South America - Food & Grocery Retail, July 2021

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MarketLine Industry Profile
Food & Grocery Retail in South America

July 2021
Reference Code: 0206-2058
Publication Date: July 2021
Primary NAICS: 445110
Secondary NAICS: 445210
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Industry Profiles
1. Executive Summary
1.1. Market value

The South American food & grocery retail market grew by 17% in 2020 to reach a value of $396.4 billion.
1.2. Market value forecast

In 2025, the South American food & grocery retail market is forecast to have a value of $631.6 billion, an
increase of 59.3% since 2020.
1.3. Category segmentation

Food is the largest segment of the food & grocery retail market in South America, accounting for 74.8% of
the market's total value.
1.4. Geography segmentation

Brazil accounts for 52.2% of the South American food & grocery retail market value.
1.5. Market rivalry

Competition in the food and grocery market is intrinsically strong, in spite of a typically high concentration
to few large players that defines an oligopoly. The critical importance of economies of scale in order to
achieve profitability within this market, which is inherently characterized by narrow profit margins, favors
the existence of a few big players. However, with competition focused on price as players sell similar if not
the same products, and price-sensitive consumers easily switching, rivalry remains strong.
1.6. Competitive Landscape

Carrefour, Groupe Casino and Cencosud are the leaders in this market, which is seeing growth in the online
channel.

Industry Profiles
TABLE OF CONTENTS
1. Executive Summary 2
1.1. Market value ................................................................................................................................................2
1.2. Market value forecast ..................................................................................................................................2
1.3. Category segmentation................................................................................................................................2
1.4. Geography segmentation.............................................................................................................................2
1.5. Market rivalry...............................................................................................................................................2
1.6. Competitive Landscape ................................................................................................................................2
2. Market Overview 7
2.1. Market definition .........................................................................................................................................7
2.2. Market analysis ............................................................................................................................................7
3. Market Data 9
3.1. Market value ................................................................................................................................................9
4. Market Segmentation 10
4.1. Category segmentation..............................................................................................................................10
4.2. Geography segmentation...........................................................................................................................11
4.3. Market distribution ....................................................................................................................................12
5. Market Outlook 13
5.1. Market value forecast ................................................................................................................................13
6. Five Forces Analysis 14
6.1. Summary ....................................................................................................................................................14
6.2. Buyer power...............................................................................................................................................16
6.3. Supplier power ...........................................................................................................................................18
6.4. New entrants .............................................................................................................................................20
6.5. Threat of substitutes ..................................................................................................................................22
6.6. Degree of rivalry.........................................................................................................................................23
7. Competitive Landscape 25

Industry Profiles
7.1. Who are the leading players in the market?..............................................................................................25
7.2. What are the strategies and strengths of leading players? .......................................................................25
7.3. What are the pricing strategies in the market? .........................................................................................26
8. Company Profiles 28
8.1. Carrefour SA...............................................................................................................................................28
8.2. Walmart Inc................................................................................................................................................33
8.3. Casino Guichard-Perrachon SA ..................................................................................................................39
8.4. Cencosud SA...............................................................................................................................................42
9. Macroeconomic Indicators 46
9.1. Country data ..............................................................................................................................................46
Appendix 47
Methodology ...........................................................................................................................................................47
9.2. Industry associations..................................................................................................................................48
9.3. Related MarketLine research .....................................................................................................................48
About MarketLine....................................................................................................................................................49

Industry Profiles
LIST OF TABLES
Table 1: South America food & grocery retail market value: $ billion, 2016–20 9
Table 2: South America food & grocery retail market category segmentation: $ billion, 2020 10
Table 3: South America food & grocery retail market geography segmentation: $ billion, 2020 11
Table 4: South America food & grocery retail market distribution: % share, by value, 2020 12
Table 5: South America food & grocery retail market value forecast: $ billion, 2020–25 13
Table 6: Carrefour SA: key facts 28
Table 7: Carrefour SA: Annual Financial Ratios 30
Table 8: Carrefour SA: Key Employees 31
Table 9: Carrefour SA: Key Employees Continued 32
Table 10: Walmart Inc: key facts 33
Table 11: Walmart Inc: Annual Financial Ratios 34
Table 12: Walmart Inc: Key Employees 35
Table 13: Walmart Inc: Key Employees Continued 36
Table 16: Casino Guichard-Perrachon SA: key facts 39
Table 17: Casino Guichard-Perrachon SA: Annual Financial Ratios 40
Table 18: Casino Guichard-Perrachon SA: Key Employees 41
Table 19: Cencosud SA: key facts 42
Table 20: Cencosud SA: Annual Financial Ratios 43
Table 21: Cencosud SA: Annual Financial Ratios (Continued) 44
Table 22: Cencosud SA: Key Employees 45
Table 23: South America exchange rate, 2016–20 46

Industry Profiles
LIST OF FIGURES
Figure 1: South America food & grocery retail market value: $ billion, 2016–20 9
Figure 2: South America food & grocery retail market category segmentation: % share, by value, 2020 10
Figure 3: South America food & grocery retail market geography segmentation: % share, by value, 2020 11
Figure 4: South America food & grocery retail market distribution: % share, by value, 2020 12
Figure 5: South America food & grocery retail market value forecast: $ billion, 2020–25 13
Figure 6: Forces driving competition in the food & grocery retail market in South America, 2020 14
Figure 7: Drivers of buyer power in the food & grocery retail market in South America, 2020 16
Figure 8: Drivers of supplier power in the food & grocery retail market in South America, 2020 18
Figure 9: Factors influencing the likelihood of new entrants in the food & grocery retail market in South America, 202020
Figure 10: Factors influencing the threat of substitutes in the food & grocery retail market in South America, 202022
Figure 11: Drivers of degree of rivalry in the food & grocery retail market in South America, 2020 23

Industry Profiles
2. Market Overview
2.1. Market definition

The food & grocery retail market includes the retail sales of all food products, both packaged and unpackaged, as
well as beverages (including retail sales of all alcoholic and non-alcoholic beverages), tobacco, and household
products. All market data and forecasts are represented in nominal terms (i.e., without adjustment for inflation)
and all currency conversions used in the creation of this report have been calculated using constant 2020 annual
average exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
Middle East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
2.2. Market analysis

The value of the South American food and groceries market grew by 17% in 2020, as a result of the COVID-19
pandemic, with increased demand driven by precautionary buying and a spending shift from foodservice channels.
The market is expected to follow a accelerating growth trajectory during the rest of the forecast period as the
growth of demand is set to decelerate in line with the receding of uncertainty and the shift of consumption gains
back to on-trade channels.
The impact of COVID-19 on the food and grocery market during 2020 was evident through increased demand in
supermarkets and other grocery retailers. In particular, the demand for food, as a basic necessity, was even
stronger, with consumers’ fear of food shortages due to supply chain disruptions driving panic-buying in the first
few weeks of the pandemic. Even throughout the rest of the year, demand remained high compared to previous
years, with consumers precautionary buying more than what they need, stockpiling long shelf-life food and
household products amid uncertainty and limited trips to stores. Specifically, the value of food, drinks and
household products sold in the South American market in 2020, was up by 18.7%, 14%, and 17.5%, respectively, as
compared with 2019. Moreover, that growth in consumption is also attributable to a shift in consumers’ spending
as a result of lockdown measures, with food and grocery retailers benefitting from the collapse of demand in
foodservice establishments, which remained closed for the longest part of the year. In detail, consumers
substituted consumption in on-trade channels such as restaurants, cafés, and catering providers with consumption
in off-trade channels, replacing eating-out with grocery consumption at home. Overall, the South American food
and grocery retail market posted higher growth in 2020 compared to other markets.
The South American food & grocery retail market had total revenues of $396.4bn in 2020, representing a
compound annual growth rate (CAGR) of 9.1% between 2016 and 2020. In comparison, the Argentinian and Chilian
markets grew with CAGRs of 36.1% and 5.6% respectively, over the same period, to reach respective values of
$51.5bn and $37.1bn in 2020.

Industry Profiles
Food prices have also risen during the pandemic due to stronger demand, which was amplified by supply chain
disruptions caused by labor shortages in farms and factories that reduced production capacity at times.
Additionally, increased freight costs, as a result of the grounding of commercial passenger flights, along with
disruptions and delays in the transboundary movement of goods due to containment measures, further inflated
costs.
According to Food and Agricultural Organization (FAO), the price of basic food commodities (meat, dairy, cereals,
vegetable oils and sugar) was 3.1% higher on aggregate in 2020 than in 2019, reaching a three-year high. The price
of cereals and vegetable oils saw the biggest increases, as a result of global supply chain disruptions and stronger
demand for long-life products.
Online specialists are the distribution channel that saw the strongest expansion in the South American in recent
years, registering a CAGR of 64.6% during the 2016-2020 period, followed by the food and drinks specialists
segment which registered a CAGR of 11.6% in the same period. The hypermarkets, supermarkets and discounters
and convenience stores distribution channels also recorded growth, posting CAGRs of 8.5% and 8.2% during the
2016-2020 period. The online distribution channel recorded tremendous growth in 2020 through a spike in
demand for online grocery shopping, a direct consequence of consumers avoiding trips at stores.
The food segment was the market's most lucrative in 2020, with total revenues of $296.3bn, equivalent to 74.8%
of the market's overall value. The drinks segment contributed revenues of $77.6bn in 2020, equating to 19.6% of
the market's aggregate value.
The food segment of the South American market saw the strongest expansion in recent years, registering a CAGR
of 9.8% during the 2016-2020 period, followed by the household products segment which registered a CAGR of
8.2% in the same period. The drinks and tobacco segments also recorded growth, posting CAGRs of 7.9% and 3%
during the 2016-2020 period.
The performance of the market is forecast to accelerate, with an anticipated CAGR of 9.8% for the five-year period
2020-2025, which is expected to drive the market to a value of $631.6bn by the end of 2025. Comparatively, the
Argentinian and Chilian markets will grow with CAGRs of 28.5% and 5.3% respectively, over the same period, to
reach respective values of $180.8bn and $48.0bn in 2025.
The growth of the food and grocery market is set to be slower during the forecast period, given the consumer
uncertainty that fueled precautionary buying will be receding in line with the gradual containment of the
pandemic. Most importantly, the gradual lift of containment measures through the immunization of the
population will allow the opening of sectors of the economy such as foodservice, from which the food and grocery
market saw gains. However, in the mid-term, the macroeconomic shock to employment and disposable incomes is
set to decelerate the growth of demand in the food and grocery market, particularly affecting demand for
premium products. In fact, it is expected that consumers will become more price-sensitive, with the share of
demand for mid-market and value for money products widening.
Finally, the impact of the pandemic is set to be long-lasting in terms of shaping habits in the long-term; the online
distribution channel is projected to continue growing from its peak as consumers have become accustomed with
it, while in physical stores, fewer trips with larger baskets are expected to become a norm.

