Venezuela: A Changing Retail Environment - How Venezuela's Supermarkets are Adapting to Economic and Social Changes

On May 4 and 5, 2022, Venezuela’s National Supermarkets Association held an event entitled “Radiography of the Retail Sector in Venezuela 2022.” The goal of this event was to evaluate the Venezuelan retail sector situation including changes in retail and consumer trends, emerging threats, and new opportunities for growth. Despite economic challenges in Venezuela, the outlook for retail growth is strong. Household spending between February and March 2022 grew by 29 percent, with food purchases being a major driver of increases in spending. The growth of modern retailers is putting pressure on traditional retailers to compete in Venezuela. The modern channel grew 5 percent in spending above the traditional channel between February and March 2022. Service quality is emerging as a major differentiator for retail businesses, with consumers increasingly valuing delivery services, the ability to use different payment methods, and the integration of digital services.