By Brazil Stock Guide – Brazil’s 300 largest retailers generated R$1.3 trillion ($235 billion) in gross sales in 2024, employing 1.7 million people, according to a study by the Instituto Retail Think Tank (IRTT) published exclusively by Valor Econômico. While the sector’s giants continued to outperform the broader market, the gap between them has shrunk to its smallest in ten years.
Using a constant base of 212 companies included in the ranking since 2015, sales advanced 9.6% in 2024 compared with 8.2% for the broader retail industry measured by IBGE. A year earlier, the difference between both growth rates exceeded seven percentage points.
Slower pace for market leaders
For the first time since 2018, the top 300 posted growth below double digits. Large chains in segments such as home appliances, department stores and household goods dragged the overall performance amid high interest rates, weak demand and a series of corporate crises.
Americanas SA (AMER3.SA) is still grappling with the fallout of its accounting scandal, while Dia Group (DIA.MC), Novo Mundo, Polishop and Casas Bahia filed for court-supervised restructurings. “The concentration of market share fell compared with previous years. Consumption growth did not accumulate at the top,” said IRTT co-founder Alberto Serrentino.
The five largest retailers expanded sales by 8.4% last year, while the top 10 advanced 7.8%, both underperforming the overall top 300.
New players and regional champions
The “Ranking Top 300 do Varejo Brasileiro Mastercard/IRTT” also highlighted companies that entered the list for the first time by tapping niche markets. Gelato chain Bacio di Latte, founded less than 15 years ago, reached nearly R$900 million in sales. Obramax, the construction wholesale unit of Leroy Merlin, booked R$1.7 billion in 2024 and projects R$3 billion this year.
Regional chains also gained ground. Santa Catarina-based Grupo Koch grew 30% in 2024, reaching R$10 billion in annual sales. “We grow with our own capital, avoid debt and plan every step in advance, but we also captured the wholesale boom,” said CEO José Koch.
Supermarkets and drugstores consolidate dominance
Supermarkets and pharmacies further cemented their status as the backbone of Brazilian retail, now accounting for two-thirds of all sales, up from 57% a decade ago. Non-food segments such as apparel and appliances saw their share fall from 39% to 30%.
The five largest retailers in 2024 were Carrefour Brasil (CRFB3.SA), Assaí Atacadista (ASAI3.SA), Magazine Luiza (MGLU3.SA), Raia Drogasil (RADL3.SA) and Grupo Boticário. Casas Bahia slipped to sixth place, while Amazon.com Inc. (AMZN) climbed to eighth, surpassing Americanas. GPA (PCAR3.SA), owner of Pão de Açúcar, dropped to 11th.
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