Supermarket chain Aldi has disclosed an £800m ($1.05bn) investment, its largest ever annual investment plan to expedite its growth across the UK.  

Before the end of 2024, the retailer plan to open 23 new stores in locations including Muswell Hill, London and Caterham, Surrey. 

Aldi will also refurbish 100 existing stores, expand its distribution network and upgrade its technological infrastructure. 

Currently, the retailer operates a network of more than 1,000 stores, and aims to reach 1,500 locations in the UK.  

Aldi UK and Ireland CEO Giles Hurley said: “British shoppers are voting with their feet and choosing Aldi as their first-choice supermarket. We’re responding with our biggest-ever annual investment in Britain. 

“For every £1 of profit generated last year, we’re investing £2 this year – opening more stores and building the supply infrastructure to bring high-quality, affordable groceries to millions more families the length and breadth of Britain. 

“We’re also investing at record levels to cut prices, reward our amazing colleagues and support more causes in our local communities. All while creating thousands more jobs and even more opportunities for our growing base of British suppliers and farmers.”  

The investment was announced as the company released its annual results for the 12 months to 31 December 2023. 

The retailer’s sales increased by 16% to £17.9bn, compared to £15.5bn in 2022. 

The company’s pre-tax profit rose for the year to £536.7m, and its operating profit increased to £552.9m, a 3.1% margin.  

Between June and September 2024, Aldi reduced prices on more than 300 items, maintaining its status as the UK's cheapest grocer according to Which? 

In terms of employee remuneration, Aldi has invested £79m in pay rises during 2024, offering the highest hourly rates in the sector. 

In August, Aldi UK announced a significant £3bn investment plan with British beef suppliers up to 2029.