Project Supermarket App

Mail: Carlossempertegui@uees.edu.
ec
Project: New product that doesnt exist in Ecuador and launch here in the
market
1. Product or Service Overview

2SWOT 3Research Methodology
o 2 Focus Groups: 8-12 groups based on your consumer target, 2
minute video about the focus groups
People from 18-30
People from 31-50
o 200 Surveys
o 2 In Depth Interview: Face to face interview with expert in the
topic
Mi Comisariato employee
Costumer Service guy?
o Results of Research
Recommendations
Conclusions
Demographics to understand markets: Age, income level
Google Docs: 10 questions surveys, 10 graphics results from the questions
Focus groups: gather main idea, brainstorm, quality info about whast the
consumer wants, gather main ideas
Service: Virtual Grocery App
Demographics
Age: 18-50
Income Level: Medium, medium high, High class
People with smartphones
Male and female
Education level:
Make a competition chart with the market share of the company versus
competitors. Show which are substitute products.
Survey - close questions physical

Focus groups open questions, quality products
UEES Virtual Library Passport: Consumer trends per country
https://www.youtube.com/watch?v=KEdlUCmN404
Passport information
Corporacin el Rosado SA in Retailing (Ecuador)

Local Company Profile | 09 Feb 2016
STRATEGIC DIRECTION
The companys strategy is to reduce the market concentration that Corporacin Favorita
CA has obtained during recent years. The company also seeks to provide a superior customer
service, a private label portfolio and a wide retail coverage.

The company plans to continue developing according to consumer demands for more
convenient shopping. This is why it is developing smaller supermarket formats such as Mini Plus for
ease of access in more populated areas. Also, it plans to continue developing retailing concepts
which are able to provide everything a customer may need, from entertainment to basic groceries.
KEY FACTS
Summary 1 Corporacin el Rosado SA: Key Facts
Full name of
company:
Address:
Tel:
Fax:
www:
Activities:
Corporacin el Rosado SA
9 de Octubre 729 y Boyac, Guayaquil, Ecuador
+593 (4) 232 2000; 232 2555
+593 (4) 232 8196
www.elrosado.com
Operator of retailing chains, consumer foodservice
and entertainment
Source: Euromonitor International from company reports, company research
Summary 2 Corporacin el Rosado SA: Operational Indicators 2013-2015
2013
Net sales
Outlets
Selling space
Number of
employees
Sales of grocery
2014
2015
US$853.3 million US$1.0 billion US$1.2 billion*

63
64
66*
163,100 sq m
164,300 sq m 169,400 sq m*
7,680
89.6%
7,700
90.2%
7,740*
92.0%*
Source: Euromonitor International from company reports, company research, trade press
Note: *Estimates
INTERNET STRATEGY
Corporacin el Rosado is not interested in developing internet retailing yet. The company
is focused on improving its store-based retailing.
COMPANY BACKGROUND
Corporacin el Rosado is a family-based organisation that started with a couple of Polish
immigrants. They started with a restaurant and then with an import company, which led to what is
now Mi Comisariato supermarkets. Corporacin el Rosado is one of the most important companies
in Ecuador and in the national retail industry.

The companys main focus is on retailing in which it has developed supermarkets,
hypermarkets, department stores, media products stores, toy stores and DIY brands. In addition, it
also has restaurants, cinemas, a radio station and real estate branches that build and own most of
the shopping centres where the company has its stores.

Corporacin el Rosado operates solely within Ecuador. It has nationwide coverage, with a
primary emphasis on larger cities, but it still is present in smaller locations, mainly on the coast.
The company has opened several El Paseo shopping centres in cities that did not previously have
any large-scale shopping centres such as Daule, Babahoyo and Playas.
Chart 1 Corporacin El Rosado SA: Mi Comisariato, Supermarket in Guayaquil
Source: Euromonitor International
PRIVATE LABEL
The company has been very successful with its private label products. For Mi Comisariato
and Hiper Market, private label sales represent around 40% of total sales.
Corporacin el Rosado is constantly increasing its private label product lines. It already
sells its own vegetables, fruits, juices and bread, amongst other groceries. The company does not
increase the amount of new products by much each year, as it constantly tests and analyses them
before they are launched. The company launches on average five new private label products per
year.
Sales for private label products have been constantly rising with the objective of obtaining
bigger margins, although the company has not used the vertical diversification strategy that its
direct competitors established many years ago.
Summary 3 Corporacin el Rosado SA: Private Label Portfolio
Private label brand
Category(ies)
Notes
Mi Comisariato
Mi Panadera
Grocery, non-grocery
Grocery, non-grocery
Budget range
Budget range
Source: Euromonitor International from company reports, companys stock exchange report
COMPETITIVE POSITIONING
Corporacin el Rosados share of overall retailing retail value sales was 5% in 2015, which
placed the company second.
The companys share remained stable in 2015 because even though its current value sales
grew, so did sales of its main competitors: Corporacin Favorita and Tiendas Industriales
Asociadas.
The companys grocery retailers target middle- to low-income households. The companys
grocery brands have low prices and wide and deep product lines. Mi Comisariatos strong
competitors in supermarkets, Ta and Supermaxi, have been able to position themselves better, Ta
with the best distribution network and Supermaxi with the best-quality products.
The company is positioned in the most mature areas of retailing, but it is constantly
seeking renewal to differentiate itself from its competition by using constant discounts focused on
middle- to low-income households. This targets the companys future efforts towards shopping with
a focus on entertainment, simulating Corporacin Favoritas strategy.
Summary 4 Corporacin el Rosado SA: Competitive Position 2015
Channel
Retail Value Share
Rank
Retailing
Grocery retailers
Modern grocery retailers
Hypermarkets
Supermarkets
Non-grocery specialists
Home and garden specialist retailers
Leisure and personal goods specialist
retailers
4.8%
11.2%
20.5%
39.1%
12.0%
0.8%
1.7%
2
2
2
2
3
14
3
2.2%
Corporacin Favorita CA in Retailing (Ecuador)

