Supermarket chain Lidl has announced it will pay a finder's fee to anyone who identifies a suitable site for a new store, as part of its target to reach 1,100 stores by 2025. The fee is set at 1.5% of the freehold price or 10% of the first year's rent for leasehold sites. For a £1.5 million site purchase, this would equate to a fee of £22,500.
Lidl, currently the UK's sixth largest supermarket with 920 sites, has been expanding rapidly and gaining market share from the traditional 'big four' chains. According to research firm Kantar, Lidl and rival discounter Aldi were the fastest-growing UK grocers in the 12 weeks to 17 April. The rising cost of living has intensified price competition among supermarkets, with Asda and Morrisons announcing price cuts on hundreds of products on Thursday.
Announcing the finder's fee plan, Lidl chief development officer Richard Taylor said: 'The fees are available to absolutely anyone who can identify a viable option for a new store that we're not already aware of, and we welcome any suitable suggestions.' The retailer has published a list of target locations, including Bristol, Liverpool, Manchester and Southampton.
To qualify, members of the public must identify locations meeting Lidl's site specifications. Payment is made in two instalments: 50% of the fee at exchange and the remaining 50% at completion.
