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Makro

Makro is an international brand of wholesale stores that provides bulk quantities of food, non-food products, and consumer goods primarily to customers such as retailers, hotels, restaurants, and caterers at competitive prices through a model. Founded on October 25, 1968, in , , by the Dutch family-owned conglomerate , Makro introduced the innovative concept to the region, inspired by similar operations in and developed in partnership with , which provided expertise and held a minority stake. The first store at De Flinesstraat 9 featured large warehouses with signposted aisles for efficient shopping, catering to both retail and wholesale needs, and included an on-site petrol station operated by SHV's brand. This bold venture, despite initial skepticism from consultants like McKinsey, marked SHV's entry into consumer goods wholesale and set the stage for rapid growth. Over the following decades, Makro expanded aggressively across Europe, opening its first international store in Belgium in 1970, followed by operations in France, Austria, Denmark, and beyond, reaching over 500 stores in 27 countries by the late 1990s. In 1996, European Makro stores were integrated into the METRO Cash & Carry organization, where the Makro brand continues to be used alongside Metro in select markets for specialized wholesale services. Outside Europe, the brand took root in regions like South Africa, where the first store opened in Germiston in 1971 as the country's inaugural self-service wholesaler, and now operates 22 warehouse stores offering groceries, electronics, housewares, liquor, and outdoor equipment under Massmart Holdings, a Walmart subsidiary. In Asia, Siam Makro was established in Thailand in 1988 but was sold by SHV to CP All in 2013, becoming a major player with delivery services for fresh and dry goods. SHV previously operated over 100 Makro stores across Latin America as of 2023, but following the sale of its Argentine operations to Cencosud in January 2025 and the wind-down of its Brazilian operations in 2025, now operates approximately 59 stores in Colombia and Venezuela as of November 2025, amid ongoing restructuring due to economic challenges like inflation and political instability.

Company overview

Business model

Makro operates on a cash-and-carry wholesale model, where customers purchase goods in bulk directly from large stores and handle their own transportation, eliminating delivery costs to maintain low prices. This approach targets professional buyers such as restaurants, hotels, retailers, and caterers, providing them with a format for efficient sourcing of , non-food, and supplies. Access to Makro stores is membership-based, typically restricted to registered businesses or eligible entities like self-employed individuals and charities, ensuring a focus on B2B transactions rather than general consumer retail. Stores are designed as expansive warehouses stocked with extensive product ranges to support high-volume purchases at slim margins, emphasizing cost efficiency through direct sourcing and minimal overhead. This model differentiates Makro from traditional by prioritizing wholesale scale and professional needs, with some markets imposing minimum purchase thresholds to align with the bulk-oriented strategy. Post-2020, Makro has adapted by introducing multichannel options, including online ordering and delivery services for sectors in select countries, enhancing accessibility while preserving the core cash-and-carry efficiency.

Ownership and structure

Makro operates as a global brand of cash-and-carry wholesale stores under a fragmented ownership structure, with different entities managing regional operations through direct ownership or licensing agreements. The brand was originally established in 1968 by N.V., a privately held trading conglomerate headquartered in , , which serves as the primary owner for its remaining Latin American operations. SHV Holdings maintains governance through its executive board and , led by the Fentener van Vlissingen family, with Makro functioning as one of its core trading divisions alongside entities like SHV Energy and . Key subsidiaries under SHV include operations in and , with the latter under a long-term with the Redvital chain; Brazil operations were divested with wind-down completed by 2025, following the sale of Argentina to Cencosud in January 2025, streamlining focus on core markets like . Supported by regional management offices such as those in for South American coordination, as of 2025 SHV's Makro employs thousands in these markets, contributing to the group's overall workforce of approximately 53,000 across all divisions. In Asia, SHV divested its Makro operations to Thailand-based CP Axtra Public Company Limited (a of the Group) in prior years, with CP Axtra now handling the brand through Siam Makro in and partnerships like the 2025 joint venture with for re-entry into the . In South Africa, the Makro brand is operated by Holdings Limited, fully owned by Inc. since 2011, integrating it into Massmart's wholesale portfolio. European operations under the Makro banner are managed by , a Düsseldorf-based multinational, following SHV's 1998 transfer of its continental European assets; this includes subsidiaries like Makro Polska Sp. z o.o. in . A notable 2025 development saw Metro's business, encompassing Makro stores, acquired by a led by Czech investor , potentially influencing local governance and access policies. In , SHV completed the sale of its Argentine operations to Chilean retailer Cencosud S.A. in January 2025. Emphasizing B2B wholesale services across all operators.

