German grocery chain Aldi said Sunday that it planned to invest $3.4 billion to expand in the U.S. Aldi already operates 1,600 stores in the U.S. It said it would open another 400 by the end of 2018, and would reach a store base of 2,500 by 2022. Aldi said it would spend $1.6 billion to remodel 1,300 of its current stores as it raises the stakes in a price war with rivals. The new spending will raise Aldi's capital investment this year to $5 billion as it competes in an increasingly brutal price war. German rival Lidl is opening its first 100 U.S. stores on June 15, boasting that it will offer prices up to 50 percent lower than the competition. Walmart, the largest U.S. grocer, is pressing vendors to undercut rivals by 15 percent. Source: Reuters |
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