Local Company Profile | 09 Feb 2016
STRATEGIC DIRECTION
The company aims to continue specialising in retail in general but focusing on product
quality and the best customer service. Ensuring the protection of the environment is also very
important for the company.

Corporacin Favorita is likely to focus more on expanding in smaller cities but at a medium
pace, so that it grows constantly but without getting highly indebted. It intends to focus on vertical
diversification and distributing private label products, and to keep its leadership in real estate
investment (ie malls).
KEY FACTS
Summary 1 Corporacin Favorita CA: Key Facts
Full name of
company:
Address:
Tel:
Fax:
www:
Activities:
Corporacin Favorita CA
Avenida General Enrique Va Cotogchoa, Sangolqu,
Quito, Ecuador
+593 (2) 299 6500
+593 (2) 299 6502
www.aki.com.ec; www.supermaxi.com
Retailing through supermarkets, hypermarkets, toy
stores, DIY, department stores, electronics and
homeshopping
Source: Euromonitor International from company reports, company research, trade press
Summary 2 Corporacin Favorita CA: Operational Indicators 2013-2015
Net sales
Outlets
Selling space
Number of employees
Sales of grocery
2013
2014
2015
US$2.1 billion
148
302,500 sq m
7,390
87%
US$1.9 billion
152
313,400 sq m
7,460
88%
US$2.2 billion*
155*
319,500 sq m*
7,550*
86%*
Source: Euromonitor International from company reports, company research, trade press, trade sources
Note: *Estimated
INTERNET STRATEGY
Internet retailing is almost negligible for the company.
Out of the 15 brands the company has, only 3 have the possibility of selling online: Tatoo,
Mr Books and TVentas. The company is not currently interested in developing its internet sales
further as consumers still seem reluctant to buy from online retailers. In 2014, it invested in a
mobile app to inform consumers about prices and to be able to make a shopping list before going
to the retailer.
COMPANY BACKGROUND
The company started as a small warehouse in Quito and slowly grew until it opened a
supermarket in the early 1960s. From then on, the company has evolved to become a producer,
distributor and retailer. All of the companys brands have been created by the company, except
Kywi and Mega Kywi, which were bought in 2005. The organisation is Ecuadors biggest in retailing
and one of the most influential in the country.

The companys core businesses are focused on the whole vertical expansion of retailing.
Corporacin Favorita has companies that range from agroindustry (which produces meat that is
sold in its supermarkets) to commercial products (it has store brands for almost every channel) and
real estate (which constructs most of the shopping centres where it has its various brands). In
addition, it possesses smaller companies in diverse industries such as securities and travel.
The company has received several awards. Merco Espaa (the Spanish Monitor of
Corporate Reputation) ranks Corporacin Favorita as the company with the best reputation in the
country. It also leads Ekos magazines rankings of the largest companies in Ecuador. In 2014 it
received the Punto Verde (Green Point) certification, which is given by the Environment Ministry
to companies that help benefit the country with better environmental policies. The firm received
this mention thanks to its own Calope hydroelectric plant, which helped reduce by 43% the energy
consumed by the company from the national electric grid.

Corporacin Favorita has stores in many parts of the country. It concentrates its outlets
mainly in larger cities, such as Quito and Guayaquil, but it is expanding to growing smaller cities
such as Playas, La Libertad, Riobamba, Latacunga and Guaranda.
Chart 1 Corporacin Favorita CA: Megamaxi, Hypermarket in Guayaquil
PRIVATE LABEL
As a general strategy, the corporation wants to be able to provide a wide variety of

options for consumers, which is why it is interested in developing its private label portfolio. In this
way, consumers have access to low-priced but high-quality products, and this further develops
consumer loyalty.
The companys private label portfolio is large, as it includes grocery, personal care and
home care products. During 2011, the company added 59 new products, which meant growth in
private label of 20%. Between 2012 and 2013 the company was estimated to increase its private
label portfolio by 30%.

Since 2006, Corporacin La Favoritas private label offer has included high-quality products
at affordable prices. Private label products from Corporacin Favorita tend to be highly respected,
as those with the Supermaxi label are considered to have the highest quality in the country. The
company wants to position its private label goods as products that provide a great price-quality
ratio. In 2011, it introduced the La Original range, to compete with Supermaxi and Aki products. La
Original is positioned as offering the cheapest products which are part of the basic goods basket.
The companys sales through private label products grow at an average of 20% per year.
The main products in private label for Corporacin Favorita are rice, toilet paper, frozen seafood
and chicken.
Summary 3 Corporacin Favorita CA: Private Label Portfolio
Private label
brand
Category(ies)
Aki
Supermaxi
La Original
Supermarkets,
hypermarkets, grocery,
non-grocery
Supermarkets,
hypermarkets, rocery, nongrocery
Supermarkets,
hypermarkets, grocery,
non-grocery
Notes
Budget range
Mid-priced range
Budget range, specific for
products in the basic goods
basket
Source: Euromonitor International from company reports, companys website, trade interviews
COMPETITIVE POSITIONING
The companys value share of overall retailing in 2015 was 10%, which ranked it as the
biggest retailing company in the country.
The total retail value share of Corporacin Favorita has been growing because the
companys main strategic goal is to be the countrys leader in grocery retailing, and its large
investments in expansion have been quite successful. The companys strategy to vertically
diversify and create a private label portfolio has generated better margins that have permitted it to
invest in expanding its coverage.

