete one crucial step before moving 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.
One of those three foundations still needs to approve Aldi North’s proposed revamp plan.
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 $3.4 billion expansion that hopes to see 2,500 stores stateside by 2022.
With the discount grocery market continuing to heat up, in North America and beyond, Deli Market News will keep you informed of all the latest moves.