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Retail in Belgium

March 2023
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Overview:

Understand the latest market trends and future growth opportunities for the Retailing industry in Belgium with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.

Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.

Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:

  • Convenience Stores
  • Discounters
  • Hypermarkets
  • Supermarkets
  • Traditional Grocery Retailers
  • Apparel and Footwear Specialist Retailers
  • Electronics and Appliance Specialist Retailers
  • Health and Beauty Specialist Retailers
  • Home and Garden Specialist Retailers
  • Department Stores
  • Variety Stores
  • Warehouse Clubs
  • Direct Selling
  • Homeshopping
  • Vending

If you're in the Retailing industry in Belgium, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.

The Retailing in Belgium report includes:

  • Analysis of key supply-side and demand trends
  • Detailed segmentation of international and local products
  • Historic volume and value sizes, company and brand market shares
  • Five year forecasts of market trends and market growth
  • Robust and transparent research methodology, conducted in-country

This report answers:

  • What is the market size of Retailing in Belgium?
  • Which are the leading retailers in Retailing in Belgium?
  • How are products distributed in Retailing in Belgium?
  • How is the rise of e-commerce and the expansion of modern grocery retail impacting traditional retail?
  • How significant are discounters and private label in Belgium?
  • How has the impact of COVID-19 and national lockdown impacted consumer demand?
  • Which formats have benefited the most from stockpiling and enforced home seclusion?
  • How will the wider economic impact of COVID-19 shape the retail landscape in the future?
  • Where is future growth expected to be most dynamic?
Download Table of Contents

Retail in Belgium

Retail in 2022: The big picture
Inflationary pressures change consumer shopping behaviour in grocery retailing
Partial recovery for non-grocery retailing
What next for retail?
Informal retail
Opening hours for physical retail
Summary 1 Standard Opening Hours by Channel Type 2022
Seasonality
Christmas
Back To School
Table 1 Sales in Retail by Retail Offline vs Retail E-Commerce: Value 2017-2022
Table 2 Sales in Retail by Retail Offline vs Retail E-Commerce: % Value Growth 2017-2022
Table 3 Sales in Retail Offline by Channel: Value 2017-2022
Table 4 Sales in Retail Offline by Channel: % Value Growth 2017-2022
Table 5 Retail Offline Outlets by Channel: Units 2017-2022
Table 6 Retail Offline Outlets by Channel: % Unit Growth 2017-2022
Table 7 Sales in Retail E-Commerce by Product: Value 2017-2022
Table 8 Sales in Retail E-Commerce by Product: % Value Growth 2017-2022
Table 9 Grocery Retailers: Value Sales, Outlets and Selling Space 2017-2022
Table 10 Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 11 Sales in Grocery Retailers by Channel: Value 2017-2022
Table 12 Sales in Grocery Retailers by Channel: % Value Growth 2017-2022
Table 13 Grocery Retailers Outlets by Channel: Units 2017-2022
Table 14 Grocery Retailers Outlets by Channel: % Unit Growth 2017-2022
Table 15 Non-Grocery Retailers: Value Sales, Outlets and Selling Space 2017-2022
Table 16 Non-Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 17 Sales in Non-Grocery Retailers by Channel: Value 2017-2022
Table 18 Sales in Non-Grocery Retailers by Channel: % Value Growth 2017-2022
Table 19 Non-Grocery Retailers Outlets by Channel: Units 2017-2022
Table 20 Non-Grocery Retailers Outlets by Channel: % Unit Growth 2017-2022
Table 21 Retail GBO Company Shares: % Value 2018-2022
Table 22 Retail GBN Brand Shares: % Value 2019-2022
Table 23 Retail Offline GBO Company Shares: % Value 2018-2022
Table 24 Retail Offline GBN Brand Shares: % Value 2019-2022
Table 25 Retail Offline LBN Brand Shares: Outlets 2019-2022
Table 26 Retail E-Commerce GBO Company Shares: % Value 2018-2022
Table 27 Retail E-Commerce GBN Brand Shares: % Value 2019-2022
Table 28 Grocery Retailers GBO Company Shares: % Value 2018-2022
Table 29 Grocery Retailers GBN Brand Shares: % Value 2019-2022
Table 30 Grocery Retailers LBN Brand Shares: Outlets 2019-2022
Table 31 Non-Grocery Retailers GBO Company Shares: % Value 2018-2022
Table 32 Non-Grocery Retailers GBN Brand Shares: % Value 2019-2022
Table 33 Non-Grocery Retailers LBN Brand Shares: Outlets 2019-2022
Table 34 Forecast Sales in Retail by Retail Offline vs Retail E-Commerce: Value 2022-2027
Table 35 Forecast Sales in Retail by Retail Offline vs Retail E-Commerce: % Value Growth 2022-2027
Table 36 Forecast Sales in Retail Offline by Channel: Value 2022-2027
Table 37 Forecast Sales in Retail Offline by Channel: % Value Growth 2022-2027
Table 38 Forecast Retail Offline Outlets by Channel: Units 2022-2027
Table 39 Forecast Retail Offline Outlets by Channel: % Unit Growth 2022-2027
Table 40 Forecast Sales in Retail E-Commerce by Product: Value 2022-2027
Table 41 Forecast Sales in Retail E-Commerce by Product: % Value Growth 2022-2027
Table 42 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 43 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027
Table 44 Forecast Sales in Grocery Retailers by Channel: Value 2022-2027
Table 45 Forecast Sales in Grocery Retailers by Channel: % Value Growth 2022-2027
Table 46 Forecast Grocery Retailers Outlets by Channel: Units 2022-2027
Table 47 Forecast Grocery Retailers Outlets by Channel: % Unit Growth 2022-2027
Table 48 Non-Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 49 Non-Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027
Table 50 Forecast Sales in Non-Grocery Retailers by Channel: Value 2022-2027
Table 51 Forecast Sales in Non-Grocery Retailers by Channel: % Value Growth 2022-2027
Table 52 Forecast Non-Grocery Retailers Outlets by Channel: Units 2022-2027
Table 53 Forecast Non-Grocery Retailers Outlets by Channel: % Unit Growth 2022-2027

