Lidl to invest 1.5 billion euros in Spain over 4 years
23/09/2021 13:20
Sept 23 (Reuters) - German discount supermarket chain Lidl
said on Thursday it would invest 1.5 billion euros ($1.8
billion) in Spain between 2021 and 2024.
Lidl, which currently has over 17,000 employees across 630
shops in Spain, plans to open more than 150 new locations and
four logistics hubs by 2024.
Supermarkets and food producers have benefited from
customers hoarding and spending more money on groceries during
the COVID-19 pandemic as restrictions on eating out and
socialising forced people to stay in.
Rival cut-price supermarket DIA DIDA.MC cut first-half
losses by more than 44% earlier this month, while rice and pasta
maker Ebro Foods EBRO.MC saw annual profit soar 36% last year.
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"This ambitious expansion plan responds to our firm
determination to continue boosting our business in Spain,"
Imanol Zabala, manager of Lidl Expansion & Real Estate in Spain,
said in a statement.
The supermarket chain's development plan for the country
will focus specifically on the Madrid region, where it expects
to invest over 200 million euros in the next four years and open
50 new locations.
($1 = 0.8537 euros)
(Reporting by Aida Pelaez-Fernandez
Editing by Nathan Allen and Mark Potter)
((Aida.Pelaez-Fernandez@thomsonreuters.com; +48 58 769 65 94;))