Lidl is looking for investors to plough £91.1m into building a dozen new supermarkets across the country as it looks to expand its store network.
The discounter has begun to look for investors to build the new shops, which it will then rent from them, stating in a funding pitch it is offering “a unique opportunity to acquire the freehold and fund the construction of 12 supermarkets let to Lidl GB”, The Grocer reported.
Locations currently mentioned in the documents include Alexandria in West Dunbartonshire, Birmingham, Bovey Tracey and Crediton in Devon, Bristol, Downham Market in Norfolk, Hull, Manchester, Northampton, Reading, Redcar and Saffron Walden.
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The new investments would be the first time the discounter has used this process, as only an estimated 20% of its 960 UK stores are leasehold.
A Lidl spokesperson told the publication: “We have long taken a flexible approach to delivering new sites with the core aim of giving all households access to a Lidl store.”
The move comes as Lidl plans to reduce its expansion plans from 50 new stores to only 25 a year, in a bid to better focus on growing its warehouse capacity.
Rival discounter Aldi is taking a more aggressive approach to expansion and revealed earlier this month it will invest more than £550m into expanding and improving its store and distribution network this year.
The supermarket chain created a new National Real Estate Team late last year to help deliver its target of 500 new store openings.
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2 Comments. Leave new
‘Discounter’? You mean the charge slightly more reasonable prices and aren’t massively overpriced like Morrisons/Tesco?
YES David. It also bothers me, the term “Discounter”.