Salem Radio Network News Tuesday, November 30, 2021

Business

Lidl GB raises stores target to 1,100 by 2025

LONDON (Reuters) -The British arm of German discount supermarket chain Lidl on Wednesday set a new target to have 1,100 stores by the end of 2025, creating up to 4,000 new jobs in the process.

Lidl GB, part of Germany’s Schwarz retail group, had a previous target of 1,000 stores by the end of 2023, which it said it was on track to reach.

It currently trades from about 880 stores, having opened 55 in 2020-21, with 26,000 employees.

Britain’s food retailing sector has been transformed in the past decade by the rise of Lidl and fellow German-owned discounter Aldi, which have driven down returns at the Big Four of Tesco, Sainsbury’s, Morrisons and Asda.

Unlike its bigger rivals, but in common with Aldi, Lidl is opening lots of new stores.

“We continue to see tremendous opportunity in the market,” said CEO Christian Hartnagel.

Lidl, which has a 6.2% share of the UK grocery market but does not trade online, said revenue in the year to Feb. 28 rose 12% to 7.7 billion pounds ($10.3 billion), resulting in a pretax profit of 9.8 million pounds, against a loss of 25.2 million pounds in 2019-20.

Hartnagel said the trading performance reflected investment in new and existing stores, product innovation and staff.

The company said it invested 498 million pounds on land and fixed assets during the year.

($1 = 0.7470 pounds)

(Reporting by James DaveyEditing by Alistair Smout and David Goodman)

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