History

Founding and early expansion in Europe

Makro was established in 1968 by , a , drawing inspiration from models. The inaugural store opened in at De Flinesstraat 9, introducing a revolutionary format for wholesale consumer goods in large, signposted , complete with an adjacent petrol station operated by SHV's brand. This launch occurred amid the economic prosperity of the 1960s , where SHV partnered with Germany's —holding a minority stake—to leverage expertise in the cash-and-carry sector, with SHV retaining majority control at 60%. In its early years, the concept gained rapid traction in the , expanding from the single location to multiple outlets as demand from business customers surged. Makro introduced a membership card system targeted at professional buyers, such as retailers and caterers, to ensure access was limited to verified businesses and to foster loyalty in the wholesale model. By the mid-1970s, the chain had established a strong domestic footprint, capitalizing on the economic boom to serve both wholesale and select needs with goods at competitive prices. Makro's European expansion began swiftly, with the first international store opening in in 1970, followed by entries into the in 1971 with a location in Eccles, . The company entered in 1972, opening its debut store in and introducing the cash-and-carry format to the market, while also launching operations in in 1971 partly under the Makro brand through the ongoing SHV-Metro . This growth continued through the and , with stores proliferating across these markets amid regional economic upturns; however, Makro later exited in the mid-1990s as part of strategic divestments, while operations in persisted until a in 2022. By the late , the had enabled dozens of stores throughout , emphasizing service to the burgeoning sector as professional demand for bulk supplies intensified during periods of economic expansion.

International growth and partnerships

Makro's international expansion beyond its European base accelerated in the early , building on its established presence in and venturing further into and through strategic partnerships and direct investments. By the turn of the millennium, the company had already solidified operations in key Latin American markets, where it adapted its cash-and-carry model to local economic conditions despite challenges like political instability. This period marked a shift toward collaborative ventures that enabled localized growth while leveraging ' global expertise. In , Makro deepened its footprint starting from its 1980s entries into , , and , where stores were opened amid economic volatility but persisted as core components of the network. represented a major focus, with the company achieving 20 stores by 1990 through initial partnerships and expanding to 40 by the early via organic growth and further collaborations. By 2010, hosted the largest concentration of SHV Makro outlets in the region, followed by , , and , illustrating the company's emphasis on scaling in high-potential wholesale markets. saw additional development in the , aligning with broader regional strategies, while 's operations were bolstered through acquisitions that integrated local assets into the Makro format prior to 2025. These efforts contributed to robust growth, with accounting for a significant portion of Makro's non-European stores. Asia's development centered on Thailand, where Siam Makro was established in 1988 as a joint venture between SHV Holdings and the Charoen Pokphand Group, marking Makro's first major foray into the region. This partnership facilitated rapid store openings, with the venture becoming a leading cash-and-carry operator; by 1997, Charoen Pokphand held the majority stake, though SHV retained involvement until selling its shares to CP All in 2013 for approximately $6.6 billion, transitioning full control while preserving the Makro brand. The collaboration exemplified licensing agreements that allowed adaptations to Asian consumer preferences, such as emphasizing foodservice supplies. However, Makro exited select Asian markets during this era, including a sale of its Indonesian operations to Lotte Mart in 2008 and divestment from China around 2009, refocusing resources on more viable territories. In , Makro's growth hinged on a pivotal partnership with , which acquired six initial Makro stores in upon its founding in 1990, establishing the brand in the wholesale sector. Walmart's 2011 acquisition of a 51% stake in for $2.3 billion further propelled expansion, with the Makro brand retained and licensed for use across 46 stores in by the mid-2010s, including general warehouse and formats targeting both retail and commercial customers. This licensing model allowed local adaptations, such as integrating with Walmart's , while enabling to operate independently in sub-Saharan markets. Overall, these initiatives drove substantial scale, with Makro operating approximately 161 stores across 10 countries by , a marked increase from fewer than 100 in 2000, reflecting the success of partnerships in navigating diverse regulatory and economic landscapes. Licensing agreements, particularly with entities like and , proved instrumental in sustaining the brand's global adaptability without direct ownership in every market.

