Discount retailer Lidl is reportedly looking to expand into the US by 2018.
Lidl confirmed last summer it was exploring the possibility of opening stores in the US, with studies of the market expected to be completed by the end of this year or early next.
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However, according to a report by regional German newspaper Heilbronner Stimme, Lidl CEO Klaus Gehrig said the retailer was planning to invest EUR4bn (US$5.5bn) in expanding its international business – which included a US venture he said was “in full swing”.
The news comes as parent company of Lidl, Schwarz Group, which also owns hypermarket chin Kaufland, reported a 10% increase in annual net sales to EUR74bn (US$98bn).
Gemran hypermarket chain Kaufland delivered sales of EUR20bn while Lidl recorded sales of EUR54bn.
Schwarz did not respond to questions regarding its expansion strategy when approached by just-food.
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