Industry Profiles
3. Market Data
3.1. Market value

The South American food & grocery retail market grew by 17% in 2020 to reach a value of $396.4 billion.
The compound annual growth rate of the market in the period 2016–20 was 9.1%.
Table 1: South America food & grocery retail market value: $ billion, 2016–20
Year $ billion € billion % Growth

2016 279.5 245.0
2017 292.2 256.2 4.6%
2018 310.3 272.1 6.2%
2019 338.7 297.0 9.1%
2020 396.4 347.6 17.0%
CAGR: 2016–20 9.1%

SOURCE: MARKETLINE MARKETLINE
Figure 1: South America food & grocery retail market value: $ billion, 2016–20

Industry Profiles
4. Market Segmentation
4.1. Category segmentation

Food is the largest segment of the food & grocery retail market in South America, accounting for 74.8% of the
market's total value.
The Drinks segment accounts for a further 19.6% of the market.
Table 2: South America food & grocery retail market category segmentation: $ billion, 2020
Category 2020 %
Food 296.3 74.8%
Drinks 77.6 19.6%
Tobacco 11.3 2.9%
Household Products 11.1 2.8%
Total 396.3 100.1%

Figure 2: South America food & grocery retail market category segmentation: % share, by value, 2020

Industry Profiles
4.2. Geography segmentation

Brazil accounts for 52.2% of the South American food & grocery retail market value.
Argentina accounts for a further 13% of the South American market.
Table 3: South America food & grocery retail market geography segmentation: $ billion, 2020
Geography 2020 %
Brazil 207.0 52.2
Argentina 51.5 13.0
Peru 50.2 12.7
Chile 37.1 9.4
Rest Of South America 50.6 12.8
Total 396.4 100.1%

Figure 3: South America food & grocery retail market geography segmentation: % share, by value, 2020

Industry Profiles
4.3. Market distribution

Hypermarkets, Supermarkets and Discounters form the leading distribution channel in the South American food &
grocery retail market, accounting for a 39.6% share of the total market's value.
Convenience Stores and Gas Stations accounts for a further 36% of the market.
Table 4: South America food & grocery retail market distribution: % share, by value, 2020
Channel % Share
Hypermarkets, Supermarkets and Discounters 39.6%
Convenience Stores and Gas Stations 36.0%
Food And Drinks Specialists 18.8%
Online Specialists 0.4%
Other 5.3%
Total 100%
Figure 4: South America food & grocery retail market distribution: % share, by value, 2020

Industry Profiles
5. Market Outlook
5.1. Market value forecast

In 2025, the South American food & grocery retail market is forecast to have a value of $631.6 billion, an increase
of 59.3% since 2020.
The compound annual growth rate of the market in the period 2020–25 is predicted to be 9.8%.
Table 5: South America food & grocery retail market value forecast: $ billion, 2020–25
Year $ billion € billion % Growth

2020 396.4 347.6 17.0%
2021 432.8 379.5 9.2%
2022 475.9 417.3 10.0%
2023 532.4 466.8 11.9%
2024 579.6 508.2 8.9%
2025 631.6 553.8 9.0%
CAGR: 2020–25 9.8%

Figure 5: South America food & grocery retail market value forecast: $ billion, 2020–25

Industry Profiles
6. Five Forces Analysis

The food & grocery retail market will be analyzed taking supermarkets, hypermarkets and specialist retailers as
players. The key buyers will be taken as end-consumers, and food and grocery product manufacturers, farmers,
agricultural co-operatives as the key suppliers.
6.1. Summary
Figure 6: Forces driving competition in the food & grocery retail market in South America, 2020
Competition in the food and grocery market is intrinsically strong, in spite of a typically high concentration to few large
players that defines an oligopoly. The critical importance of economies of scale in order to achieve profitability within
this market, which is inherently characterized by narrow profit margins, favors the existence of a few big players.
However, with competition focused on price as players sell similar if not the same products, and price-sensitive
consumers easily switching, rivalry remains strong.
Consumers’ price-sensitivity, a lack of switching costs and the limitations in product differentiation lead to buyer
mobility, which forces larger retailers to maintain attractive pricing schemes. There is a rising pressure for players to
adapt to fast changing consumer preferences and the market leaders should be able to position the desirable product
at a price suitable for customers and manufacturers.
The main suppliers to this market are producers of base ingredients/materials, manufacturers of food and grocery
products, as well as distributors/wholesalers of food and grocery products. Suppliers vary considerably due to the wide
variety of products available in the market. Different factors that come into play with regards to products’ value chains
and the size of the retailer have a crucial impact on supplier power. The bargaining power of suppliers is crucially
impacted by the size of the retailer they are dealing with. With a firm hold on key distribution channels, the leading
retailers can dominate negotiations with certain suppliers. In contrast, suppliers who are able to differentiate their
product can wield some power over retailers, should their product be popular with the end consumer.

Industry Profiles
Potential new entrants may struggle to compete with the aggressive marketing and pricing policies of the existing
players. Nonetheless, relatively low entry and exit costs, the emergence of thriving health and ethical niches which are
sheltered from direct competition from current players, and strong historical growth offer attractive prospects.
There are few direct substitutes that threaten the food and grocery retail market with regards to consumers’
substitution of some products available in that market, such as food service and subsistence farming. However, the
benefits and the costs of such alternatives are non-competitive in most cases.

Industry Profiles
6.2. Buyer power
Figure 7: Drivers of buyer power in the food & grocery retail market in South America, 2020
Individual end users make up the bulk of spending in the food and grocery market. This significantly weakens buyer
power, as the loss of any one buyer’s custom is unlikely to have a significant effect on a player’s revenues because of
the sheer volume of potential customers. Moreover, the concentration of the market amongst a small handful of
market players lessens buyer power considerably. Although the revenue generated by any particular consumer is
minimal, collectively they represent wider consumer interests, and retailers cannot afford to disregard the sensitivities
of buyers. There are a number of factors that affect a consumer’s choice.
Price is the most crucial parameter for consumers’ choice, with most consumers characterized by high price-sensitivity,
given their high volume of spending in the food and grocery market. Price sensitivity varies across products, depending
on their dispensability. In theory, consumers tend to be less price-sensitive towards essential goods, and more price-
sensitive towards non-essential goods. Consumer preferences is another factor that affects demand and buyer power in
the food and grocery market. Buyer power is increased to the extent that consumers can somewhat dictate which
products a retailer will have in its stocklist. Indeed, that power is seen by the fact that suppliers’ product line-up and
retailers’ stocklists have aligned with the rising health consciousness and variety-seeking consumer trends,
accommodating the growing demand for nutritional quality and variety in food products. Similarly, retailers and their
suppliers have come under a great deal of pressure in recent years to conform to standards around issues like fair trade
and environmental responsibility. Particularly, in end products like packaged coffee, fruits, or ingredients like cocoa and
palm oil where there can be a lack of transparency in the production and sourcing of those goods, several movements
and certification standards have been implemented, such as Fairtrade and UTZ Certified. Accordingly, some retailers
and suppliers will only buy from traders who can prove that their inputs come from compliant sources that receive such
certifications.
A number of retailers operate incentive schemes for frequent shoppers, which can help secure customer retention. For
example, Carrefour offers the MyCLUB loyalty card. Cencosud offers a variety of loyalty programs across this region that
reward consumers with points on purchases that can later be exchanged for products. Discouraging movement across
retail outlets can reduce consumer mobility which, in the long-term, can weaken buyer power.
Although high brand recognition does not automatically translate into consumer loyalty, if it is supported by a product
range in which popular food products are central, the retailer can often draw indirectly on the loyalty base that
manufacturers have established. Specialty, luxury or organic retailers can, due to the high level of product
differentiation, justify price levels that would otherwise be unsustainable, yet the limited volume of consumers
restrains the power of such players.

Industry Profiles
The growth of multi-channel shopping is increasing the power of buyers. There are increasing alternatives available to
consumers aside from the typical grocery stores. For example, there has been a growth in farm shops and direct
marketing, while online retail of food and grocery products has given consumers a new way to shop. Meanwhile, the
growth of social media is putting more power in the hands of consumers in terms of their ability to highlight poor
service/products/experience with a retailer. Social media also allows consumers to become a collective voice as
opposed to a single buyer.
Overall, buyer power is assessed as moderate.