Supermaxi, which only operates in supermarkets, is the companys top brand. Megamaxi,
which operates primarily in hypermarkets, is its second biggest brand. It also has the Aki (including
Gran Aki and Sper Aki) brand, which is targeted at middle-low- and low-income customers. Its
stores are mostly located in highly populated areas.

Even if Corporacin Favorita is primarily positioned in the more mature areas of grocery
retailing, it still has a lot of room in which to grow, as the penetration of modern grocery retailers is
still marginally lower than that of traditional grocery retailers.
Summary 4 Corporacin Favorita CA: Competitive Position 2015
Channel
Retail Value share
Rank
Total retailing
Grocery retailers
Modern grocery retailers
Hypermarkets
Supermarkets
Non-grocery specialists
Leisure and personal goods specialist
retailers
9.7%
24.9%
45.5%
47.6%
45.4%
0.5%
1
1
1
1
1
16
12.5%
Grocery Retailers in Ecuador

Category Briefing | 09 Feb 2016
HEADLINES
Current value sales of grocery retailers grow by 5% to reach US$8.6 billion in 2015
Customs duty fees slow down growth
Outlet numbers grow amongst modern grocery retailers but decrease amongst traditional
grocery retailers
Corporacin Favorita CA remains the leader with 25% current value share in 2015
During the forecast period, value sales of grocery retailers are expected to rise at a CAGR
of 3% at constant 2015 prices
TRENDS
With the goal of mitigating the external economic impact on Ecuador, the government
decided to apply in March of 2015 a surcharge customs duty fee of between 5% and 45% which is
going to be applied to products such as fruits, meats, dairy products and construction finishings
amongst others that are part of the 32% share of imported products. During the first trimester of
the regulations validity, the imports were reduced by US$360 million, which implies a reduction of
19% in contrast with the same period in 2014.

In November of 2014 the decree for the execution of the market control law was approved
by the Superintendence of the Market Power Control (SCPM in Spanish), an institution created at
the beginning of the same year. The goal of this law is to avoid, prevent, correct, eliminate and fine
the abuse of economic operators with market power, amongst other attributions. By the end of
2014, the Superintendence had published a good practices manual for supermarkets and
hypermarkets.
Due to the accelerated Ecuadorian rhythm of life, the consumers prefer to visit retailers
where they can satisfy all of their necessities. This is with the objective of saving time and fatigue.
Generally the consumers visit establishments located close to their home or office; this has forced
the companies to locate their stores in concentration centres of families and businesses.
The Ecuadorian retail industry has focused its growth on places with high population
density and started to grow towards high purchasing power zones with the projection to obtain a
considerable population growth. Urban growth of the principal cities (ie Guayaquil and Quito) is
focused towards remote areas away from the cities central zones, which is forcing retailers to
expand their service to these zones due to the high purchasing power of their habitants.
In Ecuador, consumers with low purchasing power are used to buying in informal markets,
whilst consumers with high purchasing power often visit malls or ask someone they know to bring
them products that are bought in foreign countries or using digital platforms such as Amazon and
eBay.
In 2014, supermarkets accounted for more value sales than independent grocers for the
first time. In 2015, the tendency was maintained and it became more marked. Amongst the causes
for this tendency, the most important is that independent small grocers lose in economies of scale
compared to supermarkets; this becomes more important when the regulations to imports that the
government has been implementing affect small stores more, because they reduce their profit
margins by not having sufficient economies of scale to face the imported products price increase.
Supermarkets showed a faster value growth inside modern groceries, but grew slower in
2015 in comparison to 2014. This tendency was marked in all of the grocery retail categories due
to import regulations implemented by the government in 2015. This negative tendency was also
affected by the uncertainty generated by the market power control law.

For hypermarkets, 66% of their value sales represented the sales of grocery products in
2015, whilst for supermarkets grocery represented 86% share. The difference for each channel
represents the sales of non-grocery products. In the case of hypermarkets non-grocery sales are
larger because they have large sales of clothing, homeware products and even electronics. This
shows how people prefer to buy products in one place in order to save time (and by shopping in
hypermarkets, money as well). Still, grocery sales represent the main demand of consumers.
Private label is developing quickly, especially with grocery retailers (eg Corporacin
Favorita, Tiendas Industriales Asociadas and Corporacin el Rosado). This strategy has permitted
them to generate high profit margins in high-volume products. Also, some companies have opted
for directly producing some goods, finding a great potential in vertical diversification. An example
of diversification is Agopesa, part of Corporacin Favorita, which is dedicated to cattle slaughter to
produce high-quality meat.

