{"id":99759,"date":"2026-08-26T14:00:01","date_gmt":"2026-08-26T17:00:01","guid":{"rendered":"https:\/\/murray.adv.br\/?p=99759"},"modified":"2026-08-26T14:00:01","modified_gmt":"2026-08-26T17:00:01","slug":"brazils-largest-retailers-post-r1-3tn-in-sales-as-store-growth-slows","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/brazils-largest-retailers-post-r1-3tn-in-sales-as-store-growth-slows\/","title":{"rendered":"Brazil\u2019s largest retailers post R$1.3tn in sales as store growth slows"},"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\"><strong><em>Real sales growth was the weakest since 2021, while regional chains continued to expand faster<\/em><\/strong><\/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<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p class=\"content-publication-data__updated\"><time datetime=\"2026-08-26T07:27:31.013-03:00\">08\/26\/2026\u00a0<\/time><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"content__share-bar-container\"><\/div>\n<\/div>\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\" src=\"https:\/\/s2-valorinternational.glbimg.com\/YEvkROkN1RCV4-dU5D51cZEutk4=\/0x0:1548x1058\/984x0\/smart\/filters:strip_icc()\/i.s3.glbimg.com\/v1\/AUTH_63b422c2caee4269b8b34177e8876b93\/internal_photos\/bs\/2026\/L\/a\/bI3h5YQhyCBS8OfR2WyQ\/26emp-100-varejo-b6-img01.jpg\" alt=\"(From left) EduardoTerra and Alberto Serrentino \u2014 Foto: Gabriel Reis\/Valor\" width=\"463\" height=\"316\" \/><figcaption class=\"content-media__description\"><em>(From left) EduardoTerra and Alberto Serrentino \u2014 Photo: Gabriel Reis\/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=\"20\" data-block-id=\"2\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">As major retail groups face a series of debt renegotiations, new figures point to a pronounced slowdown across the sector.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"64\" data-block-id=\"3\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The companies ranked among\u00a0<strong>Brazil\u2019s 300 largest retailers<\/strong>\u00a0posted combined sales of R$1.3 trillion in 2025. Among the 227 chains with comparable data for the past two years\u2014those included in both the 2024 and 2025 surveys\u2014sales rose 8.6% to R$1.1 trillion, twice the 4.26% inflation rate measured by the\u00a0<strong>Extended Consumer Price Index (IPCA)<\/strong> compiled by the Brazilian Institute of Geography and Statistics (IBGE).<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"30\" data-block-id=\"5\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The 8.6% nominal increase, however, was the smallest annual gain since 2018, when sales rose 7.9%. The net balance of stores in Brazil\u2014openings minus closures\u2014was also the lowest since 2020.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"30\" data-block-id=\"6\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Adjusted for inflation, sales grew 4.3%, more than twice the rate recorded by IBGE\u2019s national retail survey. Even so, that was the slowest growth pace since 2021, during the pandemic.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"41\" data-block-id=\"7\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The figures come from the\u00a0<strong>\u201cTop 300 Brazilian Retailers 2026\u201d<\/strong>\u00a0survey, prepared by the\u00a0<strong>Retail Think Tank Institute (IRTT)\u00a0<\/strong>and published by\u00a0<strong>Valor\u00a0<\/strong>for the past 10 years in partnership with the institute\u2019s founders,\u00a0<strong>Alberto Serrentino, Eduardo Terra,\u00a0<\/strong>and\u00a0<strong>Helio Biagi<\/strong>.<\/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 survey also shows that 282 chains with comparable data for the past two years posted a net gain of 2,474 stores last year, taking openings and closures into account. That was the smallest net increase in the past five years.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"22\" data-block-id=\"9\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">In 2020, retailers closed stores as lockdowns were imposed during the COVID-19 pandemic, producing the study\u2019s lowest net gain, at 163 stores.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"65\" data-block-id=\"10\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cWe don\u2019t see a crisis in the sector, but a slowdown in activity. Retail is feeling the effects of the Brazilian economy; there\u2019s no way to separate the two. There are cyclical factors, such as\u00a0<strong>rising public debt\u00a0<\/strong>and\u00a0<strong>high interest rates<\/strong>, as well as additional factors, such as the expansion of\u00a0<strong>sports betting<\/strong>\u00a0with cuts in essential spending to pay for gambling,\u201d Serrentino said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"32\" data-block-id=\"11\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cThose that outperform the average tend to have low leverage, a solid capital structure and discipline in executing projects, allowing them to maintain certain investments even in an uncertain environment,\u201d he said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"39\" data-block-id=\"12\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The figures also highlight the strength of regional retailers, with chains in the middle of the ranking expanding faster. Historically, these companies have tended to grow with low leverage and their own capital during periods of high interest rates.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"52\" data-block-id=\"14\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">At the same time, the five largest retail companies have barely changed their share of total sector sales over the past five years. The group accounted for 13.3% of total retail sales in 2025, compared with 13.1% in 2020. In 2024, the share was 13.5%, meaning it actually declined slightly last year.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"18\" data-block-id=\"15\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The five companies are, in order,\u00a0<strong>Grupo Carrefour, Assa\u00ed, RD Sa\u00fade (Raia Drogasil), Magazine Luiza,\u00a0<\/strong>and\u00a0<strong>Grupo Botic\u00e1rio<\/strong>.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"31\" data-block-id=\"16\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The 50 largest retailers, however, including strong regional players, increased their combined share from 33.5% to 35.7% over five years. Among the 100 largest, the share rose from 39.7% to 42.4%.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"46\" data-block-id=\"17\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">At the same time, the share of chains with stores in one to five states increased from 63.1% to 67.4% since 2020. More companies also expanded from a single state into two or three states, with the number of such chains rising from 37 to 41.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"41\" data-block-id=\"18\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">More groups also sought to establish a presence across Brazil, aiming to increase sales volume, strengthen their bargaining power with manufacturers and become more competitive. In 2025, 41 chains operated in all 27 states, compared with 38 retailers the previous year.