Recent developments and challenges

In recent years, Makro has accelerated its to adapt to evolving retail landscapes. In , the company expanded its capabilities through Makro Food Service, developing dedicated online platforms for professional customers starting in 2018, which focused on personalized delivery and segment-specific offerings. In , particularly , Siam Makro launched and scaled its Makro PRO platform around 2020, emphasizing B2B grocery sales and integrating features to connect suppliers directly with small businesses. The further catalyzed these efforts, prompting Makro to introduce and expand delivery services across multiple markets, including free take-away options in and workforce expansions in to handle surged online demand. Ownership changes have marked significant shifts in Makro's operations. In January 2025, Chilean retailer Cencosud acquired Makro's Argentine operations, including 21 wholesale stores and the associated Basualdo supermarket chain, for US$122.5 million, aiming to strengthen its position in the South American wholesale sector. In , the divestment process initiated in 2023 continued, with the complete transition of sold stores expected by the end of 2025. Similarly, in July 2025, Czech billionaire Daniel Křetínský's consortium purchased Makro's operations in the , signaling potential policy changes such as opening stores to all customers, moving away from the traditional business-only access model. Expansion initiatives continue to drive growth in key regions. In , Siam Makro operated over 160 stores by late 2025, supported by ongoing investments in store upgrades and community-focused formats. Looking ahead, Makro plans to re-enter the Philippine market in 2027 through a between CP Axtra and , with initial stores targeting wholesale and modern retail experiences for small businesses. Despite these advancements, Makro has faced notable challenges. In the UK, where the brand operates under Tesco's Booker Group following a 2012 acquisition, ongoing store rationalizations have included closures in locations like , , and , raising questions about a potential full exit by 2025 amid shifting wholesale dynamics. Intense competition from rivals such as and has pressured margins in cash-and-carry segments across Europe and Asia, with Makro responding through cost efficiencies and digital innovations. Additionally, global from 2022 to 2024 increased wholesale input costs, impacting profitability in and operations, though Makro mitigated this via optimizations and pricing strategies. Makro has also garnered recognition for its performance. In , independent basket price studies consistently ranked Makro as the cheapest grocery retailer in 2024 and 2025, with monthly comparisons showing savings of up to R72 compared to competitors like Woolworths. In , Siam Makro was named among the top five companies in the 2025 TIME and Asia-Pacific's Best Companies ranking, earning a score of 90.45 out of 100 for its practices and .

Operations

Store format and customer access

Makro operates large-format cash-and-carry warehouses designed for efficient , with store sizes typically ranging from 4,000 to 12,000 square meters depending on the market and location. These warehouses feature expansive layouts optimized for professional buyers, including wide aisles that allow for navigation and systems to maximize vertical storage space. A representative example is a opened in in 2024 spanning 12,824 square meters, incorporating modern architectural elements like barrel vaults for enhanced ceiling height and airflow. Customer access to Makro stores is generally restricted to registered members, primarily targeting VAT-registered businesses and self-employed professionals to support their wholesale needs. Membership typically requires an annual fee, such as approximately €24 in the , and provides a card for entry and discounted pricing. However, policies vary by region; for instance, as of mid-2025, Makro in the , under new ownership, has indicated plans to relax these requirements, potentially allowing to private individuals without a business affiliation. To adapt to diverse markets, Makro has introduced smaller urban formats in , such as the BuddyMart community store concept launched in in 2022, which caters to space-constrained city environments while maintaining core wholesale offerings. In , post-2020 sustainability initiatives include, for example in , the installation of solar panels on the roofs of 10 stores, generating a combined 6 megawatts of to power operations and charging stations.

Product range and sourcing

Makro's product range is tailored to the needs of customers, emphasizing quantities suitable for use in sectors such as , , and . The assortment is divided into core categories, with and beverages accounting for approximately 60% of the assortment. This includes fresh , foods, and pantry staples like grains, oils, and canned goods, designed to support high-volume operations in the HoReCa (hotels, restaurants, and ) industry. Non-food items constitute the remaining 40% of the range, featuring practical essentials such as cleaning supplies, office products, and small electronics, all packaged in formats to minimize costs for businesses. Makro avoids retail-sized items, instead prioritizing oversized and specialized lines for seasonal demands or professional applications, ensuring efficiency for customers like small retailers and caterers. Private labels play a key role in the assortment, with Makro's own brands—such as for household goods, Savepak for packaging, and Metro Chef for professional culinary items—offering cost-effective alternatives that meet business standards. These brands, which include lines like M-Pro for specialized professional use, represent a substantial portion of the product mix, enhancing value while maintaining . Sourcing practices focus on direct procurement from producers to secure bulk volumes at competitive prices, supplemented by global supply chains for imported goods to diversify the assortment. In line with its wholesale model, Makro emphasizes efficient , including for distribution. Sustainability is integrated into sourcing, with commitments to responsible practices such as offering MSC-certified to promote ethical fisheries and reduce environmental impact.

