Mexico retail sector market is anticipated to grow at a considerable CAGR of 5.3% during the forecast period (2024-2031). The market growth is driven by the rising influx of numerous retail stores. The increase in the middle-class population over the past decade is anticipated to contribute to the market growth during the forecast period. However, the issues related to logistics and supply chain operations hinder the market growth.
Mexico retail sector market is segmented by product (food and beverage and tobacco products, personal and household care, apparel, footwear, accessories, furniture, toys, industrial and automotive, electronics and household appliances, and others), by distribution channel (hypermarkets and supermarkets, convenience stores and department stores, specialty stores, online, and others), and by geographies (North America, Europe, Asia-Pacific, and Rest of the World).
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The apparel segment is anticipated to hold a prominent share in the Mexico retail sector market, as it is a major supplier to the textiles and clothing industry in the US. Additionally, the expansion of the middle class, with young working consumers is contributing to the increasing number of shopping centers, supporting the market growth. Furthermore, e-commerce in Mexico is booming, bringing new growth opportunities for the consumer goods and retail industries.
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Market Dynamics
According to the International Trade Organization (ITA), Mexico is positioned among the top five countries in the world in terms of eCommerce retail growth rate. In 2022, Mexico marked 63 million eCommerce users, an increase of 5.5 million over 2021. In 2021, women represented 51% of Mexican eCommerce users. Retailers report the highest number of eCommerce sales during the December holiday season. The second-largest is ‘El Buen Fin,’ a promotion adopted by most Mexican retailers in mid-November.
According to Gobierno De Mexico, the gross domestic product in the second quarter of 2024 was $3.43T MX, 6.92% more than the previous quarter. According to DENUE 2024, retail trade registered 2,261,945 economic units. The highest trade was registered in the states of Estado de México (335,640), Ciudad de México (204,625), and Jalisco (155,118). The total workforce registered in retail trade in the region was 16.7M people, of which 43.8% were men and 56.2% were women. 2,205,940 companies were accounted for in May 2024, according to a report by DENUE. The region registered an FDI of US$598 million, in retail trade, from January to June 2024. The accumulated amount of FDI in retail trade amounted to US$26.8 billion, from January 1999 to June 2024. The states that have received the highest FDI, over the years, include Mexico City (US$7.6 billion), Estado de México (US$4.8 billion), and Jalisco (US$1.6 billion). Furthermore, in 2021, the states with the highest degree of specialization in retail trade were Estado de México (1.18), Tlaxcala (1.12), and Chiapas (1.11).
The major players in the Mexico retail sector market include FEMSA ComercioSA, Coppel SA de CV, El Puerto de Liverpool, Walmart International, Carrefour, and others. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.
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