Retail Market

According to Fenalco, in Colombia there are about 266.000 stores that engine the national economy, which has been in decline during the crisis and have forced the retail sector to reinvent itself and adapt to a growing need for modernization .

In response to this need, several digital platforms are offered for free to support small and medium-sized businesses, such as neighborhood stores, so that they can reach consumers through a digital channel to maintain, and even increase, their sales, and to reduce the impact of mobility restrictions due to health emergency during the current pandemic.

• Traditional grocery retailers sales have increased by 4% to COP114.4 trillion in 2019.

• Small retailers adjust their practices to follow consumer demand, and remain important in the local community.

• This is one of the most highly fragmented channels in Colombia, where the biggest player does not even account for a 1% value share.

• Traditional grocery retailers is expected to post a current value CAGR of 6% (3% 2019 constant value CAGR) over the forecast period, to reach COP151.2 trillion in 2024