German discount retailer Aldi is reportedly planning to invest more than £500m (US$944.5m) over the next five to seven years in the expansion of its UK operations.


The company, which currently has 278 UK stores, aims to increase that number to 450 within five years, reported The Financial Times. The company recently opened a distribution centre in Scotland, where it operates just 19 outlets, to support its expansion there.


Aldi, which has less than 1% of the UK grocery market, also plans to relocate some of its existing UK stores; it believes about a third of them are situated in the wrong place.


Despite their proven expertise at offering low-priced groceries, discount retailers such as Aldi and rival Lidl have made less of an impact in the UK than in some other European markets.