Industry Profiles
6.3. Supplier power
Figure 8: Drivers of supplier power in the food & grocery retail market in South America, 2020
The market’s principal suppliers are base material producers, manufacturers of food and grocery products, and food
and grocery wholesalers. Suppliers vary considerably due to the wide variety of products available in the market.
Base food ingredients are produced as finished goods or as key raw materials for other food and drinks products, and
they are broadly categorized in crops, fresh produce, meat and fish. Base input materials for suppliers in this market
also include tobacco for tobacco manufacturers, chemicals for household products manufacturers, and packaging
materials such as cardboard, and plastic. These base food ingredients and materials tend to be commoditized, only in
some cases having notable differences in quality and price, thus they are perceived as homogenous. This diminishes the
power of suppliers of those products considerably, as retailers and other suppliers using them as inputs can easily
substitute them by switching supplier. In the case of base food ingredients, the high fragmentation of the supply chain
absorbs power from the companies involved in their production stage. As the production of these goods is fragmented
worldwide, while they also have long and complex production cycles but short shelf-life, there can be multiple entities
involved in the different stages of the production cycle (processing, packaging and distribution), and that creates a
fragmented supplier landscape.
The production of base food ingredients, particularly of crops and fresh produce, is dominated by large companies,
such as Adecoagro and CHS. The volume of agricultural products is dependent on the land’s size, which increases the
need for financial muscle and economies of scale. Although their small size limits their bargaining power, their
differentiated input mitigates that to some extent. The fragmentation of agricultural production to numerous
producers worldwide leads to the existence of global powerhouses such as Cargill, Louis Dreyfus Company and Archer-
Daniels-Midland dominating trade and distribution. The existence of a few giant companies in this field increases their
bargaining power against retailers. Production scale in terms of the size of the livestock and aquaculture is also
important, favoring concentration to large companies, such as JBS, Tyson Foods and Mowi. The fragmentation of the
production stage of the supply chain enhances the bargaining power of those companies engaged in trading,
processing, packaging and distribution. Notably, the largest suppliers of meat and fish products tend to be vertically-
integrated from production to distribution, and that augments their power against retailers.
Consumer packaged goods manufacturers and tobacco products range from relatively small family-owned businesses
to giant conglomerates. These manufacturers tend to be reduced in number but increased in size due to the large
financial muscle required to invest in manufacturing facilities and the importance of economies of scale.

Industry Profiles
Consumer packaged goods (CPG) and tobacco products are characterized by a high degree of product differentiation.
For example, in food and drinks products, the flavors, textures, and marketing claims vary widely according to the
recipes of manufacturers, with no perfect substitutes. Large CPG manufacturers, such as Unilever and Procter &
Gamble in household products; Coca Cola, PepsiCo and ABInBev in drinks; Mondelez, Nestle, General Mills and Kellogg’s
in food products; or Philip Morris International, Altria, British American Tobacco, and JTI in tobacco products, see their
supplier power increased in the form of oligopoly based on the popularity of their strong brands.
Distributors/wholesalers are forms of suppliers in the food market. Retailers buy products to stock in their shelves
either directly from producers/manufacturers or via distributors, which act as intermediary suppliers. Large suppliers,
and especially large manufacturers of consumer-packaged goods, tend to supply large retailers directly. Distributors act
as suppliers when producers/manufacturers who are located abroad or are too small to deal directly with large
retailers, while wholesalers supply retailers who are too small to place orders directly with producers and
manufacturers. Wholesalers are important in this market, offering bulk quantities for a range of items at wholesale
cost, as they source, aggregate, store, and transport products on behalf of suppliers and retailers, improving the timing
and cost efficiency of transactions through economies of scale.
Large retail chains may backward integrate, having their own distributorships that source products from producers and
manufacturers. This, apart from cost savings, can further boost the bargaining power of retailers against suppliers,
enabling them to exercise greater control across the supply chain and negotiate price cuts. Small, independent retailers
can also backward integrate to some extent, forming purchasing groups with other players of similar size in order to
benefit from higher bargaining power and savings stemming from combined financial muscle.
The common characteristic of all types of suppliers is that their bargaining power is crucially impacted by the size of the
retailer they are dealing with. Large retailers often maintain relationships with a wide range of suppliers, which ensures
stability against supply chain disruptions or price fluctuations. This strengthens retailers' standing in relation to their
suppliers as their dependency is reduced. On the other hand, long-term contractual obligations can be avoided and
switching costs are kept minimum. With a firm hold on key distribution channels, the leading retailers dominate
negotiations with some suppliers; the leading players in this market often make up a larger proportion of a supplier’s
revenues and as such can negotiate lower prices with suppliers. Retailers exercise their power through controversial
practices such as charging suppliers fees to have their products added in stock lists and “prominent” shelf slots or
extending payment periods. Suppliers who are able to differentiate their product can wield some power over retailers,
should their product be popular with the end consumer. However, many other suppliers of homogenous products, such
as agricultural product producers, face the problem of a high degree of retailer mobility as retailers switch suppliers in
accordance with pricing pressures. Exceptions to this are fresh produce, meat and fish products, which have shorter
life-cycles than all other products. Retailers tend to forge longer standing relationships in advance with distributors and
local producers to better manage their inventory. For food and drink products, there is high pressure for retailers to
choose suppliers of quality products. In the case of smaller retailers, such as specialists or luxury outlets, suppliers hold
a better position. The low volume of demand, the limited number of suppliers in niche areas and the centrality of
product quality restrict the available range of sourcing options. With switching costs subsequently higher, the balance
of power shifts somewhat from smaller retailers to specialist manufacturers/distributors.
Backwards integration of retailers into the activities of producers and manufacturers is also possible, with some
retailers producing their own products under their private label. This dilutes the power of suppliers in some product
categories with high private label penetration, where lower prices may sideline branded products. Forward integration
by suppliers to retailer operations is fairly limited, especially in the case of large suppliers, as it falls out of their
operation scope. Some small consumer goods manufacturers are increasingly taking advantage of the online
distribution channel, selling their products directly to consumers through their websites. Forward integration may apply
for small agricultural product producers, who can sell their own fresh produce like open-air market retailers.
Overall, supplier power is assessed as moderate.

Industry Profiles
6.4. New entrants
Figure 9: Factors influencing the likelihood of new entrants in the food & grocery retail market in South America, 2020
The food and grocery retail market in South America is becoming increasingly consolidated. However, traditional retail
formats still hold a significant proportion of the market in this region. As such, there are very differing retail landscapes
across South America. On the one hand, there are the traditional stores and market stalls, where market entry would
be relatively easy. In these circumstances, scale economies are of little importance, with many selling products that
they grow themselves. Furthermore, fixed costs are unlikely to be high, particularly with regard to market stalls.
On the other hand, there has been a huge growth in modern food and grocery retailing in many parts of South America.
Large foreign retail companies such as Carrefour, Cencosud, and Walmart are dominant. As such, entry to the modern
retail segment of the market is problematic. Large-scale, established retailers, with operating businesses that benefit
significantly from economies of scale and the ability to employ aggressive pricing schemes, which cannot be matched
by smaller retailers, enjoy a significant advantage. Strong branding exercises and fast paced expansion deepen this
market control.
It is evident that modern trade in this region is growing at the expense of traditional retail, which should theoretically
mean that there is room for more retail players to enter the market. Growth across South America has been good in
recent years. Such factors may appeal to potential new entrants.
The recession, from which Brazil emerged in 2017, has had an effect on consumer spending in this particular country.
While the food and grocery retail market has remained in growth, consumers have adapted spending habits with the
cash and carry segment seeing an increase in spend and a growth in the popularity of smaller neighborhood
convenience stores. As such, entry to this market through either of these channels has the potential to see success.
Argentina is facing severe economic difficulties at present. The Argentine peso has lost much of its value and inflation is
high, which is resulting in high food and grocery retail prices. Consumers in this market are becoming increasingly
frugal, with chains targeting middle and low income consumers seeing the best growth. What’s more, consumers are
increasingly shopping at convenience stores and cash and carry stores. As such, entry to this particular market is likely
to see more success if a retailer can compete on price, while entry through smaller store concepts is likely to be more
effective.
Potential entrants may be encouraged by the relatively low entry and exit costs. There has been a rapid growth of
health consciousness, plus an increasing number of consumers opting for a more ethical or organic range of goods. This
offers attractive avenues for new entrants seeking to move into a niche area that offers inbuilt protection from pricing
pressures and mainstream marketing.

Industry Profiles
An important consideration for companies wishing to enter the Brazilian market is the sheer size of the country. The
region in which a company chooses to operate can play a key role in the company failing or succeeding.
In Peru, particularly in Lima, a lack of land available at affordable prices acts as a barrier to entry to this market. Despite
growth outside of Lima, this remains the main market, with around a third of the total population of Peru inhabiting
there. As such, a lack of space will act as a further barrier to expansion for companies wishing to enter the capital.
However, the market is seeing some retailers expand into the lower-middle income regions of Lima, with these areas
seeing a surge in food and grocery retail.
Switching costs for end consumers are minimal in this market, with consumers often heavily influenced by price. While
this means that companies wishing to enter on a large scale, for example through an acquisition, can achieve success,
smaller start-ups will struggle to compete on price alone.
Overall, the threat of new entrants is assessed as strong; however, this is largely attributable to the traditional retail
segment of the market. Entry on a larger scale as a supermarket or hypermarket is likely to pose a moderate threat.

