Germany's Lidl To Price Groceries Up To 50% Below US Rivals

German discount grocery chain Lidl, which is opening its first U.S. stores this summer, said its products would be up to 50 percent cheaper than competitors, which are already caught up in a price war.

"This is the right time for us to enter the United States," Brendan Proctor, chief executive officer for Lidl U.S., told Reuters at a media event in New York late on Tuesday. "We are confident in our model. We adapt quickly, so it's not about whether a market works for us but really about what we will do to make it work."

Lidl, which runs 10,000 stores in 27 countries, and German rival Aldi Inc ALDIEI.UL have already upended Britain's grocery retail market, hurting incumbents like Tesco Plc (TSCO.L) and Wal-Mart Stores Inc's (WMT.N) ASDA supermarket chain.

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