German discount supermarket chain Lidl will invest in new store openings and store revamps in the coming years, in line with its 'store of the future' concept. The retailer reported impressive revenue growth of 9 per cent to €64.4 billion in its 2015/2016 financial year.
The grocer will open its first outlets in Lithuania this summer with plans to enter the Serbian market in 2018.
In the UK Lidl plan to demolish its existing store on Eastern Avenue, Gloucester and build a new one on the site and the land next door, which was previously Gloucester's fire station.
Industry experts believe the new store could make up to £3.8million a year more than the current one.
Sven Seidel, a member of the Board,has said that despite the new store concept, the supermarket will remain a discounter.
While Lidl plans to create a new shopping experience, it will not give up on its discount store model of limited assortment, simple processes and good price, he said.
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