Industry Profiles
6.5. Threat of substitutes
Figure 10: Factors influencing the threat of substitutes in the food & grocery retail market in South America, 2020
There are few direct substitutes to food and grocery retail. The dominant alternative to food retail is food service.
Strong marketing campaigns in the case of fast food companies, and cultural traditions with respect to sit-down
restaurants, mean both types may represent a relative alternative for many consumers. However, for the vast majority
of people, foodservice complements food retail rather than replaces it.
A more direct substitute to food retail is found in subsistence agriculture, in which individuals or families farm food to
provide for their own personal needs. However, the emergence of market capitalism, machinery that enables growing
on a large scale, and increased population density mean subsistence agriculture is no longer common. The impact of
this substitute is minimal. Environmental concerns, increasing health consciousness, and fears over political or
economic instability may, in the long-term, give this substitute a more significant role. However, it is unlikely to
threaten food retailers in the foreseeable future as it is labor intensive and often involves considerable start-up capital.
With regards to tobacco, traditional nicotine replacement therapies such as gum, patches and lozenges are substitutes,
providing nicotine to alleviate cravings. Electronic cigarettes (e-cigarettes) are also becoming a threat on a global scale
and although they are not approved and are even prohibited in some countries, such products are widely sold and are
seeing success. In some parts of South America, such as Brazil and Argentina, the sale of e-cigarettes is prohibited; as
such, while this may still act as a substitute threat, this threat will be lower than in countries where vaping is legal. In
other parts of this region, the increasing unit price of cigarettes, coupled with consumers seeking out healthier and
more affordable alternatives, is increasing the substitution threat from e-cigarettes.
The main substitutes to household products are homemade alternatives. End-users may prefer these on grounds of
price, or because they can control what ingredients are used in their preparation. However, any substitutes for
household products need to be prepared, which can be a time-consuming process requiring specific knowledge, and
may not provide the desired results, thus reducing the threat of substitutes. Furthermore, as the manufacturers are
now aware of the increasing demand for environmentally friendly and allergy-free alternatives, they are incorporating
these qualities into their products, which, combined with their greater convenience, reduces the threat of substitutes.
Overall, the threat from substitutes is assessed as weak.

Industry Profiles
6.6. Degree of rivalry
Figure 11: Drivers of degree of rivalry in the food & grocery retail market in South America, 2020
Competition is often fierce within the food and grocery retail market. There are a number of large competitors in this
market, which face stiff competition with each other. In addition, there exists a large number of independent or
specialty retailers operating alongside these large incumbents. The market in South America is fragmented, with the
leading market players accounting for a small share of total retail sales in the region. As such, the large number of
competitors in this market increases the rivalry level significantly.
Across South America, competition within the traditional retail sector is likely to be less fierce. Such retailers are likely
to be small neighborhood stores and market stalls selling specialized produce. However, the traditional sector poses a
rivalry threat to the growing modern retail sector in the country.
Competition in the food and grocery market takes two forms; price competition and non-price competition. Price is
essentially the only fundamental through which players can affect supply (and demand) as there is lack of product
differentiation, especially among large retailers. Exploiting economies of scale and reducing overheads through the
efficient management of inventory, logistics and labor productivity, is the key for achieving a competitive advantage in
this market; players’ primary aim is to reduce their bottom-line so they can increase their profit margin and their
flexibility to compete on price. Price competition strategies, though, are not only focused on undercutting rivals by
achieving higher cost efficiency and exploiting scale economies, but they are also focused on absorbing consumers’
surplus, which is the maximum that consumers are willing to pay for their chosen products in a given time and space
setting. Retailers adopt different pricing strategies to serve this purpose – the most common are the offering of
consistently low prices (Everyday Low Price – EDLP) and the periodic offering of temporary price promotions (High-Low
Pricing – Hi-Lo) – which provide some level of differentiation and ease competition.
The pricing strategy of a player is also impacted by the pricing strategies of its rivals. Especially, players with a dominant
position in the market are able to influence market prices, as when they set (undercut) a certain price for a product to
increase their market share, others are likely to follow suit. This conduct is indicative of the zero-sum game in this
market, which maintains price competition, and thereby strong rivalry; a player, in most cases, has the incentive to
match others players’ price-cutting, otherwise it risks losing customers. Players cannot escape from this condition, but
only if one player has a monopolistic control in the market or players cooperate in price-setting, forming against the
law, a cartel. Moreover, players – even monopolies – cannot afford to withhold supply to manipulate price in this
market; apart from that being socially unacceptable, this tactic would undermine economies of scale, while storage
costs are high, with some products also having a short-shelf life.

Industry Profiles
Non-price competition in this market includes competition fields other than price, such as advertising, loyalty schemes,
product assortments, and customer service. In detail, players compete on marketing expenditure in order to build
consumer loyalty and inform consumers about promotions. Moreover, most large retailers also leverage loyalty card
schemes in order to improve customer retention. Product assortment, which can offer some level of differentiation, is
another field of competition with growing importance as consumers become savvier and variety-seeking. The positive
relationship between the length of product assortment and inventory costs is challenging for retailers as they need to
find the right mix.
Competition may also vary by store location. The dimension of space on forecasting demand has become more evident
in recent years through the development of geospatial analytics. Large players are abler to tailor and optimize prices
and product affinities across their stores according to local consumer preferences and price sensitivities, also taking
into account consumers’ alternatives regarding the proximity of rival stores.
Diversification to other markets serves to alleviate rivalry to some extent. Leading players in the market tend to
diversify their offerings in response to multiple threats, offering products with higher profit margins such as apparel,
electronics, home improvement products in hypermarkets/big-box stores, or even products out of the retail concept
such as financial services. This can help to absorb the temporary impact of declining sales or fierce price competition in
core product categories.
Finally, the degree of rivalry is strongly linked to the level of demand, which is in turn impacted by the level of
disposable income and consumer confidence. Although, since the beginning of 2020, the ongoing economic recession
provoked by the COVID-19 pandemic has dampened consumer confidence and suppressed incomes, consumption in
the food and grocery retail market increased, driven by precautionary buying and a shift of spending from foodservice
channels. This has eased rivalry, especially for large multichannel retailers and pure online retailers, which benefited
from strong demand in online distribution channels amid lockdown measures. However, rivalry is set to increase in the
mid-term, as consumption is set to slow consequent to the receding of uncertainty and the shift of consumption back
to foodservice channels. Under these circumstances, rivalry could be exhausted through mergers and acquisitions of
smaller players.
Rivalry is assessed as strong overall.

Industry Profiles
7. Competitive Landscape
Carrefour, Groupe Casino and Cencosud are the leaders in this market, which is seeing growth in the online
channel.
7.1. Who are the leading players in the market?

Carrefour SA (Carrefour) is one of the largest global consumer goods retailers. It operates through a network of
supermarkets, convenience stores, hypermarkets, and cash-and-carry stores. The company operates multi-format
and omnichannel retail platforms and also retails merchandise through various e-commerce platforms. The
company offers an extensive portfolio of food and non-food products, including fresh produce, local specialties,
consumer goods, clothing, consumer electronics, home furnishing goods, and cultural goods. Carrefour also offers
a host of services, including ticket booking, floral service, home delivery, photo printing, and truck rental. The
company’s business operations span Europe, Latin America, and Asia-Pacific.
GPA is the Brazilian arm of France’s other multinational retail giant Groupe Casino. Grupo Pao de Acucar (GPA) is a
retail and distribution service provider. The company operates supermarkets, hypermarkets, proximity stores,
cash-and-carry stores, drugstores, gas stations and e-commerce stores, among others. GPA offers products which
include food products, electronic products, household appliances, tourism products, and furniture, utilities. GPA
operates its stores under Pão de Açúca, extra, assai, minute, mini marcado extra, GPA malls and properties, casa
bahia, and ponto frio banners. GPA Pao is headquartered in Sao Paulo, Brazil.
Cencosud SA (Cencosud) is a retail company which operates supermarkets, hypermarkets, home improvement
centers, and department stores. It merchandises and sells food and non-food products such as bakery products,
dairy, deli, frozen foods, general grocery, produce, seafood, snacks, liquor, pre-packaged meats, yard and garden
supplies, plants, fresh-cut flowers, gift items, energy products, specialty drinks, cookies, tuna, sweets, gums and
chocolates and other consumer goods. The company retails these products under various banners of
supermarkets, department stores, home improvement stores, and shopping centers including Jumbo, Easy, Santa
Isabel, Disco, Vea, Paris, Wong, Metro, GBarbosa, Perini, Bretas, Costanera Center and Portal Rosario banner. The
company also offers financial services and loyalty programs to customers. It has a presence in Argentina, Brazil,
Peru, and Colombia.
7.2. What are the strategies and strengths of leading players?

Carrefour is a multi-format and multi-channel retailer, which operates hypermarkets, supermarkets, convenience
stores, cash-and-carry stores, and online stores. The company’s store network includes company-operated and
franchised or partnered stores in different formats across Europe, Latin America, and Asia. As of December 2019,
the company operated 12,225 owned and franchised stores across Europe, Latin America, and Asia. It had 1,207
hypermarkets, of which 248 were in France, 205 in Spain, 100 in Brazil, 88 in Argentina, 69 in Taiwan, 89 in Poland,
51 in Italy, 40 in Belgium, 37 in Romania, and 280 in other countries. The company managed 3,412 supermarkets,
of which 1,071 were in France, 441 in Belgium, 417 in Italy, 266 in Romania, 153 in Poland, 53 in Brazil, 111 in
Spain, 97 in Argentina, 68 in Taiwan, and 735 in other countries. Carrefour operates 7,193 convenience stores,
with 3,959 in France, 810 in Spain, 664 in Poland, 608 in Italy, 405 in Argentina, 308 in Belgium, 125 in Brazil, 44 in
Romania, and 270 in other countries. The company had 413 cash-and-carry stores, of which 186 were in Brazil, 146
in France, 23 in Spain, 13 in Italy, 24 in Romania, 7 in Argentina, and 14 in other countries. A wide geographic
presence insulates the company from the risks of operating in a single economy. It has operations in 30 countries
and serves over 77 million households. Carrefour has a presence in France, other European countries, Latin

