Spanish discount food retailer Mercadona said it would invest 8.5 billion euros ($10.5 billion) in the next six years on refurbishing stores and improving logistics in a competitive Spanish market.

Mercadona intends to invest a record 1.5 billion euros in 2018, when it plans to open 11 new stores.

The company also said it would increase spending on its digital transformation in order to become more efficient and boost its online sales.

Mercadona reported a 2017 annual profit of 322 million euros and said overall sales grew 6 percent to 22.9 billion euros.