In 2010, Corporacin GPF launched Oki Doki to the market, one of the first mass
convenience stores in Ecuador, which has been greatly accepted and is rapidly growing throughout
the country. As this is one of the only chained convenience stores in the country, the size of the
category remains small.
TRADITIONAL VS MODERN
Traditional grocery retailers lead in terms of outlets and selling space, as they represented
99% of outlets and 84% of the total floor space amongst grocery retailers in 2015. Traditional
grocery retailers have a big number of small stores distributed around the country and covering
remote zones which the modern channels cannot cover. However, modern grocery retailers had the
majority of value sales with 55%. This is because big modern retail companies are able to optimise
their processes by taking advantage of their economies of scale, and in some cases this permits
them to diversify and to sell private label products also.

Traditional retailers are still important in the Ecuadorian market, especially because they
satisfy specific necessities in determinate places. When the Ecuadorian consumers need to buy
something specific and urgent they always turn to a traditional store due to its proximity, despite
having slightly higher prices than modern retailers. Another reason for the traditional retailers to
be important for the Ecuadorian consumers is the extended attention that modern retailers do not
normally apply.
The government supports traditional grocery retailers. It has the Socio Tienda programme,
which was created in 2008. The independent small grocers that are able to participate benefit from
low-interest credit and training to improve the management of their outlets. The programme offers
lower-priced products from renowned packaged food manufacturers, which can be recognised
through the Socio Solidario logo. Also, local governments provide organised places such as open
markets with safer, cleaner and nicer conditions and installations so that consumers can feel more
attracted to purchase in those places.

For traditional retailers, the popularity of convenience stores such as Oki Doki is an
important threat. This channel achieves the characteristics of the traditional retailers but has more
diversity of products and similar prices to modern channel stores.

It is important to mention the role that little kiosks and street sellers accomplish in the
grocery retail sector. Since they started to be regulated by municipalities, they have formalised
their service over time so that the massive entrance of new participants in this small channel is
even more difficult. Usually they satisfy very specific necessities of executives and athletes who
frequent crowded business zones.
COMPETITIVE LANDSCAPE
Corporacin Favorita CA held the leadership in the category with 25% current value share
in 2015. Historically the company has led grocery retail due to its constant innovation in channels
and processes. Currently it has more than 18 different retail formats, the most important being
Supermaxi, Megamaxi, Aki, Gran Aki and Super Aki. It is important to emphasise that it also has
vertical diversification companies specialised in slaughter of chickens and bovine cattle; on the
other hand it is the owner of malls such as El Jardin, Multiplaza and Citymall, amongst others.
El Bodegn was the retailer with the lowest growth inside the category in 2015. In general,
food/drink/tobacco specialists have been negatively affected by the high taxes applied to alcoholic
beverages and cigarettes imports. These governmental regulations have obligated the Ecuadorian
consumers to buy fewer and cheaper products, which directly affects the total sales of the
category.
By tradition, national retailers lead the grocery retailers channel as they historically have
managed to find themselves in the top of mind of the consumer, which has complicated the
entrance of big multinationals such as Walmart. To begin with, this granted local companies the
opportunity to develop in conditions of low competition levels, but, currently, with the growth of
various national competitors, the market is beginning to establish a competitive balance.

Tiendas Industriales Asociadas is the retailer with the highest coverage thanks to its 165
establishments distributed around the country. Its strategy is based on constant discounts and is
focused on the low social stratum in small cities where big retailers such as Megamaxi or
Supermaxi are not competitive on price. In the urban areas they locate their stores in marginal
areas to take advantage of the discounts and by this strategy generate profit thanks to sales
volume.
In the absence of aggressive competition of foreign multinationals, Ecuadorian grocery
retail companies tend to expand by creating new formats to cover market segments that are not
satisfied by their actual formats. In 2013, Corporacin Favorita opened a new format called Super
Aki, which simulates a Gran Aki but in a smaller space, offering diversity of products and including
private label products.
PROSPECTS
Modern grocery retailers will keep a positive tendency in front of traditional grocery
retailers. It is expected that the negative effects of the import regulations will affect in a more
aggressive way the traditional channel due to its lack of economies of scale.
It is expected that the Ecuadorian consumers will keep the tendency of consuming in
nearby stores and in places that offer a wide diversity of products in only one format. It is also
expected that the consumers will change their buying pattern due to governmental efforts to
reduce obesity, which generate consciousness in Ecuadorians to consume healthier products.

Forecast period value sales are expected to increase at a CAGR of 3% at constant 2015
prices. This growth is equivalent to the projected 3% GDP for 2015 in Ecuador. This tendency
shows a slightly slower growth compared to the historic growth of the category, due to the
complexity about import regulations, the market power control law and the chaotic political
situation expected in the following years.

Supermarkets is expected to show the fastest value growth over the forecast period, as
sales are expected to rise at a CAGR of 7% at constant 2015 prices. Supermarkets is likely to
maintain an expansive tendency towards cities with a considerable projected population growth.
This format covers the Ecuadorians necessity to buy in a nearby place with a great variety of
goods.
Traditional grocery retailers is expected to show a negative CAGR of 2% at constant 2015

prices over the forecast period. It is expected that the negative effect of the import regulations will
considerably affect this channel. Inside this category, it is important to mention that the customs
duties to cigarettes and alcoholic beverages considerably affect food/drink/tobacco retailers. This
effect happens also because the Ecuadorian consumers are starting to develop a tendency towards
not consuming too much alcohol and tobacco as was the case before.
In the review period, it is expected that the market power control law will generate
uncertainty in the category. There are two possibilities over the future of this law; the first one is to
maintain the tendency of a slow and slight progress that it has had so far, and the second
possibility is to intensify progress due to political pressure. This law is not likely to considerably
influence the industry. The scenario is less probable in which the government implements the law
in an aggressive way in search of balancing a market where there are a few leaders which
concentrate the industrys power. This is due to the proximity to the presidential elections of 2017
when Rafael Correa will seek re-election.

