LONDON (Reuters) – The British arm of German discount supermarket Lidl said on Monday it would invest 4 billion pounds ($5 billion) in UK food businesses in 2023, as it accelerates its spending plans.
In 2019, Lidl GB committed to a 15 billion pound investment in the UK food industry from 2020 to 2025.
The new figure is expected to hit 17 billion pounds.
Lidl GB says it sources two-thirds of its core products from the UK, working with over 650 suppliers across the country.
Lidl GB and fellow German owned discounter Aldi are Britain’s fastest growing grocers, benefiting from new store openings and their appeal to consumers seeking savings in a cost-of-living crisis.
Earlier this month Lidl GB reported a 24.5% jump in December sales year-on-year.
Currently trading from 950 stores it plans 1,100 by 2025.
($1 = 0.8069 pounds)
(Reporting by James Davey; editing by Sarah Young)
