Retail in 2024: The big picture
Retailing in Colombia was impacted by economic challenges in 2024, with inflationary pressures and higher interest rates creating ongoing cost-of-living pressures. Total retail expenditure was subdued in current value terms, in a marked contrast to the highs seen post-pandemic.
Discounters continue expansion to post strong performance
Grocery retailers recorded another year of robust single-digit current value growth fuelled by the strong performance of discounters. Price sensitivity remained a primary driver of spending behavior as consumers persisted in seeking more affordable options.
Blending online and offline shopping experiences
Retail e-commerce posted double-digit growth across most categories due to the extensive product assortment now available in Colombia. Although grocery retail e-commerce recorded much slower sales performance year on year, consumers still value the convenience of grocery online shopping, and this is set to drive e-commerce sales over the forecast period.
What next for retail?
The recovery of consumer purchasing power is anticipated in the upcoming years as interest rates continue to fall and inflation stabilises. Retailers are expected to focus on improving omnichannel strategies.
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Overview:
Understand the latest market trends and future growth opportunities for the Retail industry in Colombia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
- Convenience Stores
- Discounters
- Hypermarkets
- Supermarkets
- Traditional Grocery Retailers
- Apparel and Footwear Specialist Retailers
- Electronics and Appliance Specialist Retailers
- Health and Beauty Specialist Retailers
- Home and Garden Specialist Retailers
- Department Stores
- Variety Stores
- Warehouse Clubs
- Direct Selling
- Homeshopping
- Vending
If you're in the Retail industry in Colombia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Retail in Colombia report includes:
- Analysis of key retail trends
- Detailed segmentation of offline and online retail sales
- Historic channel sizes (retail value sales, outlet counts, and selling space)
- Company and brand market shares (retail value sales and outlet counts)
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Retail in Colombia?
- Which are the leading retailers in Retail in Colombia?
- How are products distributed in Retail in Colombia?
- How is the rise of e-commerce and the expansion of modern grocery retail impacting traditional retail?
- How significant are discounters and private label in Colombia?
- To what extent are sales shifting towards digital channels?
- What is the long-term outlook for bricks-and-mortar?
- How is macroeconomic and political uncertainty affecting the retail industry?
- What types of retailers are seeing the fastest growth in digital sales?
- What is the future of retail?
Retail in Colombia
Retail in 2024: The big picture
Discounters continue expansion to post strong performance
Blending online and offline shopping experiences
What next for retail?
Informal retail
Opening hours for physical retail
Seasonality
Hot Sale
Back to School
Severance Savings
Valentine’s Day
Women’s Day
Holy Week
Mother’s Day
Father’s Day
Holiday
Primas Payment (extra-legal salary)
Love and Friendship Day
Halloween
Black Friday
Cyber Monday
Christmas and New Year
DISCLAIMER
Convenience Retailers in Colombia
KEY DATA FINDINGS
Store expansion boosts convenience retailers
Almacenes Éxito SA loses share as express formats come under pressure
Online grocery retailer Merqueo seeks to capitalise on dynamism in convenience retailers
Convenience retailers to maintain solid growth trajectory
Foodservice and packaged beverages to support growth of convenience retailers
Digital transformation is key to expanding customer base
Supermarkets in Colombia
KEY DATA FINDINGS
Low growth amid fierce competition from discounters
Supermercados Colsubsidio departs the supermarket category
Mega Tiendas gain ground in 2024
Strong competition expected for supermarkets in the short term
Retail e-commerce growth is expected over the forecast period
Technological solutions to become competitive driver for supermarkets
Hypermarkets in Colombia
KEY DATA FINDINGS
Hypermarkets transform amid challenging year
AlKosto’s aggressive pricing policy helps it take on discounters
Almacenes Éxito SA focuses on Éxito and Carulla brands
Focus on additional omnichannel services
Growing importance of innovation and customer experience
Retailers to invest in the one-stop shopping concept
Discounters in Colombia
KEY DATA FINDINGS
Strong performance for discounters as cost of living continues to rise
D1 is the leading retailer in Colombia
New players emerge within hard discounters
Discounters are expected to record strong performance
Private label offers to focus on premium attributes
E-commerce strategies expected to gain traction in discounters
Small Local Grocers in Colombia
KEY DATA FINDINGS
Challenges posed by changing shopping behaviour
Tax on ultra-processed foods creates tough trading environment
Small local grocers are central part of retail landscape
Small local grocers set to struggle over the forecast period
Small grocers will continue to play a key role in Colombia
E-commerce may provide growth opportunities
General Merchandise Stores in Colombia
KEY DATA FINDINGS
Department stores struggle while major variety store chains expand
Store expansions boost sales of variety stores
Companies continue to invest in an omnichannel strategy
Expansion opportunities remain for variety stores
Department stores have some scope for further development online
E-commerce solutions may become increasingly relevant for variety stores
Apparel and Footwear Specialists in Colombia
KEY DATA FINDINGS
Channel experiences modest sales amid cost-of-living crisis
Specialists feel pressure from emerging hypermarket private label lines
Shein makes a bold entrance into the Colombian market with e-commerce
Future performance is contingent on prevailing economic circumstances
Hard discounter launches limited edition clothing line
Apparel and footwear specialists expected to invest in digitalisation and AI
Appliances and Electronics Specialists in Colombia
KEY DATA FINDINGS
Growth of private label provides competition for specialists
Major players adapt to changing consumer habits to survive in competitive landscape
Consumers choose energy-efficient products to accrue long-term savings
E-commerce growth to pick up over the forecast period
Evolution of physical stores into experience centers
Sustainability to play significant role in planning activities
Home Products Specialists in Colombia
KEY DATA FINDINGS
Consumers postpone home renovations and remodeling work