It is not expected that internet retailing will develop in the Ecuadorian grocery retail sector.
There is a marked tendency linked to the consumer culture to prefer buying products in person, in
order to choose the best. Following this tendency, mobile retailing is not probable to have any
importance in the market too.
Internet Retailing in Ecuador

Category Briefing | 09 Feb 2016
HEADLINES
Current value sales of internet retailing increase by 10% to reach US$534 million in 2015
Courier taxes benefit the local internet retailing
Amazon.com Inc leads sales with a 59% retail value share in 2015
During the forecast period, value sales of internet retailing are expected to increase at a
CAGR of 5% at constant 2015 prices
TRENDS
In October 2014, a new methodology was implemented in order to charge taxes on

imported goods via courier. These products will be charged with a US$45 tax, as long as the
product costs less than US$400 and weighs less than four kilograms. It is important to highlight
that foreign credit card payments are subject to a 5% tax of the total value of the purchase. Before
this regulation, buying apparel and footwear products using a courier was very frequent due to its
lower price. Currently the consumption via courier has decreased approximately 50% and by this,
generating a benefit to the domestic internet retailing category as it stopped competing against
products bought on Amazon or eBay. Anyway, the Ecuadorian consumers prefer to buy via courier
instead of via local internet retailers.

The Ecuadorian consumers still do not trust in internet purchases due to the information
threats that are generated in web platforms. Little by little and supporting the platforms with
robust information security, the Ecuadorian consumers keep losing their fear of making credit card
purchases online.
Internet retailers are also affected by customs duties to imports because the majority of
their products are imported. Anyway, this effect has been balanced by the positive effect
generated by taxes established for purchases via courier.

Current value growth was slower than the CAGR registered over the review period. Despite
the balance between the negative effect of customs duties to imports and the positive effect of
shopping taxes via courier, the category considerably reduced its growth because the Ecuadorian
consumer is highly sensitive to prices, which increased due to customs duties.

The most popular products in internet retailing are apparel and footwear products. The
company De Prati SA leads this tendency and takes advantage of local production to avoid
customs duties to imports.

Housewares and home furnishing products are the least sold in the category due to the
marked tendency of the Ecuadorian consumers to buy these kinds of products in person.
COMPETITIVE LANDSCAPE
Digital gaming through internet retailing showed the fastest growth during 2015, at 13% in
current value terms. The size of this category is the smallest, but it has had a marked tendency to
grow because each year, the purchase of just released videogames for consoles that do not allow
the use of pirated games becomes more popular in the Ecuadorian market. The best option for this
type of consumers is internet retailing.

Amazon.com Inc led sales with a 59% retail value share in 2015. It was followed, at some
distance, by AlJapon SA, with a 1% value share. The success of the latter company resides in the
sale of electronics and appliance products with constant discounts.

The Ecuadorian consumers tend to reject internet purchases, especially because of the
fear of giving up credit card information in case of information threats. In addition, the consumers
preference to choose products personally instead of by other ways negatively affects the category.
This because they prefer to physically see the products before buying them.
The majority of internet retailers are of the bricks-and-clicks type. This due to the fact that
the channel is small and not very popular amongst Ecuadorians, which does not generate
opportunities to start a 100% internet-based business.
PROSPECTS
Forecast period value sales are expected to increase at a CAGR of 5% at constant 2015
prices. Although internet sales will be affected by customs duties on imports, they will also benefit
from taxes on shipping by couriers.

Because of the new taxes, courier sales have been harmed. Ecuadorian consumers still
consider couriers as a more popular option than buying local internet retailing products. This is
specifically due to the lack of variety of national products and their high prices compared to
products from the US and China.

It is projected that electronics and appliance products will become more popular in
internet retailing every year. There is a marked tendency of the Ecuadorian consumers of buying
technology which every year is more accessible for medium-low- and low-income households.
CHANNEL DATA
Table 1 Internet Retailing by Category: Value 2010-2015
USD million
2010 2011 2012 2013 2014 2015
Apparel and Footwear

Beauty and Personal Care
Consumer Appliances
Consumer Electronics
Consumer Health
Food and Drink
Home Care
Home Improvement and
Gardening
Homewares and Home
Furnishings
Media Products
Personal Accessories and
Eyewear
Pet Care
Traditional Toys and Games
Video Games Hardware
24.2
19.2
19.8
-
60.0
22.7
23.6
-
186.
0
25.9
26.7
-
4.8
43.9
5.5
51.1
6.2
59.7
6.8
68.0
7.2
75.9
7.7
84.0
6.2
-
7.4
-
8.5
-
9.6
-
10.3
-
Other Internet Retailing
44.6
162.
6
52.2
222.
5
65.7
378.
7
79.3
432.
4
98.6
485.
9
11.3
109.
6
533.
8
Internet Retailing
208.
8
30.0
29.8
-
230.
3
31.9
31.7
-
251.
3
35.0
34.8
-
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources
Table 2 Internet Retailing by Category: % Value Growth 2010-2015
% current value growth, retail value rsp 2014/

