Makro navigated highly challenging market conditions in Latin America characterised by declining growth forecasts, political instability, high inflation, and volatile exchange rates. Makro however, was able to navigate these circumstances well, both preserving operational performance were required whilst executing complex divestments.

Makro Brazil successfully completed the divestment of its remaining operations in the country. Having sold the bulk of its operations in 2020, the remaining 24 stores in the state of São Paulo followed suit in 2023. The formal transition of these stores is expected to conclude in 2024, with Makro remaining a legal entity over the following years to complete the administrative wind down. Makro Venezuela, meanwhile, signed a long-term asset agreement with Redvital, a provider of medicines and medical supplies. As part of the deal, Redvital will take over the operation of existing stores as well as the Makro brand and merge it with its own retail channels. 

In Argentina, Makro faced severe economic challenges. Rampant inflation, together with government-imposed pricing regulations, disrupted supply chain logistics and adversely impacted stock levels. Even so, the business has continued to improve operational performance and deliver a strong set of results driven by an increase in store traffic and higher average customer spend.

Makro Colombia also performed well in a testing socioeconomic landscape marked by rising inflation, falling consumer activity, and a highly competitive market. Nevertheless, the business preserved its market share and maintained strong operating margins thanks to the effective implementation of necessary retail improvements and rigorous cost control measures.

At the time of writing, Makro continues to operate a total of 46 stores across Argentina and Colombia. Whilst no noticeable improvements are expected regarding its respective markets Makro has demonstrated its ability to navigate these well to date and hence remains confident regarding future performance delivery.



Operating countries