Global presence

Europe

Makro maintains a significant presence in , operating as a cash-and-carry wholesaler primarily targeting customers in the , , and sectors across multiple countries. As of , the company's footprint emphasizes efficient supply chains, adaptation to stringent regulatory environments, and digital enhancements to support clients amid evolving dynamics. In the , Makro's home market and headquarters location, the company operates approximately 17 stores, with a strong emphasis on supplies for the HoReCa sector, including bulk , beverages, and equipment tailored to caterers and large-scale users. This contributes substantially to Makro's overall revenue through its focus on wholesale, supported by integrated and a dedicated for ordering. Sustainability efforts include compliance with waste reduction directives, such as promoting reusable packaging in stores. Online integration is advanced, with the Makro enabling 24/7 ordering and delivery services to streamline operations for Dutch es. Spain represents one of Makro's largest European operations, with over 37 stores established since the company's entry in 1972, specializing in Mediterranean-sourced products like fresh , olive oils, and regional produce to serve the vibrant . The division reported sales of €1.74 billion for the 2023/2024 , driven by strong online channel growth that accounted for a notable portion of . In response to sustainability regulations, Makro Spain has invested in eco-friendly distribution, including a new €7 million center in to reduce carbon emissions from island logistics. Digital tools, such as the Makro app and , facilitate volume discounts and next-day deliveries, enhancing accessibility for professional buyers. The United Kingdom hosts around 30 Makro stores, focusing on diverse wholesale needs for caterers and retailers, though the operations face ongoing retail sector challenges, including potential closures or divestitures amid economic pressures in 2025. Integrated with Booker Wholesale, Makro UK emphasizes competitive pricing on bulk goods, with online platforms supporting nationwide delivery to mitigate in-store access issues. Sustainability initiatives align with UK net-zero goals, incorporating energy-efficient store designs and reduced plastic usage in packaging. In the , Makro operates 13 stores, marking a pivotal shift in 2025 under new ownership by a led by local investor , which has broadened customer access to include non-business individuals via relaxed entry requirements, expanding beyond traditional HoReCa focus. This change aims to boost footfall while maintaining wholesale efficiencies, with online ordering integrated for seamless professional . The operations emphasize EU-mandated , such as sourcing from certified suppliers to meet environmental standards. features 30 Makro stores under oversight, serving a robust of gastronomy and retail clients with emphasis on regional distribution. maintains 10 stores, prioritizing urban economic centers for hospitality supplies. rounds out the portfolio with 3 stores, integrated into broader wholesale to support local businesses. Across these markets, regional trends highlight adherence to EU regulations—like the Green Deal's and emissions targets—alongside accelerating online integration, with platforms now handling up to 20% of sales in mature operations to adapt to post-pandemic preferences.