excl sales tax
15
2010-15
CAGR
2010/15
Total
% current value growth, retail value rsp 2014/

excl sales tax
15
9.1
Consumer Appliances
9.8
9.8
Consumer Health
Food and Drink
Home Care
Home Improvement and Gardening
Homewares and Home Furnishings
6.4
Media Products
10.6
Personal Accessories and Eyewear
10.3
Pet Care
11.1
Internet Retailing
9.9
2010-15
CAGR
59.7
12.8
12.0
10.1
13.9
13.0
19.7
26.8
2010/15
Total
938.6
82.3
75.9
61.6
91.3
83.9
145.9
228.3
Table 3 Internet Retailing GBO Company Shares: % Value 2011-2015
% retail value rsp excl sales tax
2011
2012
2013
2014
2015
Amazon.com Inc
AlJapon SA
Comandato SA
Others
Total
54.2
0.2
0.0
45.6
100.0
55.4
0.1
0.0
44.4
100.0
60.0
0.1
0.0
39.9
100.0
59.7
0.1
0.0
40.3
100.0
58.8
0.1
0.0
41.1
100.0
Table 4 Internet Retailing GBN Brand Shares: % Value 2012-2015
% retail value rsp excl sales

tax
Company (GBO) 2012 2013 2014 2015
Amazon
Almacenes Japon
Comandato
Others
Total
Amazon.com
Inc
AlJapon SA
Comandato SA
Others
Total
55.4
0.1
0.0
44.4
100.
60.0
0.1
0.0
39.9
100.
59.7
0.1
0.0
40.3
100.
58.8
0.1
0.0
41.1
100.
% retail value rsp excl sales

tax
Company (GBO) 2012 2013 2014 2015

0
0
0
0
Table 5 Internet Retailing Forecasts by Category: Value 2015-2020
USD million

Consumer Appliances
Consumer Health
Food and Drink
Home Care
Home Improvement and
Gardening
Homewares and Home
Furnishings
Media Products
Personal Accessories and
Eyewear
Pet Care
Internet Retailing
2015 2016 2017 2018 2019 2020

251.
3
35.0
34.8
-
265.
2
37.2
37.0
-
279.
5
39.4
39.2
-
294.
7
41.8
41.5
-
310.
9
44.2
43.9
-
326.
1
46.3
46.2
-
7.7
7.9
8.1
84.0
89.6
95.4
8.4
101.
5
8.6
108.
2
8.8
114.
5
11.3
109.
6
533.
8
12.0
125.
2
574.
1
12.8
130.
7
605.
1
13.6
133.
4
634.
8
14.4
132.
2
662.
4
15.2
132.
1
689.
3
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.
Table 6 Internet Retailing Forecasts by Category: % Value Growth 2015-2020
% constant value growth, retail value 2015/20 2015-20

rsp excl sales tax
16
CAGR
2015/20
TOTAL

Consumer Appliances
29.7
32.3
32.7
5.5
6.2
6.2
5.3
5.8
5.8
% constant value growth, retail value

rsp excl sales tax
Consumer Health
Food and Drink
Home Care
Home Improvement and Gardening
Homewares and Home Furnishings
Media Products
Personal Accessories and Eyewear
Pet Care
Internet Retailing
2015/20
16
2.7
6.7
6.3
14.3
7.5
2015-20
CAGR
2.7
6.4
6.1
3.8
5.2
2015/20
TOTAL
14.5
36.4
34.3
20.5
29.1
trade sources
Guayaquil City review

Broadband Penetration On The Rise
Due to its high income inequality, geographical obstacles and vast rural areas, Ecuador, including
Guayaquil, has one of the least developed ICT sectors in Latin America. While this means Internet
penetration rates are low, almost all digital indicators are expanding rapidly. In Guayaquil the
percentage of households possessing a broadband-enabled computer jumped from 5% in 2009 to
33% in 2014. Whilst this was still considerably below Quito (52% in 2014), Guayaquil was well
above the national average of 26%. Internationally, the city ranked on par with Salvador in Brazil
and Puebla in Mexico, but remained below the Latin American average of 36%.
Internet uptake in Guayaquil, similarly to Ecuador at large, is driven by growing household
income, which is also leading to a rise in online spending and internet retailing value. However,
monthly broadband tariffs remain expansive for many, which is a major obstacle to market
expansion. However, it is projected that around half of all homes in the metropolitan area will be
connected to broadband services by 2020, and by 2030 the share should approach 60%, unlocking
considerable opportunities for digital businesses.
Guayaquil City Review

Cities | 02 Nov 2015
Guayaquil Review at a glance
Understanding Guayaquil Review structure

