Home and garden specialist retailers is characterised by a large number of micro, small and medium enterprises, especially the former. This means that most of them still have quite artisanal practices and high informality levels.
Although home and garden specialist retailers is highly fragmented with many small players with high informality levels, there are signs of a possible arrival of international brands such as IKEA, which will arrive as an ally of one of the consolidated department stores in Colombia. This creates expectations amongst consumers because of its recognised quality and low prices as a result of its efficient management.
Homes, especially in the main cities of the country and those of the millennial generation, are a way for Colombians to display their personal style or status. This is resulting in innovative proposals by home and garden specialist retailers; consumers are seeking more than fashionable trends, as they now wish to express what they are by means of their homes just as they do through what they wear.
The main aspect in the competitive landscape of home and garden specialist retailers is the consolidation of the participants, beyond the opening of stores, which is seen as a success factor, or closures, which are seen as a failure; even more so when closures exceeded openings as witnessed in 2018. For those players that are or want to be a home and garden specialist retailer, it is essential to develop their own market amidst so much disparity amongst competitors.
With the development and strong penetration of internet retailing, players within home and garden specialist retailers are looking to be better exploit their spaces and reduce their use per square metre, so the omnichannel strategy is emerging, although more slowly than in other channels. They are also implementing logistics practices on inventory management and changing the way they exhibit their products.
One characteristic of home and garden specialist retailers at the end of the review period, was that most of the channel was comprised of small players, with a dominant combined value share, compared to the overall brand leader Sodimac. Therefore, it makes a lot of sense to highlight small players in the expansion process of big companies, as an important link in the chain, especially in the regions, which, due to their proximity to the community, would undoubtedly allow optimal business relationships and would be useful to promote business formalisation processes in these small businesses.
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This industry report originates from Passport, our Retailing market research database.