Lidl expands US presence with Best Market acquisition
Lidl US has sealed a deal to acquire 27 Best Market stores in New York and New Jersey and convert them to Lidl stores.
Lidl’s latest move will expand its presence in the US and paves the way to enter a new market in Long Island.
“Best Market has played an enormously positive role in the area, and we look forward to working closely with Best Market employees to build on that success,” said Johannes Fieber, CEO of Lidl US.
“We are excited to expand into many great communities on Long Island and across the New York City area and introduce more customers to our simple and efficient approach to grocery shopping, which will mean high quality and huge savings for more shoppers.”
The German grocery said in a statement that the transition process will begin in 2019 and will include refurbishing, reinvestment and reflagging of the Best Market stores as it transitions into Lidl stores.
The supermarket giant will retain all current Best Market employees and they will be offered wages and benefits equal to or better than their current salaries with the family-owned US grocery. The acquisition is expected to be finalised over the next few months but transaction details were not disclosed.
“Today is a great day for Long Island, our Best Market team, and our valued customers in New Jersey and New York,” said Aviv Raitses, co-owner of Best Market. “Partnering with Lidl on this deal offers our employees a secure future with a growing grocer and continues the great tradition we started more than 20 years ago. We are delighted to be part of such a win-win and Best Market customers have something great to look forward to with Lidl.”
Associate professor Gary Mortimer expects Lidl to be the next big European supermarket to hit Aussie shores, following the arrival of Kaufland to Australia.