Industry Profiles
America, Asia, the Middle-East, and Africa. As of December 2019, the company had a store within an average of
eight minutes from every home in France. It operates 125 warehouses and logistics centers in integrated
countries. In FY2019, the company generated 48% of the revenue from France, Europe (29%), Latin America
(20.3%) and Asia (2.7%).
Groupe Casino brings the financial muscle and brand power of its cross-category presence to bear on the country’s
grocery market through GPA. Groupe Casino is a subsidiary of Rallye, a retail business group. Rallye is involved in
the food, non-food e-commerce and sporting goods retailing under several formats including supermarkets,
hypermarkets, convenience stores and discount stores, thus having presence across all main segments of the
market. The company also focuses on its omni-channel banner to improve its E-commerce websites. It could
improve its shopping experiences. Its Full cross-channel capabilities comprise of e-reservation, click & collect,
store-to-web. Rallye also increases its valued-added products by launching wide variety of products in its markets.
In FY2019, Rallye generated revenue of EUR35,318 million. Groupe Casino stands to benefit considerably from
business expertise, business strategies and project implementation experience from its parent company. Sale of
merchandise through multiple channels could increase the company’s direct-to-consumer business. Groupe Casino
sells its products through traditional stores and online e-commerce sites. It also markets and sells these products
through company-owned stores, third party retailers and digital commerce retailers. The company also sells its
products online through Cdiscount and the Cnova N.V. holding company. As of December 2019, Groupe Casino
had a network of 7,489 stores of which 4,359 under France Retail segment, 61 e-commerce stores and 3,048
stores under Latam Retail segment. The company’s e-commerce business contributed 10.3% towards the total
revenue. Groupe Casino is also focused on opening new stores in various high-crowded locations in major cities,
high-traffic retail streets, shopping malls and premium outlet centers.
Cencosud holds a strong presence in Latin America through its range of offerings under various business units. The
company has a presence in the region through a network of supermarkets, home improvement stores,
department stores and shopping centers. As of December 2019, it operated 921 supermarkets in Latin America,
which includes 284 stores in Argentina, 247 stores in Chile, 202 stores in Brazil, 95 stores in Colombia, and 93
stores in Peru. As of December 2019, it operated 97 home improvement stores including 51 stores in Argentina, 36
stores in Chile and 10 stores in Colombia, as well as 90 department stores which includes 79 stores in Chile and 11
stores in Peru, and 67 shopping centers across different parts of the region. High penetration in the Latin American
market and various active business units allow the company to generate multiple revenue streams, and provide it
competitive edge over its peers in the long-term. Cencosud offers through a wide spread network of supermarket,
department stores, home improvement stores and shopping centers. It operates 1,108 stores, which includes 921
supermarkets, 97 home improvement store and 90 department stores with over 3.5 million meter square of selling
space across Chile, Argentina, Brazil, Peru, and Colombia. Cencosud also offers products and services online on its
websites including www.jumbo.cl, ww.paris.cl, www.easy.cl, www.wong.com.pe, www.easy.com.co among others.
On digital platform, the company provides additional services such as Click & Collect, and online payment facilities
for the convenience of the customers. The company also provides online chat and chat-bots options for the
customers to know additional information about the products. A market leading position helps the company in
attracting and retaining a wide customer base and developing a competitive edge over peers. The company is a
market leader in many of its product lines, and has a strong competitive position and reputation. Cencosud is the
largest retailer by the number of establishments in Latin America. In Argentina, the company is leading operator
with a 40% market share and 98% of store occupancy rate. As March 2020, it had 98.6%, 94.7%, and 91.5% store
occupation rate in Peru, Colombia, and Chile, respectively.
7.3. What are the pricing strategies in the market?

There are two main pricing strategies in the market: “Everyday Low Price (EDLP)”, the “High-Low Pricing (Hi-Lo)”,
or a combination of the two. Through the EDLP strategy, retailers seek to attract and build a customer base
through consistently low prices rather than temporary price cuts, which results in lower but fixed rates of profit.
This strategy is operationally simple and cost-effective, with retailers having lower overheads in inventory
management as demand is more predictable, while they do not have to change prices and advertise promotions

Industry Profiles
frequently, which results in lower costs. This strategy is mostly associated with discounters, as well as with
dominant players who tend to be price-leaders. The Hi-Lo strategy, on the other hand, relies on frequent
promotions to attract and incentivize shoppers to spend. Through Hi-Lo, retailers generally offer products at
higher prices than a discounter but they periodically offer temporary price promotions. Promotions can vary in
frequency, depth and duration, and they can take the form of simple price cuts, quantity discounts, or special
deals, and may range higher or lower than the prices set by an EDLP retailer. This concept of frequent promotions
is mainly based on price discrimination and loss-leadership practices. Price discrimination in this market is
practiced by selling a product at different prices (or different quantities) to the same or different consumers in
order to maximize the volume and value of sales. This practice is more evident in popular and premium brands,
where by charging full prices, a retailer can maximize its income from those consumers who are brand-loyal and
willing to pay full-price for a product, while it also gains income from those price-sensitive consumers who are
willing to trade up when offered a promotion and would not buy at full price. Moreover, promotions that include
price cuts below cost for some products, also known as loss-leadership, aim to increase sales by stimulating
consumer traffic, with consumers potentially buying discount items along with items at full-price, the price
margins of which compensate for loss-making sales. The Hi-Lo strategy can potentially lead to higher value of sales
and lower variable costs as retailers can benefit from the higher volume of products sold at discount and the
higher average value of those sold at full price. Moreover, through this strategy, they are able to take advantage of
surpluses at supplier level and better manage excess inventory, especially for perishable goods. However, the
disadvantages of the Hi-Lo strategy are the increased marketing costs to communicate promotions, while there
can be consumer discontent when prices change back to normal. Lastly, a combination of the two pricing
strategies entails the adoption of EDLP in certain product categories - typically essential goods - and the occasional
adoption of Hi-Lo in others. However, with such hybrid strategy a retailer runs the risk of having an unclear
positioning in the market, with fewer cheap items than EDLP retailers and fewer promotions than Hi-Lo retailers.

Industry Profiles
8. Company Profiles
8.1. Carrefour SA
8.1.1. Company Overview
Carrefour SA (Carrefour) is a global consumer goods retailer. The company operates through a network of
supermarkets, convenience stores, hypermarkets, and cash-and-carry stores. It operates multi-format and
omnichannel retail platforms and retails merchandise through e-commerce websites. The company offers an
extensive portfolio of food and non-food products, including fresh produce, local specialties, consumer goods,
clothing, consumer electronics, home furnishing goods, and cultural goods. Carrefour operates stores under
Carrefour City, Carrefour Contact, Carrefour Express, Carrefour Bio, Promocash, Stoc, Comod, and Marche Plus
banners. The company’s business operations span Europe, Latin America, and Asia. Carrefour is headquartered
in Massy, Ile de France, France.
The company reported revenues of (Euro) EUR72,150 million for the fiscal year ended December 2020
(FY2020), a decrease of 2.7% over FY2019. In FY2020, the company’s operating margin was 2.4%, compared to
an operating margin of 1.5% in FY2019. In FY2020, the company recorded a net margin of 0.9%, compared to a
net margin of 1.5% in FY2019.
8.1.2. Key Facts
Table 6: Carrefour SA: key facts
Head office: 93 Avenue de Paris , MASSY, France

Telephone: 33164505000
Fax: 33155633901
Number of Employees: 322164
Website: www.carrefour.com
Financial year-end: December
Ticker: CA
Stock exchange: Euronext Paris
SOURCE: COMPANY WEBSITE MARKETLINE
8.1.3. Business Description
Carrefour SA (Carrefour) operates a network of hypermarkets, supermarkets, convenience stores, and cash-and-
carry stores. It retails products through drive-in-points and online through its e-commerce platform, Carrefour.fr.
The company offers a variety of fresh produce, locally sourced products, fast-moving consumer goods, essential
non-food products, and retail services.
Carrefour offers its customers all retail formats: hypermarkets, supermarkets, convenience stores, cash & carry
stores, and e-commerce.
Under the hypermarkets format, Carrefour operates 1,212 stores, including 456 stores in Europe (excluding
France), 248 stores in France, 185 in Latin America, 172 stores in Asia, and 151 stores in other countries.
The company operates 3,561 supermarkets including 1,873 stores in Europe (excluding France), 1,179 stores in
France, 151 stores in Latin America, 10 stores in Asia, and 348 stores in other countries. These supermarkets offer
a range of fresh produce, local products, and non-food products.

Industry Profiles
Under the convenience store format, it operates 7,827 stores, including 4,018 in France, 3,156 stores in Europe
(excluding France), 530 stores in Latin America, 66 stores in Asia, and 57 in other countries. These stores cater to
daily needs ranging from budget meals to everyday essentials, besides providing home-delivery services.
The company’s cash-and-carry format stores offer a broad selection of food and non-food products at wholesale
prices, along with a package of customized services to restaurants and shop owners. It operates 448 cash-and-
carry retail outlets, including 215 in Latin America, 147 in France, 68 in Europe (excluding France), and 18 in other
countries.
Carrefour also sells food and non-food products through various e-commerce platforms, including carrefour.fr,
carrefour.eu, carrefour.com.tw, carrefour.es, and ooshop.com. It develops e-commerce and m-commerce
solutions to enable its customers to shop anytime and anywhere, from laptops, computers, and smartphones.
Carrefour offers home-delivery services.
As of December 2020, the company operated 13,048 stores, of which 5,430 stores were in France, 1,485 stores in
Italy, 1,250 stores in Spain, 937 stores in Poland, 787 stores in Belgium, 592 stores in Argentina, 489 stores in
Brazil, 369 stores in Romania, 132 stores in Taiwan, and 1,577 stores in Other counties.
Geographically, the company classifies its operations into four segments: France, Europe, Latin America, and Asia.

