New data released by Lidl GB today sheds light on the magnitude of its investments over the previous financial year, underscoring its commitment to offering top-quality products at unbeatable prices.
In an environment where households were keen on savings, Lidl successfully attracted an additional 1.4 million customers and observed a market share spike from 6.1% to 7.1%. This marked the discounter’s swiftest growth in half a decade. Key to this growth was not just its aggressive pricing strategy but also its decision to invest £50m, updating minimum hourly wages for its store personnel twice during this duration.
Moreover, Lidl opened close to 50 new outlets and earmarked numerous sites anticipating future expansion, in line with its ongoing site requirements announcement.
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These insights coincide with Lidl GB’s recent account release for the year culminating on 28th February 2023.
Ryan McDonnell, the CEO of Lidl GB, remarked, “We’ve always had a clear commitment to offer the best value to our customers and that is a promise we will always keep, even in uncertain economic times. Alongside preserving this price promise, rewarding our people and maintaining long-term relationships with our suppliers will always be a priority. As a privately-owned business we have the ability to make decisions that we know will have immediate benefits for our people, customers and suppliers and long-term benefits for our business.”
Reiterating its pledge to primarily source locally, Lidl stated it had channelled over £4 billion towards British enterprises the previous year.
McDonnell added, “The entire retail market has seen inflation, and we are no exception. However, for us, what is important is that our price gap to the traditional supermarkets is as strong as it has ever been. We’ve invested in keeping our prices low for customers in what has been a very challenging year for most and, with many more customers flooding through our doors each day, our ambition is to ensure that every single household has access to high quality, affordable food at their local Lidl store.”
In the ongoing financial year, Lidl GB’s highlights include:
- Inaugurating its most extensive global warehouse in Luton after a £300m investment, resulting in up to 1,500 new job opportunities.
- Completing an expansion of its Belvedere depot, along with ongoing construction at Bridgend RDC and presenting blueprints for a Leeds warehouse.
- Launching 20 outlets in the year’s first half while unveiling a roster of preferred sites for new establishments.
- Nearing an 8% market share.
- Pledging over £4bn towards British food enterprises for FY23.
- Augmenting hourly wages thrice in a year, leading to a collective annual investment of £60 million.
- Recruiting in excess of 6,000 staff members since the year’s inception.
- Achieving the title of cheapest basket in the Super Grocer 33, four times out of six, post its inception the previous year.
McDonnell, reflecting on future prospects, stated: “As a company, we’re entering an exciting new phase of growth where we are bolstering our infrastructure to sustain us for the long term and hiring thousands of new colleagues too. Next year will mark 30 years of Lidl in Great Britain, and there is no ceiling on our ambitions for the next 30 as we see the potential for hundreds of new stores across Great Britain. In many ways our brand has never been more relevant. We are, and will continue to be, a discount retailer maintaining a relentless focus on providing our customers with great quality at unbeatable prices.”
