Lidl, the popular German discounter chain, has announced that it will invest 1.5 billion euros in Spain between 2021 and 2024.
Lidl, the popular German discounter chain, announced today, September 23, that it will invest 1.5 billion euros in Spain between 2021 and 2024
The supermarket chain, which currently has more than 17,000 employees and 630 stores across Spain, plans to open over 150 new locations and four logistics hubs by 2024.
During the pandemic, supermarkets and food manufacturers have benefited from people spending more money on groceries as the restrictions on eating in restaurants or cafes and socializing have forced them to stay at home.
A competing low-cost supermarket DIA DIDA.MC cut its first-half losses by over 44.4 percent earlier this month, and rice and pasta maker Ebro Foods EBRO.MC posted an annual profit increase of 36 percent in 2020.
“This ambitious expansion plan corresponds to our firm determination to further strengthen our business in Spain,” said Imanol Zabala, manager of Lidl Expansion & Real Estate in Spain, in a statement.
The development for Lidl in Spain will primarily focus on the Madrid region, where over 2 million euros will be invested over the next four years and 50 new shops will be opened.
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