Chart 1 Overview
Key facts on Guayaquil

Summary 1 Key Facts On Guayaquil 2009, 2014, 2019
Indicator
2009
2014
2019
Total GDP (US$ million, current prices)
15,171
24,849
34,362
Real GDP Growth (%)
11.5
4.7
4.6
Population: January 1st ('000)
2,990
3,200
3,378
Guayaquil highlights
In 2014 labour productivity in Guayaquil was 21% above the rest of the country, although
14% behind the capital Quito. While Guayaquil benefits from its advantageous location and
seaport, Quito is home to the country's best-educated population and high value-added industries.
Disposable household income in Guayaquil was 31% higher than in the rest of the country
in 2014. In addition to a labour productivity advantage over most other areas in Ecuador, the city
benefits from its relatively high labour force participation rate: 74% of its working age population
was either employed or looking for a job in 2014, versus 71% in the rest of the country.
As a result of higher income level, households in Guayaquil spend on average 20% more
on consumer goods (excluding transport and housing), as of 2014. Hotels and catering, clothing
and footwear, and recreation and culture represent the major budget categories on which
consumer spending per household is greater in Guayaquil than in the rest of the country.
Guayaquil is less affordable than the remaining part of Ecuador in terms of per household
expenditure on transport and housing, which, in combination, was 25% higher in the city in 2014.
Due to rising motorisation, transport spending is particularly pronounced in Guayaquil: in 2014
consumer expenditure on transport made up 13% of total spending, compared with a 12% share
elsewhere in the country.
History
Developed as a key port of Ecuador in the late 19th century, Guayaquil started to prosper
economically in 1950s after receiving numerous public investments thanks to revenues from rising
exports of bananas. Since the 1960s, however, Guayaquil has experienced a period of urban
decay: the population and businesses pulled out of the core urban area, infrastructure deteriorated
and the immigrant population settled in slum areas across the city. Guayaquil periodically suffered
from major floods caused by El Nio, and the city's political turmoil was turning Guayaquil into a
haven for poverty and crime.
A turnaround came in 1992 when a stronger local administration, in partnership with civic groups,
initiated the revitalisation of Guayaquil. Major infrastructure improvements followed in the 2000s,
including the launch of the BRT (bus rapid transit) system and renovation of the riverfront area.
The resurgence was so dramatic that the United Nations named Guayaquil the best-managed city
in Latin America in 2004.
Delimitation of the metropolitan region
Guayaquil metropolis covers over 6,500 square kilometres in Western Ecuador. Specifically, it is
located in the Guayas province of the Coast region (first-level administrative unit), 270km from the
country's capital, Quito, in the northeast. Via the Guayas River and the Gulf of Guayaquil, the
metropolis has access to the Pacific Ocean.
Metropolitan Guayaquil corresponds to the conurbation of Guayaquil and includes Guayaquil
municipality and six surrounding cantons. Guayaquil is the largest city in Ecuador, with a
population of 3.2 million people, or 21% of the national total as of 2014. Quito, the capital city of
Ecuador, is home to 2.5 million people.
Guayaquil municipality is divided into 16 urban parishes and five rural parishes. The urban
parishes make up the City of Guayaquil, which is the core urban area of the metropolis. The urban
core covers 5% of the metropolitan territory (345 square kilometres), but is home to 74% of the
metropolis' population (2.4 million in 2014).
Chart 2 Map Of Guayaquil Metropolitan Area
Main business districts

The largest share (45% in 2014) of Guayaquil's 272,000 square meters of office space is
concentrated in Centro, the downtown area. Other important districts with substantial office space
include Kennedy (43% of office space), Urdesa district in Ceibos (9%) and La Puntilla district in
Samborondon (3%). Within the Centro area, Malecon is a vibrant urban district overlooking the
Guayas River. Under the Malecon 2000 project, the once neglected waterfront area received major
additions - a shopping mall, a cinema, a museum, walking areas and public gardens.
The city is served by Jose Joaquin de Olmedo International Airport, an important hub of commerce
in the city. After the expansion of its domestic terminal in 2014, the Airport of Guayaquil is
currently the largest in the country, with a capacity to serve over seven million passengers
annually. The airport is also home to the US$5 million Expo Guayaquil, one of the five largest
convention centres of its kind in Latin America. Numerous exhibitions, trade shows, seminars,
conferences, and corporate events are hosted on its 21,000-square meter site.
The port of Guayaquil is a major pillar of the local as well as national economy. It is the main
service point for Ecuador's export products, such as oil, shrimp and bananas. In total the port
handles around 50% of Ecuador's exports. Currently, the greatest constraint of the Port of
Guayaquil is the limited water depth of the approaches to its facilities. However, the port is the
process of receiving US$600 million in investments during the 20-year concession (started in
2007), with particular focus on expansion of its terminals and upgrading facilities with the latest
technology and machinery.
Economy of the city
Industrial make-up
Chart 3 Industrial Composition Of Guayaquil 2014
Chart 4 Labour Productivity: Selected Cities 2014

