German retailer Aldi Nord is on the brink of authorising a €5 billion store modernisation project, its largest investment to date, according to Bild am Sonntag.
The refurbishment would be applied to the grocer’s network of stores globally. However, one of the three foundations that control the supermarket chain reportedly still needs to formally agree to allow the project to go ahead.
It is understood that Aldi Nord will finance the development project with existing capital, as opposed to taking out a loan for the purpose.
Continued Expansion
Aldi and its German discounter rival Lidl have been expanding their presence in Europe and the UK, and are now beginning to challenge US retailers as well.
Aldi Nord operates just over 4,800 stores in Europe in addition to the 460 Trader Joe's outlets that it operates in the United States.
Meanwhile, its sister supermarket Aldi Süd is in the process of a $3.4 billion expansion in the US, with plans to have 2,500 stores by 2022.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Peter Donnelly. Click subscribe to sign up to ESM: The European Supermarket Magazine.
