German discount grocer Lidl is deeping its push into the East Coast.
Lidl US and Best Market announced an agreement in which Lidl will acquire 27 Best Market stores in New York and New Jersey. The terms of the deal, which allows Lidl to expand its regional presence and enter a new market in Long Island, were not disclosed. It is expected to close over the coming months.
Best Market, based in Bethpage, New York, is a family-owned business. It opened its first store in 1994.
“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,” said Johannes Fieber, CEO of Lidl US, which currently operates some 50 U.S. stores. “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 Best Market stores will be remodeled and converted to the Lidl banner starting next year. All Best Market employees in New Jersey and New York will have guaranteed employment opportunities with Lidl following the transition. The Best Market employees will be welcomed into positions with Lidl that offer wages and benefits that are equal to or better than what they earn with Best Market, Lidl said.
“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,” said Aviv Raitses, co-owner of Best Market.
Lidl operates about 10,500 stores in 29 countries. It established its U.S. headquarters in Arlington County, Virginia, in June 2015.