Discount grocer Aldi plans to open 500 outlets across the UK as consumers seek out low cost retailers amid high food prices.

Recent data from Kantar placed Aldi as the UK’s fastest-expanding supermarket chain after it overtook Morrisons a year ago as the fourth largest.

Its competitor in the discount space, Lidl, is also experiencing an uptick in market share.

Aldi recently-announced plans to recruit more than 1,700 employees into its distribution centres.

UK and Ireland CEO Giles Hurley said: “The next phase of our expansion will involve another 500 new stores over the coming years.

“It is a long-term target and is not a ceiling to our ambition to have an Aldi store close to everyone in the UK.”

There has been speculation that it might acquire some of the vacant Wilko stores.

Aldi UK and Ireland is a subsidiary of the privately-held German company Aldi Süd.