DISCLAIMER

Summary 2 Research Sources

Convenience Retailers in Belgium

KEY DATA FINDINGS

Inflationary pressures cause consumers to shop at discounters and supermarkets
Forecourt retailers show dynamism in 2022, but are yet far from recovering to pre-pandemic levels.
Carrefour leads with innovations and offerings in line with consumer trends
Inflationary pressures and declining purchasing power likely to offset proximity trend
Competition leads to further consolidation
Threat from food e-commerce likely to wane as consumers return to neighbourhood stores
Table 54 Convenience Retailers: Value Sales, Outlets and Selling Space 2017-2022
Table 55 Convenience Retailers: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 56 Sales in Convenience Retailers by Channel: Value 2017-2022
Table 57 Sales in Convenience Retailers by Channel: % Value Growth 2017-2022
Table 58 Convenience Retailers GBO Company Shares: % Value 2018-2022
Table 59 Convenience Retailers GBN Brand Shares: % Value 2019-2022
Table 60 Convenience Retailers LBN Brand Shares: Outlets 2019-2022
Table 61 Convenience Retailers Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 62 Convenience Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027
Table 63 Forecast Sales in Convenience Retailers by Channel: Value 2022-2027
Table 64 Forecast Sales in Convenience Retailers by Channel: % Value Growth 2022-2027

Supermarkets in Belgium

KEY DATA FINDINGS

Inflationary pressures boost value growth for supermarkets in 2022
Colruyt maintains its lead in 2022
Amidst inflationary pressures, retailers focus on core business
Pressure of inflation likely to be felt in 2023 in 2024, negatively affecting supermarkets’ sales
Albert Heijn pushes food e-commerce to gain share
Outlet numbers to decline over the forecast period
Table 65 Supermarkets: Value Sales, Outlets and Selling Space 2017-2022
Table 66 Supermarkets: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 67 Supermarkets GBO Company Shares: % Value 2018-2022
Table 68 Supermarkets GBN Brand Shares: % Value 2019-2022
Table 69 Supermarkets LBN Brand Shares: Outlets 2019-2022
Table 70 Supermarkets Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 71 Supermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027

Hypermarkets in Belgium

KEY DATA FINDINGS

Competition from discounters and supermarkets impacts category performance
Leader Carrefour focuses on its convenience stores and development of food e-commerce
Non-grocery sales return to their pre-pandemic levels in 2022
Crisis of the ‘outdated’ hypermarket model
Competition from other channels and pressure on profits
Carrefour set to maintain its lead
Table 72 Hypermarkets: Value Sales, Outlets and Selling Space 2017-2022
Table 73 Hypermarkets: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 74 Hypermarkets GBO Company Shares: % Value 2018-2022
Table 75 Hypermarkets GBN Brand Shares: % Value 2019-2022
Table 76 Hypermarkets LBN Brand Shares: Outlets 2019-2022
Table 77 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 78 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027