Industry Profiles
Table 7: Carrefour SA: Annual Financial Ratios

Key Ratios 2015 2016 2017 2018 2019
Growth Ratios
Sales Growth % -0.11 2.79 -8.41 -0.03
Operating Income Growth % -12.95 -63.97 17.57 32.81
EBITDA Growth % -8.30 -33.18 -3.09 51.37
Net Income Growth % -23.96 -171.18
EPS Growth % -9.76 -55.31 18.86 11.38
Working Capital Growth % 18.80 -28.40 5.50 -5.34
Equity Ratios
EPS (Earnings per Share) EUR 1.35 1.06 -0.70 -0.24 0.04
Dividend per Share EUR 0.70 0.70 0.46 0.46 0.23
Dividend Cover Absolute 1.93 1.52 -1.52 -0.53 0.16
Book Value per Share EUR 13.24 13.96 13.19 11.76 12.46
Profitability Ratios
Gross Margin % 22.85 22.83 22.49 21.78 21.70
Operating Margin % 2.83 2.47 0.86 1.11 1.47
Net Profit Margin % 1.24 0.95 -0.66 -0.76 1.52
Profit Markup % 29.62 29.59 29.02 27.85 27.72
PBT Margin (Profit Before Tax) % 2.18 1.81 0.31 0.76 0.97
Return on Equity % 10.18 7.16 -5.28 -6.11 11.33
Return on Capital Employed % 9.80 8.18 2.83 3.40 3.85
Return on Assets % 4.35 1.59 -1.10 -1.18 2.28
Return on Working Capital % -46.73 -44.59 -32.67 -16.44
Operating Costs (% of Sales) % 97.17 97.53 99.14 98.89 98.53
Administration Costs (% of Sales) % 17.89 17.96 18.08 17.29 16.06
Liquidity Ratios
Current Ratio Absolute 0.78 0.76 0.82 0.81 0.82
Quick Ratio Absolute 0.49 0.48 0.53 0.54 0.56
Cash Ratio Absolute 0.14 0.14 0.16 0.19 0.20
Leverage Ratios
Debt to Equity Ratio Absolute 1.34 1.29 1.29 1.50 1.81
Net Debt to Equity Absolute 1.02 0.95 0.92 1.01 1.34
Debt to Capital Ratio Absolute 0.50 0.49 0.50 0.53 0.64
Efficiency Ratios
Asset Turnover Absolute 3.50 1.68 1.68 1.56 1.50
Fixed Asset Turnover Absolute 13.07 6.18 6.11 5.76 5.10
Inventory Turnover Absolute 19.13 9.07 9.14 9.05 9.67
Current Asset Turnover Absolute 9.11 4.32 4.27 3.96 3.95
Capital Employed Turnover Absolute 3.46 3.32 3.27 3.06 2.61
SOURCE: COMPANY FILINGS MARKETLINE

Industry Profiles
Table 8: Carrefour SA: Key Employees
Name Job Title Board

Abilio Diniz Director Non Executive Board
Alexandre Arnault Director Non Executive Board
Alexandre Bompard Chairman Executive Board
Alexandre Bompard Chief Executive Officer Executive Board
Alexandre De Palmas Director Spain Senior Management
Aurore Domont Director Non Executive Board
Benoit Soury Director France Senior Management
Charles Edelstenne Director Non Executive Board
Charles Hufnagel Director Communication Senior Management
Charles Hufnagel Director Communication France Senior Management
Christophe Rabatel Director Italy Executive Board
Director Customers, Services and Digital
Claudia Almeida e Silva Senior Management
Transformation
Director E Commerce, Data and Digital
Elodie Perthuisot Senior Management
Transformation
Flavia Buarque de Almeida Director Non Executive Board
Francois Melchior de Polignac Chief Executive Officer Carrefour Belgium Senior Management
Francois Melchior de Polignac Director Northern and Eastern Europe Senior Management
Guillaume de Colonges Director Merchandise, Supply and Formats Senior Management
Guillaume de Colonges Director Taiwan Senior Management
Jerome Nanty Director Human Resources and Assets Senior Management
Director Human Resources and Assets
Jerome Nanty Senior Management
France
Laurent Vallee Secretary Senior Management
Director Financial Services and Hypermarkets
Marie Cheval Senior Management
France
Marie-Laure Sauty de Chalon Director Non Executive Board
Martine Saint Cricq Director Non Executive Board
Mathilde Lemoine Director Non Executive Board
Matthieu Malige Chief Financial Officer Senior Management
Morgane Weill Director Strategy and Transformation Senior Management
Morgane Weill Director Strategy and Transformation France Senior Management
Nicolas Bazire Director Non Executive Board
Noel Prioux Director Latin America (Brazil and Argentina) Senior Management

Industry Profiles
Table 9: Carrefour SA: Key Employees Continued

Patricia Moulin Lemoine Director Non Executive Board
Philippe Houze Director Executive Board
Philippe Houze Vice President Executive Board
Rami Baitieh Executive Director, Carrefour France Senior Management
Director Financial Communication and
Sebastien Valentine Senior Management
Investor Relation
Stephane Courbit Director Non Executive Board
Stephane Israel Director Non Executive Board
Thierry Faraut Director Non Executive Board

Industry Profiles
8.2. Walmart Inc
Walmart Inc (Walmart) is a retailer that operates grocery stores, supermarkets, hypermarkets, department and
discount stores, and neighborhood markets. The company’s stores offer grocery and consumables, health and
wellness, technology, office and entertainment, hardlines, apparel and home categories at everyday low prices.
It also operates warehouse clubs (including Sam's Clubs). Walmart markets products under various private
labels and licensed brand names including Equate, Bonobos, Mainstays, George, Onn, Parent’s Choice, Time
and Tru, Wonder Nation and No Boundaries. The company offers fuel, gift cards and financial services and other
related products including money orders, prepaid cards, wire transfers, money transfers, check cashing and bill
payments. It merchandises products through various e-commerce portals. The company operates wholesale,
retail and other units, and eCommerce websites, across the US, Canada, Africa, Central America, China, Chile,
Mexico and India. Walmart is headquartered in Bentonville, Arkansas, the US.
The company reported revenues of (US Dollars) US$559,151 million for the fiscal year ended January 2021
(FY2021), an increase of 6.7% over FY2020. In FY2021, the company’s operating margin was 2.5%, compared to
an operating margin of 3.9% in FY2020. In FY2021, the company recorded a net margin of 2.4%, compared to a
net margin of 2.8% in FY2020. The company reported revenues of US$138,310 million for the first quarter
ended April 2021, a decrease of 9.1% over the previous quarter.
8.2.2. Key Facts
Table 10: Walmart Inc: key facts
Head office: 702 SW 8th St , BENTONVILLE, Arkansas, United States

Fax: 13026555049
Website: corporate.walmart.com
Financial year-end: January
Ticker: WMT
Stock exchange: New York Stock Exchange
Walmart Inc (Walmart) owns and operates wholesale and retail stores and other e-commerce websites globally.
Walmart’s online platform comprises websites offering own brands, third-party retail partnership channels, and
related mobile commerce applications.
The company classifies its business operations into three reportable segments: Walmart US, Walmart
International, and Sam’s Club.
As of January 2021, the company had 4,580 owned and 762 leased retail units in the US and 1,898 company-
owned and 4,203 leased retail units internationally. It also operated a total of 183 Walmart US distribution
facilities and Sam’s Club distribution facilities, and 221 distribution facilities internationally. The company serves
customers through its 11,400 retail stores under 54 banners in 26 countries and e-commerce platforms.

Industry Profiles
Table 11: Walmart Inc: Annual Financial Ratios

Key Ratios 2015 2016 2017 2018 2019
Growth Ratios
Sales Growth % 0.78 2.98 2.81
Operating Income Growth % -5.56 -24.00 -0.83
EBITDA Growth % -2.13 -15.27 0.02
Net Income Growth % -7.15 -27.71 -32.37
EPS Growth % -4.02 -10.56 -10.77
Working Capital Growth % 110.94 104.10 -17.38
Equity Ratios
EPS (Earnings per Share) USD 4.57 4.38 3.21 2.41
Dividend per Share USD 1.96 2.00 2.04 2.08
Dividend Cover Absolute 2.33 2.19 1.57 1.16
Book Value per Share USD 25.47 25.52 26.38 25.19
Gross Margin % 25.13 25.65 25.37 25.10
Operating Margin % 5.00 4.69 3.46 3.34
Net Profit Margin % 3.05 2.81 1.97 1.30
Profit Markup % 33.56 34.50 34.00 33.51
PBT Margin (Profit Before Tax) % 4.49 4.22 3.02 2.23
Return on Equity % 18.24 17.54 12.66 9.20
Return on Capital Employed % 17.86 17.26 13.73 12.10
Return on Assets % 14.72 6.85 4.89 3.15
Return on Working Capital % -329.31 -1374.53 -550.34 -246.39 -91.75
Operating Costs (% of Sales) % 95.00 95.31 96.54 96.66
Administration Costs (% of Sales) % 20.13 20.96 21.29 20.83
Liquidity Ratios
Current Ratio Absolute 0.93 0.86 0.76 0.80
Quick Ratio Absolute 0.24 0.22 0.20 0.23
Cash Ratio Absolute 0.13 0.10 0.08 0.10
Leverage Ratios
Debt to Equity Ratio Absolute 0.62 0.55 0.55 0.75
Net Debt to Equity Absolute 0.52 0.46 0.46 0.64
Debt to Capital Ratio Absolute 0.37 0.35 0.32 0.40
Efficiency Ratios
Asset Turnover Absolute 4.83 2.44 2.48 2.43
Fixed Asset Turnover Absolute 8.28 4.21 4.37 4.55
Inventory Turnover Absolute 16.24 8.26 8.60 8.75
Current Asset Turnover Absolute 16.01 8.24 8.53 8.46
Capital Employed Turnover Absolute 3.57 3.68 3.97 3.63

