Discount supermarket Lidl has announced plans to open more than 50 new stores next year through a £600million investment. The German-owned giant said it was ramping up an expansion after adding more than 40 new branches last year, taking its total to over 1,000 now.
Record year for the business
Next year's target came as Lidl released results for the year to this February, showing its sales jumped almost 11% to £13billion, with operating profits up from £315million to £345million. Bosses said it marked a record year for the business, in which they said it saw 43 million more visits from customers to its stores.
It sold 486million more products, with "significant growth" in meat, poultry, fruit and vegetables, alongside a 12% boost in its Deluxe premium range, it added. Lidl claimed that it saw more than £650million of spending switch from competitors after pumping £315m into price cuts and promotions.
Competition from Aldi
The results come a week after rival Aldi announced a record £900million expansion plan for next year, including opening another 40 stores. Aldi already has just under 1,100 stores and has previously set a target to have 1,500 over time.
Lidl became the UK's fifth largest supermarket in May this year, according to number crunchers Worldpanel by Numerator, with three in five households now shopping at the discounter. Aldi is in fourth place, however.
Cheapest supermarket title
New research from consumer group Which? also crowned Aldi as Britain's cheapest supermarket again this month, beating Lidl. The pair have spent a long time vying for the title. Which? found a list of 93 items at Aldi cost £159.48 in September, followed by £161.48 for shoppers using the Lidl Plus loyalty scheme.
Ryan McDonnell, Lidl GB chief executive, said: "Our performance is a clear testament to the trust that millions of customers place in us every week as a direct result of the dedication of our colleagues right across the country. As we grow, our focus doesn't shift - we're constantly investing in low prices, high quality, and maximum value for our customers."