Discounters in Belgium

KEY DATA FINDINGS

In an inflationary environment, value proves to be most important factor in 2022
Aldi and Lidl benefit from new store openings
Discounters suspend delivery services to cut costs
Value trend to remain relevant over the forecast period
Lidl set to gain share thanks to its commitment to sustainability
Aldi and Leader Price to benefit from digitalisation
Table 79 Discounters: Value Sales, Outlets and Selling Space 2017-2022
Table 80 Discounters: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 81 Discounters GBO Company Shares: % Value 2018-2022
Table 82 Discounters GBN Brand Shares: % Value 2019-2022
Table 83 Discounters LBN Brand Shares: Outlets 2019-2022
Table 84 Discounters Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 85 Discounters Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027

Small Local Grocers in Belgium

KEY DATA FINDINGS

Inflationary pressures boost value sales of small local grocers, whilst the number of outlets continues to decline
Highly fragmented competitive landscape with “others” holding the majority share
Recovery of tourism benefits traditional chocolate retailers
Negative performance for small local grocers over the forecast period
Positive factors: the recovery of tourism and return to office work
Digitalisation is a key opportunity for growth
Table 86 Small Local Grocers: Value Sales, Outlets and Selling Space 2017-2022
Table 87 Small Local Grocers: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 88 Small Local Grocers GBO Company Shares: % Value 2018-2022
Table 89 Small Local Grocers GBN Brand Shares: % Value 2019-2022
Table 90 Small Local Grocers LBN Brand Shares: Outlets 2019-2022
Table 91 Small Local Grocers Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 92 Small Local Grocers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027

General Merchandise Stores in Belgium

KEY DATA FINDINGS

Following a partial recovery in 2021, the channel recovers more fully in 2022
Digitalisation is a key growth factor for department stores
Leader Action strengthens its position as a non-grocery discounter in 2022
Value trend to help boost variety stores’ sales over the forecast period
Competition from apparel specialist retailers and e-commerce to impact the performance of department stores
Third-party merchant model to become more popular in department stores
Table 93 General Merchandise Stores: Value Sales, Outlets and Selling Space 2017-2022
Table 94 General Merchandise Stores: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 95 Sales in General Merchandise Stores by Channel: Value 2017-2022
Table 96 Sales in General Merchandise Stores by Channel: % Value Growth 2017-2022
Table 97 General Merchandise Stores GBO Company Shares: % Value 2018-2022
Table 98 General Merchandise Stores GBN Brand Shares: % Value 2019-2022
Table 99 General Merchandise Stores LBN Brand Shares: Outlets 2019-2022
Table 100 General Merchandise Stores Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 101 General Merchandise Stores Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027
Table 102 Forecast Sales in General Merchandise Stores by Channel: Value 2022-2027
Table 103 Forecast Sales in General Merchandise Stores by Channel: % Value Growth 2022-2027

Apparel and Footwear Specialists in Belgium

KEY DATA FINDINGS

Consumers spend more on travel and dining out than on apparel and footwear in 2022
Changing consumer preferences impact sales of apparel
Amidst inflationary pressures, second hand apparel becomes more relevant in 2022
Uncertain times ahead for apparel and footwear specialist retailers as e-commerce continues to gain in share
Towards consolidation in competitive landscape
Third-party merchant model becomes more common in apparel and footwear
Table 104 Apparel and Footwear Specialists: Value Sales, Outlets and Selling Space 2017-2022
Table 105 Apparel and Footwear Specialists: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 106 Apparel and Footwear Specialists GBO Company Shares: % Value 2018-2022
Table 107 Apparel and Footwear Specialists GBN Brand Shares: % Value 2019-2022
Table 108 Apparel and Footwear Specialists LBN Brand Shares: Outlets 2019-2022
Table 109 Apparel and Footwear Specialists Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 110 Apparel and Footwear Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027

Appliances and Electronics Specialists in Belgium

KEY DATA FINDINGS

Inflationary pressures boost value sales of electronics
Demand for larger home appliances declines after spike in 2021, while that for cooking appliances remains solid
Media Markt-Saturn leads with its enhanced services and offerings
Slight decline as competition from e-commerce is likely to intensify
Consolidation among players and competition from e-commerce
Number of telecommunications stores set to decline as electronics specialists adopt omnichannel strategies
Table 111 Appliances and Electronics Specialists: Value Sales, Outlets and Selling Space 2017-2022
Table 112 Appliances and Electronics Specialists: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 113 Appliances and Electronics Specialists GBO Company Shares: % Value 2018-2022
Table 114 Appliances and Electronics Specialists GBN Brand Shares: % Value 2019-2022
Table 115 Appliances and Electronics Specialists LBN Brand Shares: Outlets 2019-2022
Table 116 Appliances and Electronics Specialists Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 117 Appliances and Electronics Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027

