Makro Atacadista SA (Makro do Brasil) — Cyborg Score 3/10
Challenged
Wholesale / Cash & Carry
Strategic Profile
In 2020, Carrefour acquired 30 Makro cash and carry stores in Brazil, significantly reducing SHV's presence in the country. By concentrating its activities only in the state of São Paulo, Makro became uncompetitive compared to wholesale market leaders Atacadão and Assaí, forcing the owner to divest remaining assets.
Cyborg Score Rationale
Makro's Brazil operations have been substantially dismantled due to competitive pressures from larger wholesalers. The company lost significant market share after divesting 30 stores to Carrefour in 2020 and subsequently struggled to compete in a consolidated market.
Top Insights
(February 2020) Carrefour acquired 30 Makro stores for R$1.95 billion (~€420 million), marking major consolidation in Brazilian wholesale
(2022) SHV Holdings attempted to sell remaining 24 Makro stores but faced difficulty attracting buyers due to high asking price
Market concentration increased as Atacadão (Carrefour), Assaí (Casino), and other larger wholesalers consolidated dominance
Digital transformation initiatives (2019 Oracle Retail adoption) could not offset structural competitive disadvantage in fragmented store network
Named Competitors
Atacadão — Leading Brazilian cash-and-carry wholesaler
Assaí — Major Brazilian wholesale operator
Fort Atacadista — Brazilian wholesale competitor
Recent Developments
(February 2020) Carrefour agreement to acquire 30 Makro stores across 17 states
(2022) SHV seeking €394-591 million for remaining 24 stores; no formal buyer interest materialized
(2020-2022) Strategic retreat to São Paulo state only; competitive position deteriorated sharply
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