Aldi to make biggest ever annual investment into store expansion
Aldi is set to make its biggest ever annual investment into its store estate, with the supermarket retailer committing £800m to accelerate its expansion plans.
The retailer is planning to open 23 new locations before the end of the year, including in Muswell Hill, London and Caterham, Surrey – marking a record £800m annual investment programme and a £1.4bn two-year plan.
The retailer is also refurbishing 100 existing stores.
This comes as Aldi releases its annual results for 2023, a period during which the retailer saw an increase in sales of £2.4bn to £17.9bn, its highest ever period of growth.
The retailer said its pre-tax profit had increased to £536.7m, up from £152.6m in 2022, driven by record sales combined with greater efficiencies across its stores and central functions.
Giles Hurley, chief executive officer for Aldi UK and Ireland, said: “British shoppers are voting with their feet and choosing Aldi as their first-choice supermarket. We’re responding with our biggest ever annual investment in Britain.
“For every £1 of profit generated last year, we’re investing £2 this year – opening more stores and building the supply infrastructure to bring high-quality, affordable groceries to millions more families the length and breadth of Britain.
“We’re also investing at record levels to cut prices, reward our amazing colleagues and support more causes in our local communities. All while creating thousands more jobs and even more opportunities for our growing base of British suppliers and farmers.”
Aldi – which currently has over 1,000 stores in the UK – has a long-term target to reach a total of 1,500 locations.