{"id":99485,"date":"2026-08-10T22:54:11","date_gmt":"2026-08-11T01:54:11","guid":{"rendered":"https:\/\/murray.adv.br\/?p=99485"},"modified":"2026-08-10T22:54:11","modified_gmt":"2026-08-11T01:54:11","slug":"weak-economic-backdrop-rising-defaults-weigh-on-brazil-retailers","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/weak-economic-backdrop-rising-defaults-weigh-on-brazil-retailers\/","title":{"rendered":"Weak economic backdrop, rising defaults weigh on Brazil retailers"},"content":{"rendered":"<section class=\"content--header\">\n<div class=\"row content-head non-featured \">\n<div class=\"title\">\n<h6 class=\"content-head__title\" style=\"text-align: center\"><em><strong>Major chains are tightening costs, rethinking credit, seeking new sales channels as household debt, weaker consumption pressure Q2 results<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n<div class=\"content__signa-share\">\n<div class=\"content__signature\">\n<div class=\"content-publication-data\">\n<div class=\"content-publication-data__text\">\n<div class=\"content-publication-data__from\"><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p class=\"content-publication-data__updated\"><time datetime=\"2026-08-10T07:48:22.668-03:00\">08\/10\/2026\u00a0<\/time><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"content__share-bar-container\">\n<div class=\"content__share-bar\"><\/div>\n<\/div>\n<\/div>\n<hr class=\"content__divider \" \/>\n<\/section>\n<div id=\"mc-article-body\" class=\"mc-article-body ready cropped\">\n<article>\n<div class=\"no-paywall\">\n<div class=\"row medium-uncollapsed content-media content-photo\" data-block-type=\"backstage-photo\" data-block-id=\"0\">\n<div class=\"mc-column content-media__container\" data-image-display=\"normal\">\n<div class=\"content-media-container\" style=\"text-align: center\">\n<figure class=\"content-media__figure\"><img loading=\"lazy\" decoding=\"async\" class=\"content-media__image aligncenter\" src=\"https:\/\/s2-valorinternational.glbimg.com\/MFMDTsSZiVikEHHJLF5BR-O4U6Y=\/984x0\/smart\/filters:strip_icc()\/i.s3.glbimg.com\/v1\/AUTH_63b422c2caee4269b8b34177e8876b93\/internal_photos\/bs\/2026\/x\/7\/oDBYzRRUSPDq5kp0E2wQ\/foto10emp-101-varejo-b4.jpg\" alt=\"Renner cut 2026 growth forecast, ruled out expanding customer credit, taking a \u201ccautious\u201d approach \u2014 Foto: Ana Paula Paiva\/Valor\" width=\"4128\" height=\"2248\" \/><figcaption class=\"content-media__description\"><em>Renner cut 2026 growth forecast, ruled out expanding customer credit, taking a \u201ccautious\u201d approach \u2014 Photo: Ana Paula Paiva\/Valor<\/em><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mc-column mc-side-item__container\" data-block-type=\"ads\" data-block-id=\"1\"><\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"56\" data-block-id=\"2\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The difficult macroeconomic environment is taking a toll on the performance of Brazil\u2019s major\u00a0<strong>publicly traded retailers<\/strong>\u00a0this year, with the first batch of second-quarter earnings showing a growing negative impact from high\u00a0<strong>household debt<\/strong>\u00a0on sales. Companies say delinquency remains under control, but have already warned that broader indicators point to rising household defaults nationwide.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"35\" data-block-id=\"3\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The tougher environment has affected even the\u00a0<strong>food retail<\/strong>\u00a0market\u2014theoretically less vulnerable to an initial demand contraction than businesses dependent on credit\u2014as well as apparel and footwear, electronics and technology, executives told analysts last week.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"28\" data-block-id=\"5\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Companies have detailed internal measures they plan to take in the second half, as the election race gets underway, to halt the slowdown or improve their bottom-line results.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"65\" data-block-id=\"6\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><a class=\"\" href=\"https:\/\/valorinternational.globo.com\/business\/news\/2026\/07\/16\/creditors-challenge-gpas-restructuring-plan-claiming-conflict-of-interest.ghtml\">GPA, owner of P\u00e3o de A\u00e7\u00facar<\/a>, says it will exercise greater spending discipline through year-end, while\u00a0<strong>Magazine Luiza<\/strong>\u00a0is preparing to strike agreements with more competing platforms to boost online sales, which declined in the first half.\u00a0<a class=\"\" href=\"https:\/\/valorinternational.globo.com\/business\/news\/2026\/07\/16\/assai-enters-pharmacy-market-with-first-in-store-location.ghtml\">Assa\u00ed<\/a>, meanwhile, is sticking with its \u201ctake-from-the-competition\u201d strategy, accelerating the rollout of pharmacies inside its stores this year to tap a new segment and return to faster growth.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"39\" data-block-id=\"7\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Renner\u00a0<\/strong>said Friday (7) what it will not do to improve its weak April-June results: extend more credit through its Realize financial arm. \u201cWe remain cautious and more selective in our credit origination,\u201d CFO\u00a0<strong>Daniel dos Santos<\/strong>\u00a0told analysts.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"41\" data-block-id=\"8\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The company also warned in its earnings report that as of June 30, Brazil had 83.7 million people with overdue debts, compared with 77.8 million a year earlier, \u201crepresenting about half of the economically active population, according to\u00a0<strong>Serasa\u2019s Default Map<\/strong>.