Business Insider/Hayley Peterson
Aldi is taking aim at Whole Foods.
Aldi says it has a plan to become the third largest grocery chain by in the US by store count within the next four years.The discount chain is investing $3.4 billion to expand to 2,500 stores - up from 1,600 stores today - by 2022, the company said Monday.
The aggressive expansion plan would make Aldi the third largest supermarket chain behind Walmart and Kroger.
"We pioneered a grocery model built around value, convenience, quality and selection and now Aldi is one of America's favorite and fastest growing retailers," Aldi US CEO Jason Hart said in a statement. "We're growing at a time when other retailers are struggling. We are giving our customers what they want, which is more organic produce, antibiotic-free meats and fresh healthier options across the store, all at unmatched prices up to 50 percent lower than traditional grocery stores."
Aldi also said Monday that it's continuing to invest $1.6 billion to remodel 1,300 existing stores with a new design that features softer lighting than its older stores, as well as a larger fresh produce section, wider aisles, and electronic displays on the walls.
The German-owned grocery chain debuted the new design in October at a store in Richmond, Virginia, and it looks almost identical to Whole Foods' new cheaper chain of stores called 365 by Whole Foods.
Here's what it looks like: