Market conditions in South America remained challenging. The performance of Makro varied across its two remaining operational countries: Argentina achieved strong operational results in a hyperinflationary environment, ending the year with a robust EBITDA, while Colombia faced economic challenges, impacting the country, the industry and the performance of Makro Colombia.
Following the sale of Makro Peru in 2020 and Makro Brazil, finalized in 2023 an arrangement with Redvital to rent out the stores in Venezuela was agreed in 2023. Then, in January 2025, Makro Argentina was sold to Cencosud – a publicly traded retail company based in Chile with over 1,500 stores across Latin America. Cencosud is a solid and reputable player that has the ambition to grow in the region and has a strong cultural fit.
While monitoring divestment opportunities, Makro Colombia successfully continued to execute a strategy focused on attracting customers and controlling costs.
Makro Venezuela stores, meanwhile, remain under the long-term rental contract agreed with Redvital. A large pharmacy chain and medical appliances provider, Redvital is combining its unique formula with the Makro cash-and-carry concept and also selling Makro brands.
Makro Brazil continues to wind-down operations, with the complete transition of sold stores expected to be finalized by 2025.
Divestments