Ikea strengthens its position with new stores
Pet shops and superstores enjoy positive year
Recovery will take some time in home products specialists
Balancing online and offline retail within pet shops and superstores
Sustainability will be a focal point for channel players
Health and Beauty Specialists in Colombia
KEY DATA FINDINGS
Beauty specialists maintain growth during a challenging year
Pharmacies expand their products and services to attract consumers
New player adds dynamism in pharmacy sector
Economic recovery will help boost beauty and optical sales
E-commerce and other services will grow alongside physical stores
Social media is likely to have major influence on health and beauty retailers
Vending in Colombia
KEY DATA FINDINGS
Greater mobility boosts performance of vending channel
Novaventa ranks as the leading player
Vending machines for pet treats shows potential for channel expansion
Positive outlook for vending over the forecast period
Healthier products offer vending sales opportunities
Technological innovations drive smart vending
Direct Selling in Colombia
KEY DATA FINDINGS
Direct selling prevails as it embraces technology
Health and beauty continues to dominate sales in direct selling
Novaventa forms powerful alliance to enhance gender empowerment
Embracing multichannel strategies for sustained growth
Competition for new direct sellers to intensify
Social platforms and livestreaming likely to have positive effect on direct selling
Retail E-Commerce in Colombia
KEY DATA FINDINGS
E-commerce maintains strong growth over 2024
MercadoLibre Marketplace achieves growth as marketplace model gains traction
Leading grocery retailer expands its digital offering
Robust growth projections for retail e-commerce
Live shopping events are expected to fuel online sales
Low-cost players Temu and Shein are expected to intensify competition
The following categories and subcategories are included:
Retail
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- Convenience Stores
- Forecourt Retailers
- Supermarkets
- Hypermarkets
- Discounters
- Warehouse Clubs
- Food/Drink/Tobacco Specialists
- Small Local Grocers
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- Department Stores
- Variety Stores
- Apparel and Footwear Specialists
- Appliances and Electronics Specialists
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- Home Improvement and Gardening Stores
- Homewares and Home Furnishing Stores
- Pet Shops and Superstores
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- Beauty Specialists
- Pharmacies
- Optical Goods Stores
- Health and Personal Care Stores
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- Bags and Luggage Specialists
- Jewellery and Watch Specialists
- Sports Goods Stores
- Traditional Toys and Games Stores
- Other Non-Grocery Retailers
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- Fashion Vending
- Health and Beauty Vending
- Appliances and Electronics Vending
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- Alcoholic Drinks Vending
- Hot Drinks Vending
- Soft Drinks Vending
- Tobacco Products Vending
- Foods Vending
- Home Products Vending
- Other Products Vending
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- Apparel and Footwear Direct Selling
- Personal Accessories Direct Selling
- Eyewear Direct Selling
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- Beauty and Personal Care Direct Selling
- Consumer Health Direct Selling
- Tissue and Hygiene Direct Selling
- Appliances and Electronics Direct Selling
- Drinks and Tobacco Direct Selling
- Foods Direct Selling
- Home Products Direct Selling
- Other Products Direct Selling
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- Apparel and Footwear E-Commerce
- Personal Accessories E-Commerce
- Eyewear E-Commerce
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- Beauty and Personal Care E-Commerce
- Consumer Health E-Commerce
- Tissue and Hygiene E-Commerce
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- Consumer Appliances E-Commerce
- Consumer Electronics E-Commerce
- Toys and Games E-Commerce
- Drinks and Tobacco E-Commerce
- Foods E-Commerce
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- Home Care E-Commerce
- Home and Garden E-Commerce
- Pet Care E-Commerce
- Other Products E-Commerce
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- First-Party (1P) Marketplace E-Commerce
- Third-Party (3P) Marketplace E-Commerce
- Grocery E-Commerce
- General Merchandiser E-Commerce
- Apparel and Footwear Specialist E-Commerce
- Appliances and Electronics Specialist E-Commerce
- Home Products Specialist E-Commerce
- Health and Beauty Specialist E-Commerce
- Leisure and Personal Goods Specialist E-Commerce
- Other E-Commerce Retailers
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Retail
Retail is the sale of new and used goods to consumers from a business for personal or household consumption from retail outlets, kiosks, market stalls, vending, direct selling and e-commerce. Retail is the aggregation of Retail Offline and Retail E-Commerce. Excludes specialist retailers of motor vehicles, motorcycles, vehicle parts. Also excludes fuel sales, foodservice sales, rental transactions, and wholesale sales (e.g. Cash and Carry). Sales value excluding or including VAT/Sales Tax. Retail also excludes the informal retail sector. Informal retailing is retail trade which is not declared to the tax authorities. Informal retailing encompasses (a) sales generated by unregistered and unlicensed retailers, i.e. retailers operating illegally, and (b) any proportion of sales generated by a registered and licensed retailer that is not declared to the tax authorities. Unregistered and unlicensed retailers operate predominantly (although not exclusively) as street hawkers or operate open market stalls, as these channels are harder for the authorities to monitor than permanent outlets. Activities in the illegal market, which is usually understood to refer to trade in illegal, counterfeit or stolen merchandise, are included within our definition of informal retailing. Activities in the “grey market”, which is usually understood to refer to trade in legal merchandise that is sold through unauthorized channels – for example cigarettes bought legally in another country, legally imported, but sold at lower prices than in authorized channels – will be included as informal retailing if no tax is paid on sale by the retailer. However if the retailer pays tax – for example on cigarettes bought legally in another country but sold at a lower price than standard – the sale is included within formal retail.
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Retail research and analysis database.
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