Is Aldi posing a big threat to Coles and Woolworths? | The Business | ABC News

Aldi opened its first store in Australia in 2001. Its Australian boss Jordan Lack told the ACCC supermarket inquiry, the german chain's strategy is going slow and steady, and it now has 10.5 per cent of the market. Coles boss Leah Weckert says Aldi is a significant and credible competitor to her business. She avoided giving any concessions that Australia has a supermarket oligopoly and said despite the sector having two big retailers, the competition is very fierce. Former Woolworths boss Brad Banducci said he would look at Aldi's prices and try to be competitive against them. Retail experts believe Aldi will soon have more stores than Coles. Gary Mortimer said Aldi can offer cheaper prices because it has smaller stores, less range, fewer staff, and also global buying power. He said the business is not buying for 800 stores, it's buying for 10,000 stores across the globe. Emilia Terzon met many happy shoppers outside an Aldi in Melbourne, who believe they're getting value for money. #ABCBusiness Subscribe: http://ab.co/1svxLVE ABC News provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation. For more from ABC News, click here: https://ab.co/2kxYCZY Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1 Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2 Like ABC News on Facebook:   / abcnews.au   Follow ABC News on Instagram:   / abcnews_au   Follow ABC News on X (Twitter):   / abcnews   Note: In most cases, our captions are auto-generated. #ABCNews #ABCNewsAustralia