Asia

Makro's operations in Asia are primarily centered in , where it has established itself as a dominant player in the wholesale sector since its acquisition by the Charoen Pokphand (CP) Group. In 2013, CP acquired a 64% stake in Siam Makro Public Company Limited from for $6.6 billion, marking a significant expansion of its retail footprint. Under CP Axtra, the current operator, Makro manages over 160 stores across the country as of 2025, focusing on (B2B) sales particularly in the hotel, restaurant, and catering (HoReCa) segment. Makro has solidified its leadership in Thailand's HoReCa market through initiatives like the annual makro HoReCa event, which in 2025 themed "FOOD INFINITY" emphasized sustainable growth and innovation for food businesses, attracting thousands of entrepreneurs and featuring culinary competitions under royal patronage. In the , Makro is set for a re-entry in 2027 following a 15-year absence, driven by a between CP Axtra and . The partnership, formalized in September 2025, established M&Co Corp. with an initial capital of 3.4 billion Philippine pesos (approximately $60 million), where CP Axtra holds a 50.1% stake. On November 17, 2025, ACX Holdings (Ayala's retail arm) and CP Axtra signed a new to expand the collaboration, exploring additional co-investments and new retail ventures in the and . The venture plans to launch initial stores starting in , offering a modern warehouse shopping experience tailored to local HoReCa and needs, building on CP Axtra's successful model from . Makro's presence in other Asian markets includes ongoing operations in through its subsidiary LOTS Wholesale Solutions, launched in 2017 as a cash-and-carry wholesaler under Siam Makro. By 2025, LOTS operates multiple stores in the National Capital Region, serving over 140,000 registered customers with a focus on B2B , and reported revenues of $121 million for the fiscal year ending March 31, 2025. The company has divested from several markets, including the sale of its Indonesian operations to Shopping in 2008 for $223 million, which included 19 stores rebranded as Wholesale. Similarly, Makro exited after operating stores since 1996, transferring assets to local partners to refocus on core Southeast Asian markets. Across Asian operations, Makro adapts to regional demands by deploying high-density urban store formats, such as compact outlets ranging from 65 to 450 square meters, to serve densely populated areas efficiently. In tropical climates like those in Thailand and the Philippines, the company emphasizes fresh and local sourcing, partnering directly with farmers for premium produce to ensure quality and sustainability while minimizing supply chain disruptions. These adaptations support Makro's B2B model, integrating advanced fresh-keeping technologies in zones dedicated to perishables for HoReCa clients.

Africa and Latin America

Makro's operations in are concentrated in , where the brand functions as part of the Wholesale division under full ownership by since 2011. As of 2025, Makro operates 22 large-format warehouse stores across major metropolitan areas, serving a diverse customer base that includes small retailers, informal traders, businesses, and individual households through its cash-and-carry model. In October 2025, announced plans to convert select existing stores in malls into smaller Makro outlets to expand and test compact formats in areas. This setup allows to bulk food, liquor, and general merchandise at competitive prices, contributing to Makro's reputation as a key supplier in the region's fragmented retail landscape. In comparative grocery basket analyses conducted throughout 2024 and into 2025, Makro consistently ranked as the cheapest major retailer in , with a March 2025 basket totaling R376.40, outperforming competitors like and Woolworths by significant margins. This affordability has been pivotal in addressing the needs of price-sensitive consumers amid rising living costs. In , Makro maintains a presence across volatile economies with diverse structures, adapting to local challenges through strategic partnerships and divestments. Venezuela hosts Makro stores operated under , continuing operations despite severe economic instability characterized by exceeding 100% annually and currency as of late 2025. These conditions have strained supply chains and consumer , yet Makro persists in serving customers with essential goods, leveraging its format to navigate import restrictions and local shortages. , once Makro's largest Latin American market with over 100 stores under SHV, underwent a major wind-down by 2025, with the majority of outlets sold to competitors such as in phased transactions starting in 2020. The remaining operations transitioned fully by mid-2025, reflecting SHV's strategic exit from a highly competitive and regulated environment. Further south, Argentina's Makro network, comprising 24 wholesale stores in 12 cities and 10 provinces, was acquired by Chilean retailer Cencosud in January 2025 for , integrating it alongside the Basualdo supermarket chain to bolster Cencosud's cash-and-carry segment. This deal, finalized after negotiations initiated in , provided Makro with continued stability under a regional powerhouse amid Argentina's economic turbulence, including inflation rates above 200% and fluctuating exchange controls. In , SHV-owned Makro runs 22 stores across 16 cities, emphasizing accessibility for small businesses and families. A notable 2025 initiative was the Deskshops campaign, launched in May, which equipped workers with branded mini-kiosks to sell Makro products from their desks, generating supplemental income while expanding reach in urban areas and garnering widespread attention for its innovative approach to informal retail. Across and , Makro's strategy focuses on resilience in emerging markets prone to economic , such as crises and supply disruptions, by prioritizing flexible ownership models and localized operations. In these regions, the company increasingly sources products from domestic to reduce import dependency and support local farmers, aligning with broader trends in sustainable supply chains amid global uncertainties. This adaptation has enabled sustained growth in store traffic and sales volumes, even as external pressures like U.S. policy shifts and regional persist into late 2025.

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