Makro, one of Argentina’s leading wholesale supermarket chains, is reportedly on the verge of selling its operations and exiting the country due to the ongoing economic recession and declining consumer demand. The Dutch-owned company, controlled by SHV Holding, has initiated negotiations with potential buyers, signaling a possible departure after 36 years in the Argentine market.
The decision to sell comes as Makro grapples with the significant downturn in consumer spending that has plagued Argentina’s economy. Official data from INDEC revealed that wholesale sales in June 2024 dropped by 14.5% compared to the same month in 2023, with a cumulative decline of 12.6% in the first half of the year. This trend reflects a broader economic challenge, as inflation and reduced purchasing power continue to erode sales across the retail sector.
Makro’s potential exit from Argentina is part of a larger regional strategy by SHV Holding, which has already reduced its presence in Latin America by divesting from operations in Peru, Venezuela, and Brazil. Currently, Makro operates 24 stores across 10 provinces in Argentina and has been a key player in the wholesale market alongside competitors like Maxiconsumo and Diarco.
While the company has not officially confirmed the sale, sources indicate that Banco Santander has been tasked with facilitating the transaction, which could be valued at approximately $200 million. Rumors suggest that Carrefour, among other retail giants, may be interested in acquiring Makro’s Argentine assets.
This potential sale underscores the challenges faced by businesses operating in Argentina’s turbulent economic environment. As companies like Makro reconsider their strategies, the landscape of the wholesale and retail markets in the country may see significant shifts in the coming months.
