GREECE: Lidl to invest EUR100m in Greece
The investment will include the expansion and renovation of its existing stores and warehouses
German discount retailer Lidl is to invest EUR100m (US$130.9m) in its Greek operations.
A spokesperson for the group said despite the "unfavourable circumstances" in Greece, its Lidl Hellas operations in the country will implement an investment programme over the next three years.
The investment will include the expansion and renovation of its existing stores and warehouses, which it said is expected to create new job opportunities.
"Lidl Hellas supports the domestic market by investing over one billion Euros in the last 16 years," the spokesperson said. "Especially during a period characterised by investment caution, Lidl Hellas moves forward with a staggering investment programme over the next three years."
Lidl said that it aims to secure the future of its workforce in the country, which numbers more than 4,000 employees. At the same time, the retailer added, it intends to create new job openings and "most importantly" provide security for the 1,500 Greek suppliers that sell products into its stores.
In June, the retailer confirmed plans to invest in the construction of a distribution centre in Attica in the south of Greece.
The distribution centre is expected to complement Lidl's existing four distribution centres in Greece, located in Patra, Trikala, Gefyra and Thiva. The retailer also operates 220 stores in Greece.
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