Aldi plans big expansion
GERMAN discount grocery chain Aldi North was planning to spend more than €5 billion (R74.53bn) to revamp its stores around the world, which would be its biggest investment project ever, German weekly Bild am Sonntag reported, citing company sources. Aldi and its German discounter rival Lidl have become giants in European retail, upending Britain’s grocery retail market, and are challenging US retailers as well. Aldi North’s sister chain Aldi South announced plans last month to invest $3.4bn (R44.38bn) to expand its US store base to 2 500 by 2022, raising the stakes for rivals caught in a price war. Bild am Sonntag said yesterday that Aldi North planned to finance its multi-billion-euro investment from existing cash rather than by taking on debt. But the paper said the project still needed the approval of one of the three foundations that control the company.