Lidl Hellas to invest 100 mln euros this year

Lidl Hellas continues its investment program in 2017 worth around 100 million euros focusing on renovation of stores, upgrading warehouses and expanding retail network, Iakovos Andreanidis, managing director told reporters on Tuesday.

Lidl Hellas invested 100 million euros in 2016 for the development of its network, expanding warehouses and modernizing existing stores, along with opening new generation stores. The cost of each new generation store is around 4.0 million euros, while the cost of a compatible store is 1.5 million. New generation stores are the basic part of the company’s investment plan.

Andreanidis said turnover grew 6.7 pct in the first four-month period of the March 2015-February 2016 fiscal year, compared with the previous year and said that turnover in the year grew by more than 6.7 pct. The positive course of the company proved that Greek consumers have confidence in Lidl despite adverse economic conditions prevailing in the country, Andreanidis said.

He said that Lidl Hellas was promoting the installation of bake off in all of its stores and was focusing on Greek products and Greek suppliers. The company is cooperating with more than 1,800 Greek suppliers, with 80 pct of fruit and vegetable turnover covered by domestic suppliers. Lidle Hellas said 85 pct of its products were private label products.

Andreanidis said Lidl Hellas will evaluate opportunities in the Greek market before deciding if the company would express interest in buying some of the 22 stores of Marinopoulos, currently under liquidation. He also said that Lidl Hellas was satisfied with the Sunday operations in the country so far, although he noted that a change in Sunday operations would be needed in tourist regions.

Lidl Hellas operates a network of 219 branches around Greece and employs 4,939 workers.