Home Products Specialists in Belgium

KEY DATA FINDINGS

Slight growth for home improvement and gardening stores in 2022
Declining purchasing power prevents sales of homewares and home furnishing from recovering to 2019 levels
Ikea maintains its lead in 2022 thanks to the power of the iconic global brand
Cost-of-living pressures likely to negatively affect homewares and home furnishing stores’ sales
Ikea and JYSK set to gain share over the forecast period
Digitalisation and omnichannel strategies increasingly important
Table 118 Home Products Specialists: Value Sales, Outlets and Selling Space 2017-2022
Table 119 Home Products Specialists: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 120 Sales in Home Products Specialists by Channel: Value 2017-2022
Table 121 Sales in Home Products Specialists by Channel: % Value Growth 2017-2022
Table 122 Home Products Specialists GBO Company Shares: % Value 2018-2022
Table 123 Home Products Specialists GBN Brand Shares: % Value 2019-2022
Table 124 Home Products Specialists LBN Brand Shares: Outlets 2019-2022
Table 125 Home Products Specialists Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 126 Home Products Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027
Table 127 Forecast Sales in Home Products Specialists by Channel: Value 2022-2027
Table 128 Forecast Sales in Home Products Specialists by Channel: % Value Growth 2022-2027

Health and Beauty Specialists in Belgium

KEY DATA FINDINGS

With social conditions returning to normal, beauty specialists see their sales return to growth
Preventive health trend boosts sales of health and personal care products
AS Watson maintains its lead with low pricing strategy and expansion
Shift towards e-commerce will prevent sales from returning to 2019 levels
Preventive health trend to remain relevant over the forecast period, benefiting health and beauty specialists
Kruidvat and Medi-Market set to gain share, while consolidation is expected in optical good stores
Table 129 Health and Beauty Specialists: Value Sales, Outlets and Selling Space 2017-2022
Table 130 Health and Beauty Specialists: Value Sales, Outlets and Selling Space: % Growth 2017-2022
Table 131 Sales in Health and Beauty Specialists by Channel: Value 2017-2022
Table 132 Sales in Health and Beauty Specialists by Channel: % Value Growth 2017-2022
Table 133 Health and Beauty Specialists GBO Company Shares: % Value 2018-2022
Table 134 Health and Beauty Specialists GBN Brand Shares: % Value 2019-2022
Table 135 Health and Beauty Specialists LBN Brand Shares: Outlets 2019-2022
Table 136 Health and Beauty Specialists Forecasts: Value Sales, Outlets and Selling Space 2022-2027
Table 137 Health and Beauty Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2022-2027
Table 138 Forecast Sales in Health and Beauty Specialists by Channel: Value 2022-2027
Table 139 Forecast Sales in Health and Beauty Specialists by Channel: % Value Growth 2022-2027

Vending in Belgium

KEY DATA FINDINGS

Fuller recovery of vending in 2022, following steep decline in 2020 and partial recovery in 2021, thanks to the lifting of restrictions
Sales of non-grocery products through vending likely to increase
Coca-Cola maintains its lead, as the top three players consolidate their positions
Vending to benefit from return to out-of-home activities over the forecast period
Innovation in payment methods is key for growth
Sales of non-grocery products through vending set to grow once inflation wanes
Table 140 Vending by Product: Value 2017-2022
Table 141 Vending by Product: % Value Growth 2017-2022
Table 142 Vending GBO Company Shares: % Value 2018-2022
Table 143 Vending GBN Brand Shares: % Value 2019-2022
Table 144 Vending Forecasts by Product: Value 2022-2027
Table 145 Vending Forecasts by Product: % Value Growth 2022-2027

Direct Selling in Belgium

KEY DATA FINDINGS

Inflationary pressures boost current value sales in direct selling in 2022
Consumers return to physical stores, negatively affecting sales in direct selling
Herbalife maintains its lead in 2022
Digitalisation to keep developing direct selling sales over the forecast period
Towards omnichannel strategies
Consumer health set to remain one of the most dynamic areas in direct selling
Table 146 Direct Selling by Product: Value 2017-2022
Table 147 Direct Selling by Product: % Value Growth 2017-2022
Table 148 Direct Selling GBO Company Shares: % Value 2018-2022
Table 149 Direct Selling GBN Brand Shares: % Value 2019-2022
Table 150 Direct Selling Forecasts by Product: Value 2022-2027
Table 151 Direct Selling Forecasts by Product: % Value Growth 2022-2027

