Lidl US has signed an agreement to purchase 27 grocery stores of Best Market in New York and New Jersey for an undisclosed amount.
The deal allows Lidl to expand its regional presence, serve more customers in the region as well as enter a new market in Long Island.
Lidl US CEO Johannes Fieber said: “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.
“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 deal is expected to close in the coming months. Lidl will begin transition process including remodelling, reinvestment and reflagging of Best Market stores to Lidl stores starting next year.
Following completion of the transaction, Lidl will allow Best Market employees in New Jersey and New York to continue working at its stores.
Best Market co-owner Aviv Raitses said: “Today is a great day for Long Island, our Best Market team, and our valued customers in New Jersey and New York.
“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 twenty 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.”
Lidl currently operates 10,500 stores in 29 countries offering a wide range of products including fresh produce, meat, and bakery items to customers.
In the US, the company’s products are sold in more than 50 stores across seven east coast states.
A study from the University of North Carolina has found that retailers, operating in areas where Lidl stores operate, reduce prices by as much as 55% on an average for shoppers.