Latin America Retail Ecommerce Players H1 2023 Review and 2024 Outlook: Mercado Libre, Walmex, and Carrefour Carry the Regional Industry Forward as Others Struggle to Turn the Tide

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This is the latest installment in our ongoing series about retail ecommerce in Latin America. In this report, we provide updates for 12 companies in the region, as well as a summary of key trends and what they mean for the future of Latin America’s retail industry. Read the full report here.

Key Question: How did Latin America’s most prominent retail players fare in H1 2023, and what trends should retailers look out for in 2024?

KEY STAT: Half of the 12 companies we track posted double-digit retail ecommerce sales gains in H1 2023. Others—like Cencosud and Grupo Casas Bahia (formerly Via)—reported losses, but these declines were less severe compared with H1 2022.

Executive Summary

  • Latin America’s retail industry proved resilient in H1 2023. Ecommerce sales may have been the primary catalyst for growth, but in-store sales accounted for the bulk of new retail sales. Walmart de México y Centroamérica, or Walmex, was the largest retailer by total sales volumes among the 12 companies we track, underscoring its growing role as a local and regional powerhouse. Meanwhile, Chilean-based retailers struggled to grow amid negative consumer sentiment and an overall reduction in spending.

  • Ecommerce displayed remarkable dynamism, despite disparate growth patterns in H1 2023. Half of the 12 retailers in our analysis reported double-digit sales gains while others faced consecutive quarterly declines because of persistent macroeconomic challenges. Mercado Libre maintained its regional dominance and was the largest net contributor to new sales growth in Latin America’s digital economy. Digital marketplaces and major Q2 shopping holidays, like Mexico’s Hot Sale, also boosted online sales significantly across several markets.

  • Retailers’ strong sales performance in H1 2023 will carry into 2024. Major Q4 shopping holidays like Black Friday and Christmas will determine the fate of retailers in the region. Those who are successful will strike a balance between offering attractive deals to price-conscious consumers and safeguarding their brand's value and bottom lines. Looking to 2024, we expect Latin America to maintain its position as the world’s second-fastest-growing region for retail and ecommerce sales, behind the Middle East and Africa.