German discounter Lidl is counting on the Czech Republic market as the company decides to put its resources into the country. The 9 billion investments includes modernized stores, developing and improving new distribution center space in the span of three years from now. The organization will likewise create 1,500 new occupations. The first of the new idea store in the project opens in Beroun on December seventh.
After the initial period which is designated for modernizing existing stores, the company will shift focus on developing new idea stores. Lidl chief executive officer Paul Stratil Lidl said that this move will give the company more time to create trust among its suppliers in Czech market.
The new stores are expected to be around 1400 square meters. The prime features of the new store include more extensive parking spots with wide paths, a pastry shop and an extended fresh food area. The expenses of building new stores in Beroun in this street came around 90 million.
Lidl is changing its business strategy in Europe, where it operates almost 230 stores. The company also plans to enter the US market. The company said it has plans to extend to more locations, which is expected to happen in the upcoming years. The discounter is adding more expensive items to its basket. With offering more exquisite items the company expects to lure in more customers.
Lidl entered the Czech market in 2003 as the last of the big retail chains. Presently the discounter employees 6654 people in the country. Around 80 percent products are sold under private name. Profit ascended during last financial year by 13 percent to 1.73 billion crowns. The organization likewise recorded an income hike of 18 percent to 29 billion crowns.