Lidl Cyprus to invest more than €30m in next three years to expand store and warehouse network

Lidl Cyprus said it intends to invest more than €30 million in the next three years on expanding its store and warehouse network on the island, its Board Chairman Martin Brandenburger announced at a press conference.

The event, which the company said was "dedicated to its vision for a sustainable tomorrow", was held at the Lidl Food Academy in Nicosia on 21 March 2023, in the presence of Minister of Energy, Commerce and Industry George Papanastasiou, as well as other institutional body representatives, partners of the company and the media.

Brandenburger announced the company's strategic plan for the next three years while a study by Lidl Cypus was also presented, the socio-economic impact report for the financial year 2022-2023, which identified and evaluated the effects of the company’s operation in Cyprus on the country's economy and society.

"With consistency and passion for the ultimate, for progress and prosperity, we stand by consumers, the economy and our country. We achieve with a compass of responsibility, and our goal is to serve the needs and to create benefits for everyone," said Brandenburger.

In the framework of the press conference, the development plan of the company for the next three years was presented, which includes new stores and total investments of more than €30m for Lidl Cyprus' network of its stores and warehouse.

Reference was also made to the company's indicators for the financial year 2022-2023 and with regards to the implementation of a permanent price reduction policy of up to 37% on over 380 private label products, as well as its recent important distinction as the "No.1 company in Cyprus with the best value for money for the year 2023/2024" at the Best Buy Awards, which it said is a confirmation of its commitment towards offering products with the best quality-price ratio.

During the event, the company’s sustainability strategy was also presented which is faithfully pursued by Lidl Cyprus, as well as actions that contribute significantly to support the local community. “Sustainability and responsibility horizontally run through our corporate ecosystem. They sensitise and activate strategies and practices, across the spectrum of Corporate Social Responsibility," said Vasiliki Adamidou, Director of Communication and Corporate Responsibility, who talked about issues concerning the company's commitment to matters of sustainability.