Fast Market Research

Colombia Retail Report Q1 2014 - New Market Research Report

New Retailing market report from Business Monitor International: "Colombia Retail Report Q1 2014"

 
Repost This

Boston, MA -- (SBWIRE) -- 12/19/2013 -- As a result of the Colombian government's emphatic business-friendly approach, the Andean country has experienced a thriving economy in the last decade. Colombia is the third largest Latin American country in terms of population and its declining unemployment rates, rising incomes, and a rapidly expanding middle class give it tremendous economic potential that is perceived by domestic and international investors as highly desirable.

The Colombian government's long-term development programs may have started to pay off. Increasing GDP per capita and an ever-expanding middle class suggest that the economic gap and purchasing power disparities among the national population are shrinking. The Colombian population is projected to grow at an annual average rate of 1.2% over the next five years, while gross income per household is expected to grow at a remarkable average of 7.8% in the same period. The population is highly urbanized; rising cities such as Medellin and Cali with more than 2mn inhabitants, Barranquilla and Cartagena with approximately 1mn, as well as another seven cities populated by at least half a million people, are acting as catalysts for a dynamic and competitive retail sector that presents great potential benefit to investors looking for new ventures.

View Full Report Details and Table of Contents

The majority of Colombia's population is young, active and entrepreneurial. Many young people are following trends from the developed world, breaking cultural traditions and leaving home at an early age to study and work. This early mobility has led to the creation of new households that consume more than older generation households. The young people sector of the population represents the driving force behind the strong domestic demand and the national GDP, which reached US$367bn in 2012 - exceeding the Central Bank's expectations - and is forecast to rise to US$379bn in 2013.

Foreign retail companies have invested significant sums in the retail sector of the Andean country. Colombia ranks 18th in market popularity for expansion among international retailers. In the shopping centre arena, interest remains intact not only for the well-known aggressive Chilean investors, but also for other operators from across the region, attracted also by the fact that 66% of the country's purchases take place in shopping centres. According to the Colombian Shopping Centre Association (ACC), between now and 2015 more than 56 projects ranging from small galleries to large western-type malls will be executed.

These represent an approximate investment value of US$2.5mn.

Colombia's geographical position holds an advantage as well. It is surrounded by other thriving economies, such as Brazil and Peru, as well as the Caribbean Sea. Increased international tourism to Colombian beaches has spurred the luxury tourism sector, which constitutes growing potential in the retail sector.

About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff will help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.

Browse all Retailing research reports at Fast Market Research

You may also be interested in these related reports:

- The Future of Retailing in Colombia to 2017
- Croatia Retail Report Q1 2014
- Hong Kong Retail Report Q1 2014
- Chile Retail Report Q1 2014
- China Retail Report Q1 2014
- BMI India Retail Report Q1 2014
- Brazil Retail Report Q1 2014
- European Business Travelers' Airport Retail Trends, 2013-2014
- Global Business Travelers' Airport Retail Trends, 2013-2014
- Food and Grocery Retailing in Latin America to 2016: Market Guide