Supermarket giant Aldi has announced plans to invest £800 million over the next year to accelerate its expansion across the UK.

The retailer says it will focus on lowering prices and opening new stores to bring “high-quality, affordable groceries to millions more British families”. It also expects to create thousands more jobs and opportunities for suppliers in the nation.

The supermarket plans to open 23 new locations during the remainder of 2024, including in Muswell Hill, London and Caterham, Surrey. It is also refurbishing 100 existing stores this year and will expand its network of distribution centres and update technology infrastructure to support its growth.

Aldi added that it had invested almost £100 million in more than 300 price cuts in the last three months, from fish goujons and chicken breasts to potatoes and breakfast cereal. The supermarket has also invested £79 million so far this year in pay increases. Earlier this year, Aldi announced plans to invest £3 billion in its British beef supply, £750 million in a 20-year deal with AC Goatham & Son, a family-owned fruit farm in Kent, England, and £550 million to boost the supermarket's UK store and distribution network

Aldi UK and Ireland’s chief executive, Giles Hurley, said: “British shoppers...are 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.”

Hurley added: “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".

In February, Aldi, which currently has more than 1,000 stores, announced plans to scale to 1,500 stores across the UK. The £800 million investment this year is part of a £1.4 billion two-year plan for the supermarket.