Industry Profiles
Table 12: Walmart Inc: Key Employees

Amanda Whalen Chief Financial Officer Walmart International Senior Management
Executive Vice President Walmart
Amanda Whalen Senior Management
International
Executive Vice President Walmart Apparel
Andy Barron Senior Management
and General Merchandise Private Brands
Anthony Soohoo Executive Vice President Home, Walmart US Senior Management
Ben-Saba Hasan Chief Culture, Diversity and Inclusion Officer Senior Management
Ben-Saba Hasan Senior Vice President Senior Management
Bill Groves Chief Data Officer Senior Management
Bill Groves Senior Vice President Senior Management
Brandi Joplin Chief Financial Officer Sam’s Club Senior Management
Brandi Joplin Senior Vice President Sam’s Club Senior Management
C. Douglas McMillon Chief Executive Officer Executive Board
C. Douglas McMillon Director Executive Board
C. Douglas McMillon President Executive Board
Carla A. Harris Director Non Executive Board
Executive Vice President Chief Omni Strategy
Casey Carl Senior Management
and Operations Officer
Cesar Conde Director Non Executive Board
Executive Vice President Walmart US
Chandra Holt Senior Management
eCommerce
Charles Redfield Executive Vice President Food, Walmart US Senior Management
Cheryl Pegus Executive Vice President Health and Wellness Senior Management
Chris Cracchiolo General Manager Walmart Plus Senior Management
Chris Cracchiolo Senior Vice President Walmart Plus Senior Management
Chris Nicholas Chief Financial Officer Walmart US Senior Management
Chris Nicholas Executive Vice President Walmart US Senior Management
Christopher Shryock Chief People Officer Sam’s Club Senior Management
Christopher Shryock Senior Vice President Sam’s Club Senior Management
Dacona Smith Chief Operating Officer Walmart US Senior Management
Dacona Smith Executive Vice President Walmart US Senior Management
Daniel J. Bartlett Executive Vice President Corporate Affairs Senior Management
David M. Chojnowski Controller Senior Management
David M. Chojnowski Senior Vice President Senior Management

Industry Profiles
Table 13: Walmart Inc: Key Employees Continued

Executive Vice President Hardlines, Walmart
Diana Marshall Senior Management
US
Dirk Van den Berghe Executive Vice President Global Sourcing Senior Management
Dirk Van den Berghe Regional Chief Executive Officer-Asia Senior Management
Donna Morris Chief People Officer Senior Management
Donna Morris Executive Vice President Global People Senior Management
Executive Vice President Supply Chain,
Greg Smith Senior Management
Walmart US
Gregory B. Penner Chairman Non Executive Board
Janey Whiteside Chief Customer Officer Senior Management
Janey Whiteside Executive Vice President Senior Management
Executive Vice President Entertainment, Toys,
Jeff Evans Senior Management
and Seasonal, Walmart US
Jerry R. Geisler Chief Information Security Officer Senior Management
Jerry R. Geisler Senior Vice President Senior Management
John Furner Chief Executive Officer Walmart US Senior Management
John Furner Executive Vice President Walmart US Senior Management
John Furner President Walmart US Senior Management
John Scudder Chief Ethics and Compliance Officer- the US Senior Management
John Scudder Senior Vice President The US Senior Management
Chief Administrative Officer Walmart
JP Suarez Senior Management
International
International
Regional Chief Executive Officer-Massmart
and Chile, Walmart International
Judith McKenna Chief Executive Officer Walmart International Senior Management
Judith McKenna Senior Management
International
Judith McKenna President Walmart International Senior Management
Julie Murphy Chief People Officer Walmart US Senior Management
Julie Murphy Executive Vice President Walmart US Senior Management
Karen Roberts Executive Vice President Senior Management
Karen Roberts General Counsel Senior Management
Kathleen McLaughlin Chief Sustainability Officer Senior Management
Kathleen McLaughlin Executive Vice President Senior Management
Kathleen McLaughlin President Walmart Foundation Senior Management

Industry Profiles

Kathryn McLay Executive Vice President Sam's Club Senior Management
Kathryn McLay President Sam's Club Senior Management
Executive Vice President Neighborhood
Kelvin Buncum Senior Management
Markets, Walmart US
Kerry Kotouc General Counsel Walmart US Senior Management
Kerry Kotouc Senior Vice President Walmart US Senior Management
Koby Avital Executive Vice President Platforms Senior Management
Lance de la Rosa Chief Operating Officer Sam’s Club Senior Management
Lance de la Rosa Executive Vice President Sam’s Club Senior Management
Executive Vice President Consumables,
Latriece Watkins Senior Management
Walmart US
Executive Vice President International
Leigh Hopkins Strategy and Development, Asia Region, Senior Management
Walmart International
Vice President Ad Sales and AdTech
Lex Josephs Senior Management
Partnerships, Walmart Connect
M. Brett Biggs Chief Financial Officer Senior Management
M. Brett Biggs Executive Vice President Senior Management
Marissa A. Mayer Director Non Executive Board
Megan Crozier Chief Merchant-Sam’s Club Senior Management
Megan Crozier Executive Vice President Sam’s Club Senior Management
Meng Chee Chief Product Officer Senior Management
Meng Chee Executive Vice President Senior Management
Nuala O'Connor Chief Counsel-Digital Citizenship Senior Management
Nuala O'Connor Senior Vice President Digital Citizenship Senior Management
Rachel Brand Chief Legal Officer Senior Management
Rachel Brand Executive Vice President Global Governance Senior Management
Rachel Brand Secretary Senior Management
Randall Stephenson Director Non Executive Board
Richard Mayfield Executive Vice President Global Sourcing Senior Management
Regional Chief Executive Officer- Walmex and
Richard Mayfield Senior Management
Canada
S. Robson Walton Director Non Executive Board
Chief Operating Officer Sam’s Club unit’s US
Sameer Aggarwal Senior Management
Ecommerce Vertical
Sarah Friar Director Non Executive Board
Scott A. Pleiman Chief Merchandising Officer - Walmart US Senior Management

Industry Profiles

Scott A. Pleiman Executive Vice President Walmart US Senior Management
Scott McCall Chief Merchandising Officer- Walmart US Senior Management
Scott McCall Executive Vice President Senior Management
Steuart L. Walton Director Non Executive Board
Steve Schmitt Chief Financial Officer Walmart US Omni Senior Management
Steve Schmitt Executive Vice President Walmart US Omni Senior Management
Steven S Reinemund Director Non Executive Board
Suresh Kumar Chief Development Officer Senior Management
Suresh Kumar Chief Technology Officer Senior Management
Suresh Kumar Executive Vice President Senior Management
Thomas W. Horton Director Non Executive Board
Timothy P. Flynn Director Non Executive Board
Tony Rogers Chief Member Officer - Sam’s Club Senior Management
Tony Rogers Senior Vice President Sam’s Club Senior Management
William White Chief Marketing Officer Senior Management
William White Senior Vice President Senior Management

Industry Profiles
8.3. Casino Guichard-Perrachon SA
Casino Guichard-Perrachon SA (Groupe Casino), a subsidiary of Rallye SA, is a food retailer. The company owns
and operates hypermarkets, supermarkets, discount stores, drug stores and service stations, convenience
stores, e-commerce, cash and carry stores, and household appliance chains. It also operates restaurants,
cafeterias, sandwich shops and provides catering services for businesses, sports organizations, and associations.
The company is involved in property development, parking, trading, and management activities apart from
developing and operating solar plants on parking lots, rooftops, and on sites. Its operates across France and
countries in Latin America. Groupe Casino is headquartered in Saint-Etienne, Rhone-Alpes, France.
The company reported revenues of (Euro) EUR32,510 million for the fiscal year ended December 2020
(FY2020), a decrease of 7.9% over FY2019. In FY2020, the company’s operating margin was 1.9%, compared to
an operating margin of 1.7% in FY2019. The net loss of the company was EUR885 million in FY2020, compared
to a net loss of EUR1,444 million in FY2019.
8.3.2. Key Facts
Table 16: Casino Guichard-Perrachon SA: key facts
Head office: 1 Cours Antoine Guichard Bp 306, , SAINT-ETIENNE, France

Fax: 33477453838
Website: www.groupe-casino.fr
Ticker: CO
Stock exchange: Euronext Paris
Casino Guichard-Perrachon SA (Groupe Casino) is a food retailer. The company operates retail stores in multiple
formats, including hypermarkets, supermarkets, discount stores, convenience stores, and e-commerce, and offers
a wide range of fresh and organic products.
The company classified its operations into three categories: France Retail; Latam Retail; and E-commerce.
Groupe Casino operates in France, Latin America, and the Indian Ocean region.

Industry Profiles
Table 17: Casino Guichard-Perrachon SA: Annual Financial Ratios

Key Ratios 2014 2015 2016 2017 2018
Growth Ratios
Sales Growth % 2.03 5.59 -8.37 1.29
Operating Income Growth % -36.88 78.97 31.42 -36.69
EBITDA Growth % -20.00 32.46 59.65 -13.67
Net Income Growth % -96.27 -218.00
EPS Growth % 334.58 -56.67 -91.60 -82.34
Working Capital Growth % -177.85 -66.39 -125.30 437.50
Equity Ratios
EPS (Earnings per Share) EUR -1.24 4.22 0.04 -1.22 -3.96
Dividend per Share EUR 3.12 3.12 3.12 3.12
Dividend Cover Absolute -0.40 1.35 0.01 -0.39
Book Value per Share EUR 52.83 76.20 68.13 59.77 44.31
Gross Margin % 24.07 24.05 24.94 25.71 24.82
Net Profit Margin % -0.12 7.44 0.26 -0.34 -4.09
Profit Markup % 31.69 31.67 33.23 34.61 33.01
PBT Margin (Profit Before Tax) % 0.19 0.14 0.75 0.82 -0.56
Return on Equity % -0.73 31.70 1.32 -1.82 -30.29
Return on Assets % -0.22 6.54 0.25 -0.29 -3.67
Return on Working Capital % 33.44 178.10
Liquidity Ratios
Leverage Ratios
Efficiency Ratios
Working Capital Turnover Absolute 29.46 92.57

