Peru is the fastest-growing country in terms of retail sales in Latin America and the 9th worldwide, the 2017 Global Retail Development Index revealed.
Conducted by the internationally-renowned management consulting firm
A.T. Kearney, this
world ranking analyzes markets leading the retail sector.
Despite not registering the same growth rates as in the previous decade, the Inca nation has remained at the forefront of the region's economies.
Likewise, it has opened the doors to investment groups that bet on modern trade —such as pharmacy chains, cinemas, supermarkets, department stores and commercial complexes.
According to Lima Chamber of Commerce, Peru's
retail sector may expand up to 4.4% in 2017 and 6% in 2018.
"The access to the international market —thanks to the Free Trade Agreements (FTAs) with the United States and Europe— has contributed to boosting said sector in a more dynamic way," EY Peru Audit Partner Mireille Silva pointed out.
"Nowadays, Peru ranks ninth in this sense worldwide. That makes the world look upon Peru's experience as a strong reference to achieve the full development expected for the coming years," she added.
Currently, Peru and Colombia are the only two South American economies moving towards an advanced business development (besides Chile, which saw its maximum potential in 2016).
"The retail sector is currently moving from maturity to expansion. New territories are being assessed in the country's interior for investment purposes. Likewise, provinces, such as Piura, Chiclayo, Trujillo, Tacna, Arequipa, and Moquegua have become sought-after markets by the country's largest investment groups," Silva noted.
Increased Sales
Unfortunately, Peruvian retailers and shopping centers' growth —in the first half of 2017— was stopped due to
Coastal El Niño floods, particularly the shopping centers operating along the nation's northern coast.
Nevertheless, the sector managed to recover. At the end of 2017, 78 Peru-based shopping centers will reach S/25.953 billion (about US$7.99 billion), which will lead to a 9.4% increase in sales compared to 2016, according to Peruvian Shopping and Entertainment Centers Association's (ACCEP) estimates.
Projections for the coming years —at national level— also include an increase in the number of shopping centers.
Likewise, it appears that Peru will continue registering rises, thus emerging as the second-most-important country, along with Chile which managed to achieve full development in this sense.
(END) NDP/RES/JAA/MVB
Published: 10/30/2017