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"32\" data-block-id=\"19\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cThe Brazilian market strengths include regional and family-run retailers. Concentration in our sector remains low and well below levels seen in other markets with similar or greater levels of maturity,\u201d Terra said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"49\" data-block-id=\"20\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The 10 largest retailers accounted for 19% of Brazil\u2019s retail market in 2025, compared with 57% in Mexico, 53% in the U.S., and 82% in Germany, according to the IRTT study. The figures underscore how fragmented Brazil\u2019s retail market remains and how much room chains still have to grow.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"80\" data-block-id=\"21\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Among\u00a0<strong>regional chains<\/strong>\u00a0that expanded into new markets last year, according to the\u00a0<strong>Valor<\/strong>\u00a0survey, was Lojas G, a Paran\u00e1-based home-goods retailer founded in 1996 in Maring\u00e1 and now operating 70 stores nationwide. The chain invested R$20 million to open its first store in Esp\u00edrito Santo state\u2014its eighth state of operation\u2014at the end of 2025. In the short term, it plans to open 10 stores in the region and invest R$200 million, according to the latest projection announced by management.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"74\" data-block-id=\"23\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Another regional chain, Grupo Amma, opened the first store under its Amma Atacadista banner last year. Owned by the Zat family of Conc\u00f3rdia, in Santa Catarina state, the business was founded 40 years ago as a supermarket retailer under the Super Zat brand and has grown with low leverage and investments funded with its own capital. In the second half of this year, it plans to enter Paran\u00e1 state with its first cash-and-carry store.<\/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=\"\">\u201cThey had already opened three cash-and-carry stores since last year and plan to have five by 2027, but in a controlled manner, spending just over R$20 million to R$25 million per store. They are a good example of the regional-retail mindset, focused on planned growth without taking excessive risks,\u201d said a former executive who is now a retail consultant in Paran\u00e1.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"28\" data-block-id=\"25\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The Brazilian retailer with the highest sales per store is Andorinha Hipercenter, which generated R$982 million in sales in 2025 at its single location in northern S\u00e3o Paulo.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"55\" data-block-id=\"26\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The survey shows that only 25 chains operate more than 1,000 stores in Brazil, a country of continental dimensions where retailers face limited access to capital. \u201cThe explanation for this modest number [of 25 chains] lies in the companies\u2019 development history, with restricted access to capital markets until they reach a certain scale,\u201d Serrentino said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"25\" data-block-id=\"27\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cThere are only 41 publicly traded companies among the 300 largest, and franchising ends up being a model that enables chains to expand,\u201d he said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"28\" data-block-id=\"28\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">For Terra, however, last year\u2019s environment doesn\u2019t yet fully reflect the downturns companies have faced in the consumer market in recent months, amid worsening household debt and delinquency.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"61\" data-block-id=\"29\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cWe have a more challenging international and domestic environment this year than in 2025, with greater uncertainty due to fluctuations in the dollar and oil prices, as well as higher inflation followed by some cooling. All this volatility creates a great deal of uncertainty around companies\u2019 business plans. We\u2019ll see the effects of these conditions in next year\u2019s survey,\u201d he said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"20\" data-block-id=\"31\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Among retail groups with annual sales above R$1 billion, there were 138 chains in 2020, compared with 206 last year.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"43\" data-block-id=\"32\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Looking at the past decade, however, gives a clearer picture of the sector\u2019s expansion. The number of chains with annual revenue above R$1 billion rose from 109 to 206, while the number generating more than R$10 billion jumped 250%, from eight to 28.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"34\" data-block-id=\"33\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The survey found that 79 retailers reported having artificial intelligence (AI) projects underway\u2014the first time the study has tracked this information. Another 35 groups said they were already developing sales initiatives using AI agents.<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\">*By Adriana 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<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Real sales growth was the weakest since 2021, while regional chains continued to expand faster &nbsp; &nbsp; &nbsp; &nbsp; 08\/26\/2026\u00a0 (From left) EduardoTerra and Alberto Serrentino \u2014 Photo: Gabriel Reis\/Valor As major retail groups face a series of debt renegotiations, new figures point to a pronounced slowdown across the sector. The companies ranked among\u00a0Brazil\u2019s 300 [&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":[27112],"class_list":["post-99759","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-real-sales-growth-was-the-weakest-since-2021"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Brazil\u2019s largest retailers post R$1.3tn in sales as store growth slows - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/brazils-largest-retailers-post-r1-3tn-in-sales-as-store-growth-slows\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brazil\u2019s largest retailers post R$1.3tn in sales as store growth slows - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Real sales growth was the weakest since 2021, while regional chains continued to expand faster &nbsp; &nbsp; &nbsp; &nbsp; 08\/26\/2026\u00a0 (From left) EduardoTerra and Alberto Serrentino \u2014 Photo: Gabriel Reis\/Valor As major retail groups face a series of debt renegotiations, new figures point to a pronounced slowdown across the sector. 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