THE discount supermarket chain Aldi has revealed plans to open one new store every week, in an ambitious attempt to capitalise on the global credit crisis.

The German chain is spending £1.5 billion on the five-year UK expansion plan, which will increase its chain of about 400 stores to a 1,500-strong empire. It is planning to hire an extra 1,500 staff in Britain and Ireland this year alone.

Paul Foley, the chain’s UK and Ireland managing director, revealed his plans in an interview with The Grocer magazine.

“The credit crunch is an opportunity for us because more people will think about shopping with us.” He also said that in Germany, discount supermarkets make up 40% of the grocery market and there was “no reason why that wouldn’t happen here”.

The Aldi expansion plan comes amid increasing signs that cheap and cheerful retailers are benefiting from consumers tightening their purse strings. Recent figures from the market-research firm Taylor Nelson Sofres showed that Aldi had clocked up sales growth of 21% in the 12 weeks to June 15. Rival discount chain Lidl saw sales increase by 13% over the same period.

Aldi now has a 2.9% share of the grocery market, a record for the company.

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive