Aldi North to invest $5.6 billion on store remodels
The operator of Aldi and Trader Joe's is planning to spend more than $5.71 billion to revamp its stores around the world.
According to Reuters, Aldi North is planning its biggest investment project ever, German weekly Bild am Sonntag reported, citing company sources.
Aldi North's sister chain Aldi South announced plans last month to invest $3.4 billion to expand its U.S. store base to 2,500 by 2022, raising the stakes for rivals caught in a price war.
Bild am Sonntag said on Sunday that Aldi North planned to finance its multi-billion-euro investment from existing cash rather than by taking on debt.
But the paper said the project still needed the approval of one of the three foundations that control the company.