There have been two major developments in global retailing in the past week.

German discounter Lidl has joined its compatriot Aldi by entering the US market. Lidl, which has 5% of the UK retail market, has opened 10 stores in the states of Virginia as well as North and South Carolina.

The retailer has plans to open a further 90 stores across the country within the next 12 months and could open as many as 300 stores in the coming years. Lidl is playing catch-up with Aldi, which already has some 600 stores across 35 states.

In the other major development in retailing, online retailer Amazon has agreed to buy US retail chain Whole Foods in a deal worth $13.7bn (£10.8bn).

The move to acquire Whole Foods is the latest step into the grocery retail sector by Amazon.

With sales in the region of $16bn last year, Whole Foods is the 30th largest chain in the US, offering consumers “natural and organic” produce sourced from local areas.

Jeff Bezos, founder and chief executive of Amazon, said that “millions of people love Whole Foods Market because they offer the best natural and organic foods, and they make it fun to eat healthy”.

The Whole Foods acquisition marks the latest move by Amazon into the grocery retail space.

The company launched a new grab-and-go grocery store format called Amazon Go last December, which operates with no tills or checkout lines. Instead, customers simply scan their smartphone when entering the store, collect whatever items they need and simply leave the store with a final bill deducted from their credit card.