Retail

Over the past decade retail has become one of the biggest contributors to economic growth. In 2011 the sector’s contribution to GDP reached 8.1%, largely driven by the increasing size and wealth of Colombia’s middle class, greater access to financing and an inflow of foreign retailers. The arrival of foreign competitors with high levels of funding, innovation and efficiency has contributed to the sector’s dynamism as the retail offering continues to diversify and various segments experience rapid growth. Foreign capital inflows rose from $10m to $2.3bn between 2000 and 2011, largely driven by the increase in shopping malls. Colombia’s large population spread over numerous cities has been a key factor in supporting growth and bodes well for the future of the sector.