Economy

German retailer ALDI plans $3 billion US expansion

BERLIN (AP) — German-owned discount store chain ALDI plans to invest $3 billion to open 650 new sites across the United States in the next five years.

The company said in a statement Friday that the expansion would create more than 10,000 new jobs. ALDI says that to meet the target it will increase the rate at which it opens new stores from 80 to about 130 a year.

A regional headquarters and distribution center will be built in Moreno Valley, Calif. The company opened its first U.S. store in 1976 and now claims to have nearly 1,300 stores across 32 states, employing more than 18,000 people.

ALDI is known for its focus on bulk purchasing and own-brand products. The U.S. operation is part of privately-held German company Aldi Sued.

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