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"55\" data-block-id=\"9\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The market\u2019s negative sentiment weighed on retail stocks in Friday\u2019s trading session (7), with the sector spending part of the day among the biggest decliners on the benchmark stock index\u00a0<strong>Ibovespa<\/strong>. Shares of Renner, Magalu, and Assa\u00ed were sharply lower in the morning. The three stocks ended the day down 8%, 3.72%, and 2.94%, respectively.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"73\" data-block-id=\"10\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The move is affecting the short- and medium-term performance of the Consumption Index (Icon), the main benchmark tracking shares of Brazil\u2019s major retailers as well as service companies. Over the past six months, Icon has fallen 17.27%, according to calculations by\u00a0<strong>Valor<\/strong>, closing Friday at 2,830 points. Over the same period, the Ibovespa posted a smaller decline of 7.37%. So far in 2026, Icon is down 9%, while the Ibovespa has gained 7%.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"51\" data-block-id=\"12\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">According to\u00a0<strong>Alexandre Santoro<\/strong>, CEO of GPA, in a letter accompanying the second-quarter earnings report, the macroeconomic environment remained difficult, \u201cmarked by higher household debt, as well as rising delinquency, and by greater competition for disposable income among consumption, financial expenses and new categories of discretionary spending, such as\u00a0<strong>betting platforms<\/strong>.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"51\" data-block-id=\"13\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The executive also said the company, which is undergoing an out-of-court restructuring, is implementing an efficiency plan involving cuts in expenses and capital expenditures. So far, it has delivered slightly more than 50% of the savings expected under the plan, and this effort will also involve tighter control of operating expenses.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"21\" data-block-id=\"14\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">GPA\u2019s net revenue fell 9.6% from April through June compared with 2025, while its net loss widened 16% to R$252 million.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"82\" data-block-id=\"15\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">At Assa\u00ed, revenue rose 0.9% to R$19.1 billion\u2014below the inflation rate for the period\u2014as lower volumes and consumers trading down from more expensive to cheaper brands weighed on sales, the retailer said during an earnings call. In an example presented during Friday\u2019s call (7), a shopping cart containing 91 kilograms of products would cost R$830 using leading brands and R$437 using alternative brands. In other words, as consumers increasingly trade down, the retailer suffers a significant decline in the value of sales.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"17\" data-block-id=\"16\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Assa\u00ed\u2019s net profit more than doubled to R$537 million, driven by tax credits and improved financial results.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"22\" data-block-id=\"17\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">In the fashion segment, the\u00a0<strong>World Cup<\/strong>\u00a0and the weak macroeconomic environment hurt sales at publicly traded retailers, according to second-quarter reports.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"29\" data-block-id=\"18\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">In a segment where impulse purchases are increasingly important, competing for consumers\u2019 attention with games played at different times\u2014in an economy with less disposable income\u2014proved particularly difficult for retailers.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"37\" data-block-id=\"19\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Adding to the challenges, this occurred as the federal government decided, after May, to cut the 20% import tax on products coming from abroad, directly affecting apparel imported from China, which began entering Brazil in larger volumes.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"22\" data-block-id=\"21\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Data released by the major chains show that Renner was the hardest hit, followed by\u00a0<strong>C&amp;A<\/strong>\u00a0and\u00a0<strong>Riachuelo<\/strong>, according to\u00a0<strong>Valor\u00a0<\/strong>calculations.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"48\" data-block-id=\"22\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">According to financial statements, apparel revenue rose 8.9% at Riachuelo, 5.6% at C&amp;A, and 2.5% at Renner. In same-store sales\u2014stores operating for more than 12 months\u2014the gap between this year\u2019s and 2025\u2019s figures stands out. Last year, C&amp;A\u2019s same-store sales rose 17.1%; this year, growth slowed to 4.1%.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"47\" data-block-id=\"23\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">At Riachuelo, the pace fell to just over half, from 15.8% growth last year to 7.8% from April through June. Renner posted the sharpest decline among comparable-store bases in the second quarter across all the chains, with growth of just 1.5% this year versus 18.6% in 2025.