The lettering "Lidl" a shopping market of the Lidl Stiftung & Co. KG in Leipzig (Saxony). (picture alliance/dpa)
German discount retailer Lidl on Wednesday said it plans to invest 15 billion pounds (19 billion dollars) in local suppliers over the next five years as it expands operations in Britain.
Lidl said it plans to introduce longer-term contracts to "provide further stability" to suppliers and give them "the support and ability needed to invest in and grow their own businesses."
"As our business continues to grow, it’s vital that our suppliers remain at the heart of our growth plans, and that is why we are committing to investing at least 15 billion pounds over the next five years," Ryan McDonnell, Lidl GB's chief commercial officer, said in a statement.
"Our business is only ever as good as our suppliers’ [business], so our investments and commitments are key to ensuring that they can invest and expand with us," McDonnell said.
Lidl, which has operated in Britain for 25 years, said it now holds a 6-percent market share and is "continuing with its ambitious expansion plans," including a target to open up to 60 new outlets in the country this year.
In June, the company announced plans to spend some 500 million pounds to open new stores across London over the next five years.
Owned by Germany's Schwarz retail group, Lidl employs more than 23,000 people in its 770 stores and 13 distribution centres in Britain.
Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.
A single purchase
