What: Cencosud is acquiring Makro Colombia for about $158 million, adding 21 cash-and-carry stores and strengthening its wholesale footprint across Latin America.

Why it is important: The deal shows how Latin American retailers are using acquisitions and format diversification to capture B2B demand, improve logistics efficiency, and strengthen regional scale.

Cencosud has agreed to acquire Makro Supermayorista in Colombia for about $158 million through its subsidiary Cencosud Internacional, using internal resources. The deal will add 21 cash-and-carry stores across 16 Colombian cities, including Bogotá, Medellín, Cali, and Barranquilla, expanding Cencosud’s wholesale presence and strengthening its offer for professional buyers and entrepreneurs. The transaction follows Cencosud’s acquisition of Makro’s Argentine operations in 2025 and complements its management of the Giga wholesale format in Brazil, confirming a broader push into cash-and-carry across Latin America. The company expects operational, logistics, and commercial synergies from the acquisition, although the deal remains subject to regulatory approval. The move comes as Cencosud faces modest revenue growth and lower profits, making format diversification and scale increasingly important. By deepening its wholesale capabilities in Colombia, Cencosud is positioning itself to capture value-driven B2B demand while reinforcing its regional competitiveness in a challenging macroeconomic environment.

IADS Notes: Cencosud’s acquisition of Makro Colombia fits into a wider Latin American retail environment where major groups are pursuing scale, logistics efficiency, B2B growth, and market consolidation. Falabella’s launch of Falabella Empresas in May 2026 shows the rising importance of business customers, SMEs, preferential pricing, new payment options, and omnichannel logistics in the region’s retail ecosystems. Modaes in January 2026 reported Falabella’s acquisition of minority stakes from Organización Corona in Colombia, illustrating how leading retailers are strengthening operational control and local infrastructure in the market. The same month, Modaes detailed Falabella’s $900 million 2026 investment plan, focused on store expansion, technology upgrades, logistics, and omnichannel growth across Latin America. Perú Retail in April 2026 highlighted Mallplaza’s exploration of acquisitions in Mexico, reinforcing the trend toward risk-managed expansion through existing assets and local synergies rather than greenfield development. Modaes in March 2026 documented a 48% profit surge among Latin America’s leading department store groups in 2025, driven by operational efficiency and digital transformation, while Modaes in May 2026 showed that sector growth moderated in Q1 2026, with Cencosud among the groups facing weaker momentum. These sources suggest that Cencosud’s move into Makro Colombia is both a response to near-term performance pressure and a strategic effort to deepen wholesale capabilities, capture professional customers, and strengthen regional competitiveness.

Cencosud acquires Makro Colombia