Industry Profiles
Table 18: Casino Guichard-Perrachon SA: Key Employees

Arnaud Strasser Director Corporate Development and Holdings Senior Management
Carlos Mario Giraldo Moreno Chairman, The Exito Group (Colombia) Senior Management
Chief Executive Officer The Exito Group
Carlos Mario Giraldo Moreno Senior Management
(Colombia)
Catherine Lucet Lead Director Non Executive Board
Cecile Guillou Director Franprix Senior Management
Christiane Feral-Schuhl Director Non Executive Board
David de Rothschild Director Non Executive Board
David Lubek Chief Financial Officer Senior Management
Didier Leveque Director Non Executive Board
Chief Executive Officer C Nova NV and
Emmanuel Grenier Senior Management
Cdiscount
Franck-Philippe Georgin Secretary Senior Management
Frederic Saint-Geours Director Non Executive Board
Gerald de Roquemaurel Director Non Executive Board
Gilles Pinoncely Director Non Executive Board
Herve Daudin Chairman - Achats Marchandises Casino Senior Management
Herve Daudin Director Merchandise Senior Management
Jacques Dumas Director Non Executive Board
Jean-Charles Naouri Chairman Executive Board
Jean-Charles Naouri Chief Executive Officer Executive Board
Jean-Paul Mochet Chairman of Monoprix Senior Management
Jean-Paul Mochet Chief Executive Officer Franprix Senior Management
Josseline De Clausade Director Non Executive Board
Julien Lagubeau Chief Operating Officer Senior Management
Karine Lenglart Director Corporate Development and Holdings Senior Management
Laure Hauseux Director Non Executive Board
Michel Savart Director Non Executive Board
Nathalie Andrieux Director Non Executive Board
Odile Muracciole Director Non Executive Board
Thomas Piquemal Director Non Executive Board
Chief Executive Officer Leader Price, Casino
Tina Schuler Supermarches, Geant Casino and Casino Senior Management
Proximites

Industry Profiles
8.4. Cencosud SA
Cencosud SA (Cencosud) is a retail company which operates supermarkets, hypermarkets, home improvement
centers, and department stores. It merchandises and sells food and non-food products such as bakery products,
dairy, deli, frozen foods, grocery, seafood, snacks, liquor, yard and garden supplies, plants, fresh-cut flowers,
gift items, energy products, specialty drinks, and other consumer goods. The company retails these products
through supermarkets, department stores, home improvement stores, and shopping centers. These stores are
operated by under various banners including Jumbo, Easy, Santa Isabel, Disco, Vea, Paris, Wong, Metro,
GBarbosa, Perini, Bretas, Costanera Center and Portal Rosario. The company also offers financial services and
loyalty programs to customers. It has business presence in Argentina, Chile, Brazil, Peru, and Colombia.
Cencosud is headquartered in Santiago, Chile.
The company reported revenues of (Chilean Peso) CLP9,836,117.4 million for the fiscal year ended December
2020 (FY2020), an increase of 3% over FY2019. In FY2020, the company’s operating margin was 6%, compared
to an operating margin of 7.5% in FY2019. In FY2020, the company recorded a net margin of 0.2%, compared to
a net margin of 1.2% in FY2019. The company reported revenues of CLP2,472,237 million for the first quarter
ended March 2021, a decrease of 10.9% over the previous quarter.
8.4.2. Key Facts
Table 19: Cencosud SA: key facts
Head office: Av. Kennedy 9001 Piso 7 , LAS CONDES, Chile

Fax: 56229590040
Website: www.cencosud.com
Ticker: CENCOSUD
Stock exchange: Santiago Stock Exchange
Cencosud SA (Cencosud) is a multi-format retailer operating supermarkets, home improvement stores,

department stores and shopping centers. It has presence across Latin America in the countries including Chile,
Argentina, Peru, Brazil, and Colombia.
The company classifies its business operations into six reportable segments: Supermarkets, Home Improvement
Stores, Department Stores, Shopping Centers, Financial Services and Other.

Industry Profiles
Table 20: Cencosud SA: Annual Financial Ratios

Key Ratios 2014 2015 2016 2017 2018
Growth Ratios
Sales Growth % -5.99 1.20 -7.76 -1.01
Operating Income Growth % 25.20 1.42 -26.23 17.20
EBITDA Growth % 25.20 1.42 -21.50 15.33
Net Income Growth % 67.18 13.47 -56.52 -40.35
EPS Growth % 31.28 25.45 -57.65 -62.12
Working Capital Growth % 40.62 -174.25 -133.82 2424.80
Equity Ratios
EPS (Earnings per Share) CLP 78.73 135.46 153.67 66.81 39.97
Dividend per Share CLP 28.60 80.00 50.00 25.00 10.00
Dividend Cover Absolute 2.75 1.69 3.07 2.67 4.00
Book Value per Share CLP 1404.08 1427.15 1400.62 1482.82 1556.97
Gross Margin % 28.91 28.81 28.67 28.62 27.97
Net Profit Margin % 2.11 3.75 4.21 1.98 1.20
Profit Markup % 40.68 40.46 40.20 40.09 38.84
PBT Margin (Profit Before Tax) % 2.56 5.61 6.11 2.89 3.45
Return on Equity % 5.84 9.49 10.97 4.51 2.57
Return on Assets % 4.59 3.82 4.36 1.85 1.00
Return on Working Capital % 858.97 764.76 2278.83 105.78
Return on Working Capital % 858.97 764.76
Liquidity Ratios
Leverage Ratios
Efficiency Ratios

Industry Profiles
Table 21: Cencosud SA: Annual Financial Ratios (Continued)
Key Ratios 2014 2015 2016 2017 2018

Working Capital Turnover Absolute 145.24 97.09 361.00 14.15
Working Capital Turnover Absolute 145.24 97.09

Industry Profiles
Table 22: Cencosud SA: Key Employees

Alejandro Perez Rodriguez Director Non Executive Board
Bronislao Jandzio Corporate Audit Manager Senior Management
Eulogio Guzman Chief Human Resources Officer Senior Management
Felipe Larrain Bascunan Director Non Executive Board
German Cerrato Chief Executive Officer Cencosud Shopping Senior Management
Heike Paulmann Koepfer Director Non Executive Board
Horst Paulmann Kemna Chairman Executive Board
Jorge Perez Alati Director Non Executive Board
Julio Moura Neto Director Non Executive Board
Mario Valcarce Duran Director Non Executive Board
Matias Videla Chief Executive Officer Senior Management
Matias Videla General Manager Senior Management
Peter Paulmann Koepfer Director Non Executive Board
Ricardo Bennett Chief Executive Officer Department Store Senior Management
Manager- Legal Affairs and Institutional
Sebastian Rivera Senior Management
Relations
Sebastian Rivera Chief Legal and Communications Officer Senior Management
Stefan Krause Niclas Director Non Executive Board

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 23: South America exchange rate, 2016–20
Year Exchange rate (€/$)

2016 1.1068
2017 1.1320
2018 1.1810
2019 1.1200
2020 1.1405

Industry Profiles
Appendix
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company profiles
and macroeconomic & demographic information, which enable our researchers to build an accurate market overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Industry Profiles
9.2. Industry associations
9.2.1. Retail Council of Canada
800-1255 Bay St. Toronto ON M5R 2A9, CAN

Tel.: 1 416 922 6678
Fax: 1416 922 8011
www.retailcouncil.org
9.2.2. Global Food Marketing Institute
655 15th Street, NW, Washington DC, 20005, USA

Tel.: 1 202 452 8444
Fax: 1202 429 4519
www.fmi.org
9.2.3. CIES — The Food Business Forum
7, rue de Madrid 75008 Paris, FRA

Tel.: 33 1 4469 8484
Fax: 33 1 4469 9939
www.ciesnet.com
9.3. Related MarketLine research
9.3.1. Industry Profile
Global Food Retail

Food Retail in Europe
Food Retail in Asia-Pacific
Food Retail in Germany
Food Retail in China

Industry Profiles
About MarketLine
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Food & Grocery Retail in South America

Reference Code: 0206-2058

Publication Date: July 2021

Primary NAICS: 445110

Secondary NAICS: 445210

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

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1.1. Market value

1.2. Market value forecast

1.3. Category segmentation

1.4. Geography segmentation

1.5. Market rivalry

1.6. Competitive Landscape

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1.1. Market value ................................................................................................................................................2

1.2. Market value forecast ..................................................................................................................................2

1.3. Category segmentation................................................................................................................................2

1.4. Geography segmentation.............................................................................................................................2

1.5. Market rivalry...............................................................................................................................................2

1.6. Competitive Landscape ................................................................................................................................2

2.1. Market definition .........................................................................................................................................7

2.2. Market analysis ............................................................................................................................................7

3.1. Market value ................................................................................................................................................9

4.1. Category segmentation..............................................................................................................................10

4.2. Geography segmentation...........................................................................................................................11

4.3. Market distribution ....................................................................................................................................12

5.1. Market value forecast ................................................................................................................................13

6. Five Forces Analysis 14

6.1. Summary ....................................................................................................................................................14

6.2. Buyer power...............................................................................................................................................16

6.3. Supplier power ...........................................................................................................................................18

6.4. New entrants .............................................................................................................................................20

6.5. Threat of substitutes ..................................................................................................................................22

6.6. Degree of rivalry.........................................................................................................................................23

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7.1. Who are the leading players in the market?..............................................................................................25

7.3. What are the pricing strategies in the market? .........................................................................................26

8.1. Carrefour SA...............................................................................................................................................28

8.2. Walmart Inc................................................................................................................................................33

8.3. Casino Guichard-Perrachon SA ..................................................................................................................39

8.4. Cencosud SA...............................................................................................................................................42

9.1. Country data ..............................................................................................................................................46

9.2. Industry associations..................................................................................................................................48

9.3. Related MarketLine research .....................................................................................................................48

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South America - Food & Grocery Retail, July 2021

South America - Food & Grocery Retail, July 2021