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"61\" data-block-id=\"24\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The high comparison base naturally tends to weigh on this year\u2019s figure, but analysts were struck by the magnitude of the slowdown in 2026. \u201cThe World Cup affected foot traffic until the end of the games, and once Brazil was eliminated [from the tournament], that improved somewhat, but the impact continued through the end,\u201d said Andr\u00e9 Michel Farber, CEO of Riachuelo.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"42\" data-block-id=\"25\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">C&amp;A CEO Paulo Correa told analysts on Wednesday (5) that during previous World Cups, demand declined during the games but returned close to normal afterward. This year was different. \u201cThere was an impact on sales every week, even after Brazil was eliminated.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"36\" data-block-id=\"26\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cOur growth would have been higher if not for the World Cup. There were impacts, but I\u2019m also concerned about economic activity. In any case, I have a positive view of the second half,\u201d he said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"58\" data-block-id=\"27\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">It is unlikely that the slowdown in sales can be attributed solely to the tournament, which is why companies also cited the macroeconomic impact of weakening demand. In any case, amid the uncertainty, the market is likely to wait for third-quarter data to quantify the effect of the slowdown, which became intertwined with the impact of the games.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"34\" data-block-id=\"29\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Renner\u2019s revision announced Thursday (6), cutting its 2026 net revenue growth forecast from 9%-13% to 4%-8% after weaker-than-expected second-quarter sales, is one way of preparing for an environment that has turned tougher than anticipated.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"30\" data-block-id=\"30\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Benefiting from the World Cup, Magazine Luiza saw demand for televisions, home appliances such as refrigerators and microwaves, and furniture increase 39%, 15%, and 10%, respectively, at its physical stores.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"28\" data-block-id=\"31\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The retailer\u2019s store operation also grew 10.3% from April through June compared with 2025. That was not enough, however, to support the group\u2019s overall sales for the quarter.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"41\" data-block-id=\"32\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">From April through June, Magalu\u2019s net revenue fell 2.6% to R$8.9 billion, weighed down by weaker online demand, which has a greater impact on the company\u2019s overall figures. E-commerce shrank by nearly 12%, and the channel accounts for 65% of sales.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"49\" data-block-id=\"33\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cListing products through third-party partnerships is a short-term initiative to resume online growth while maintaining profitability,\u201d CEO\u00a0<strong>Frederico Trajano\u00a0<\/strong>told analysts Friday. Starting in October, the company, which began selling on Amazon in June, will have its products eligible for Prime and will provide logistics services for the platform.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"66\" data-block-id=\"34\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Trajano also said the retailer is expected to announce new partnerships over the coming months, \u201cor even in the coming weeks.\u201d Industry sources are considering the possibility of an agreement with Mercado Libre. \u201cWe believe we will be able to resume online growth, which was hurt in the first half while maintaining profitability.\u201d The retailer\u2019s net loss widened 197% to R$72 million from April through June.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"69\" data-block-id=\"35\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Trajano also referred to \u201chundreds of initiatives\u201d to automate operations and further review expenses. \u201cWe have had a hiring freeze since the beginning of the year. We are also exercising tight control over all expense lines, using our initiatives for matrix-based expense management. We have consultants supporting us, and there is still a lot more to harvest in terms of cost reductions. There is significant room for savings.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"4\" data-block-id=\"37\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong><em>(Vit\u00f3ria Nascimento contributed reporting)<\/em><\/strong><\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\">*By\u00a0Adriana Mattos\u00a0\u2014 S\u00e3o Paulo<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\">Source: Valor International<\/p>\n<p>https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Major chains are tightening costs, rethinking credit, seeking new sales channels as household debt, weaker consumption pressure Q2 results &nbsp; &nbsp; 08\/10\/2026\u00a0 Renner cut 2026 growth forecast, ruled out expanding customer credit, taking a \u201ccautious\u201d approach \u2014 Photo: Ana Paula Paiva\/Valor The difficult macroeconomic environment is taking a toll on the performance of Brazil\u2019s major\u00a0publicly [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[27067,27066],"class_list":["post-99485","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-rising-defaults-weigh-on-brazil-retailers","tag-weak-economic-backdrop"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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