Peru's retail sector is booming -- spurred by a growing economy and under-penetration.
BY LISA K WING
LIMA -- As the retail sector of developed markets continues to struggle with declining sales and shifting consumer preferences, retailers in Peru and other emerging market are spearheading efforts to expand their business as they benefit from increased consumer spending and therefore positive returns.
Peru’s booming economy—this year GDP growth is expected to surpass 8%—is helping boost local businesses, particularly in the supermarket and clothing retail sectors.
“Peru’s sustained economic growth has generated many positive consequences,” notes Norberto Rossi, CEO of Peruvian retail chain Supermercados Peruanos. “For the retail sector, the most important has been the socioeconomic shift—the level A consumer group continues to grow and the E to shrink—which greatly favors consumer spending. As the economy improves, so does consumer spending.”
Supermercados Peruanos, whose supermarket brands include Vivanda supermarkets, Plaza Vea megastore, and Mass discount stores, opened 10 new megastores this year alone, a rate it plans to keep for the next few years. This represents annual investments of...
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