Lidl US has announced that it will acquire 27 Best Market stores in New York, New Jersey, and Long Island.
The move will allow the retailer to expand its regional presence in the US, and enter a new market in Long Island.
The chief executive of Lidl US, Johannes Fieber, said, “We are excited to expand into many great communities on Long Island and across the New York City area and introduce more customers to our simple and efficient approach to grocery shopping, which will mean high quality and huge savings for more shoppers.”
The terms of the agreement have not been disclosed yet, but the deal is expected to close in the coming months, the company said.
Transition Process
Starting next year, Lidl will implement a step-by-step transition process, that will involve renovating and converting Best Market stores to Lidl outlets.
Lidl will also offer guaranteed employment opportunities for all Best Market employees in New Jersey and New York, with wages and positions that are equal to or better than Best Market.
Aviv Raitses, co-owner of Best Market, said, “Partnering with Lidl on this deal offers our employees a secure future with a growing grocer and continues the great tradition we started more than twenty years ago.
“We are delighted to be part of such a win-win and Best Market customers have something great to look forward to with Lidl.”
Earlier this year, a study from the University of North Carolina found that retailers in the immediate vicinity of Lidl stores dropped prices on individual products by as much as 55% on average in areas with Lidl stores.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.