Retail E-Commerce in Belgium

KEY DATA FINDINGS

Slowdown in growth in 2022 as consumers return to physical stores
Consumers prefer to spend on experiences than on products
Amidst inflationary pressures, quick commerce struggles
Innovation in logistics and payment methods key for future growth
Third-party platforms to gain popularity over the forecast period
Logistics and sustainability at the core of retailers’ agendas
Table 152 Retail E-Commerce by Channel: Value 2017-2022
Table 153 Retail E-Commerce by Channel: % Value Growth 2017-2022
Table 154 Retail E-Commerce by Product: Value 2017-2022
Table 155 Retail E-Commerce by Product: % Value Growth 2017-2022
Table 156 Retail E-Commerce GBO Company Shares: % Value 2018-2022
Table 157 Retail E-Commerce GBN Brand Shares: % Value 2019-2022
Table 158 Forecast Retail E-Commerce by Channel: Value 2022-2027
Table 159 Forecast Retail E-Commerce by Channel: % Value Growth 2022-2027
Table 160 Forecast Retail E-Commerce by Product: Value 2022-2027
Table 161 Forecast Retail E-Commerce by Product: % Value Growth 2022-2027
The following categories and subcategories are included:

Retailing

      • Fashion Vending
      • Health and Beauty Vending
      • Appliances and Electronics Vending
        • Alcoholic Drinks Vending
        • Hot Drinks Vending
        • Soft Drinks Vending
        • Tobacco Products Vending
      • Foods Vending
      • Home Products Vending
      • Other Products Vending
        • Apparel and Footwear Direct Selling
        • Personal Accessories Direct Selling
        • Eyewear Direct Selling
        • Beauty and Personal Care Direct Selling
        • Consumer Health Direct Selling
        • Tissue and Hygiene Direct Selling
        • Consumer Appliances Direct Selling
        • Consumer Electronics Direct Selling
        • Toys and Games Direct Selling
      • Drinks and Tobacco Direct Selling
      • Foods Direct Selling
        • Home Care Direct Selling
        • Home and Garden Direct Selling
        • Pet Care Direct Selling
      • Other Products Direct Selling
        • Apparel and Footwear E-Commerce
        • Personal Accessories E-Commerce
        • Eyewear E-Commerce
        • Beauty and Personal Care E-Commerce
        • Consumer Health E-Commerce
        • Tissue and Hygiene E-Commerce
        • Consumer Appliances E-Commerce
        • Consumer Electronics E-Commerce
        • Toys and Games E-Commerce
      • Drinks and Tobacco E-Commerce
      • Foods E-Commerce
        • Home Care E-Commerce
        • Home and Garden E-Commerce
        • Pet Care E-Commerce
      • Other Products E-Commerce
        • First-Party (1P) Marketplace E-Commerce
        • Third-Party (3P) Marketplace E-Commerce
      • Grocery E-Commerce
      • General Merchandiser E-Commerce
      • Apparel and Footwear Specialist E-Commerce
      • Appliances and Electronics Specialist E-Commerce
      • Home Products Specialist E-Commerce
      • Health and Beauty Specialist E-Commerce
      • Leisure and Personal Goods Specialist E-Commerce
      • Other E-Commerce Retailers

Retailing

Retail is the sale of new and used goods to consumers from a business for personal or household consumption from retail outlets, kiosks, market stalls, vending, direct selling and e-commerce. Retail is the aggregation of Retail Offline and Retail E-Commerce. Excludes specialist retailers of motor vehicles, motorcycles, vehicle parts. Also excludes fuel sales, foodservice sales, rental transactions, and wholesale sales (e.g. Cash and Carry). Sales value excluding or including VAT/Sales Tax. Retail also excludes the informal retail sector. Informal retailing is retail trade which is not declared to the tax authorities. Informal retailing encompasses (a) sales generated by unregistered and unlicensed retailers, i.e. retailers operating illegally, and (b) any proportion of sales generated by a registered and licensed retailer that is not declared to the tax authorities. Unregistered and unlicensed retailers operate predominantly (although not exclusively) as street hawkers or operate open market stalls, as these channels are harder for the authorities to monitor than permanent outlets. Activities in the illegal market, which is usually understood to refer to trade in illegal, counterfeit or stolen merchandise, are included within our definition of informal retailing. Activities in the “grey market”, which is usually understood to refer to trade in legal merchandise that is sold through unauthorized channels – for example cigarettes bought legally in another country, legally imported, but sold at lower prices than in authorized channels – will be included as informal retailing if no tax is paid on sale by the retailer. However if the retailer pays tax – for example on cigarettes bought legally in another country but sold at a lower price than standard – the sale is included within formal retail.

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