Lidl is once again making big moves in the retail sector as it recently unveiled plans to invest €1.5 billion (approximately $1.75 billion) across its Spanish operations. With its focus set on Spain, the German retailer hopes to expand its reach in the market between 2021 and 2024.
“This ambitious expansion plan responds to our firm determination to continue boosting our business in Spain,” commented Imanol Zabala, the Manager of Lidl Expansion & Real Estate for Spain, in the company’s statement on the investment 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 Spain early last year, one can only wonder how much further the retailer will be investing in these markets.
Could the U.S. be the next market that Lidl turns its attention to? Keep a tab open for Deli Market News for answers.