GVA produced per employee in US$
With the population of 3.2 million and GDP of US$24.8 billion in 2014, Guayaquil is one of the two
major economic centres in Ecuador, alongside the capital, Quito. The metropolis accounts for 25%
of national GDP, its economy being based around commerce, manufacturing and business services.
GDP per capita in Guayaquil came close to US$7,800 per year in 2014, surpassing the average in
the rest of the country by 24%. This was due in large part to the labour productivity advantage in
the city. Employee performance in the metropolis (measured at GVA per employee) was 21%
superior to the remainder of Ecuador, largely thanks to strong performance of financial and other
business services, which had the highest labour productivity among all economic sectors in the
city.
However, due to its specialisation as a city of trade and transport, Guayaquil is not as important a
player in financial and other higher value-added services as Quito. In 2014, business services
accounted for 23% of local GVA in Guayaquil, compared to a 29% share in the capital city.
Guayaquil also falls behind Quito in terms of the labour force education level: in 2014 28% of
Guayaquil's population aged 15+ had higher education, while in Quito the share reached 37%.
On the plus side Guayaquil has ambitious plans to become a major commercial hub in Latin
America. In 2014 commerce accounted for 23% of GVA and 45% of total employment in the city,
benefiting from the city's advantageous location (direct access to East Asia and the west coast of
the US, proximity to the Panama Canal) and major infrastructure facilities (Ecuador's largest port
and airport). By 2024, Guayaquil also plans to have the new international Daular airport
operational, with a capacity of seven million passengers.
The port of Guayaquil is the major infrastructural asset of the city, and one of the busiest ports in
the Caribbean and Latin American regions. The port is responsible for around 80% of the country's
imports and 50% of exports, with a particularly high importance regarding Ecuador's main export
commodities: petroleum, bananas, shrimp, coffee, cocoa and fish.
Recent developments and outlook
Summary 2 Labour Market Changes In Guayaquil 2009, 2014
Indicator
2009
2014
Labour Force (000)
1,532
1,565
Employed Population (000)
1,339
1,444
Unemployed Population (000)
193
122
Chart 5 Dynamics Of Real GDP In Guayaquil, Ecuador And Other Cities In Latin America, 2009-2019
Real GDP y-o-y growth, % change
Over 2009-2014 Guayaquil's real GDP grew at a 6% CAGR, surpassing the 4.7% growth in the rest
of Ecuador, thanks to stability of the local government and its urban regeneration programmes.
Indeed, construction was the fastest growing economic sector in the city, with its GVA soaring from
US$1.5 billion in 2009 to US$3.1 billion by 2014 (at constant 2014 prices).
Similarly, Guayaquil's economy profits greatly from the city's infrastructure network, especially its
port and airport. The sector of commerce generated US$5.5 billion GVA in 2014, up 30% from 2009
at constant 2014 prices, while the sectoral employment figures increased by only 6% over the
review period.
Along with Guayaquil's steep economic recovery, the unemployment rate in the city gradually fell
from 13% of the economically active population in 2009 to 8% in 2014. The most jobs were created
in service sectors: 38,000 in commerce and 32,000 in business services. Meanwhile, another
16,000 new jobs were added in manufacturing, and 10,000 in public services.
Guayaquil is forecast to sustain real GDP growth of 4.3% per year over 2014-2019, slightly above
the 3.4% annual growth rate in the rest of the country. GDP per capita is expected to increase at a
slower pace with a 3.2% CAGR over 2014-2019, due to overall demographic growth, and an
expanding elderly population. Similarly, average annual disposable household income should grow
by a 2% CAGR over the next five years, to stand at US$20,400 in 2019.
Consumer profile
City demographics
Chart 6 Population By Age 2014
% of total
Chart 7 Drivers Of Population Growth In Guayaquil 2009-2014

% contribution to total growth
In 2014 Guayaquil was home to 3.2 million people, or more than one-fifth of Ecuador's total
population. Over 2009-2014 the city's population increased by 1.4% annually, mimicking the
dynamics in the rest of the country. Over the next five years Guayaquil's population is forecast to
grow at a slightly slower 1.1% CAGR, reaching 3.4 million in 2019.
Natural increase is the key driver of population growth in the city, as net migration remained
negative throughout most of the review period. However, high crude birth rates (19 births per
1,000 inhabitants as of 2014) helped sustain population growth over 2009-2014. Average
household size, too, although shrinking gradually, remained at a relatively high level of 3.7
inhabitants per household in 2014, the same as in the rest of the country.
By Latin American standards Guayaquil has a relatively small working age (15-64) population. In
2014 it accounted for 66% of the total, while in the capital, Quito, the respective share stood at
67%, while the figure was 70% in Bogota and 72% in Salvador. On the other hand, the proportion
of children under the age of 15 was very high in Guayaquil, at 28% of the total metropolitan
population in 2014. Along with gradually falling birth rates in the city, the current demographic
structure is promising for the city's future labour market development. Over 2014-2019 the
population of children in Guayaquil is projected to drop by 2%, while that of working age will grow
7%. However, the fastest growth of 25% over 2014-2019 is projected for the 65+ cohort.
Household income
Chart 8 Household Distribution By Income In Guayaquil 2014 And 2019
Share of total households
In 2014 average disposable household income in Guayaquil reached US$18,400: 31% higher than
the respective measure in the rest of country, and also slightly above the average in Quito. Being
an important centre of logistics and other economic activity, Guayaquil features considerable
concentration of higher value-added industries, which boosts the average salary in the city. Also,
the metropolitan area enjoys a relatively high labour force participation rate: 74% of its working
age population was either employed or looking for a job in 2014 (versus 71% in the remainder of
the country), whilst actual employment rates were also superior than in the rest of Ecuador, giving
a boost to average household earnings. Guayaquil also retains lower income inequality than
Ecuador at large, with its Gini index at 44 in 2014, compared with the national average of 48.
In an international context, however, both Guayaquil and Quito rank at the bottom among other
Latin American cities by household income measure. For example, in Lima, the capital city of
neighbouring Peru, average household earnings were 38% higher than in Guayaquil as of 2014.
Similarly, Bogota registered a 41% advantage over Guayaquil, while household income in Santiago
- arguably the most advanced of the Latin cities - was more than two times higher.
Since 2009 household income in Guayaquil grew by a 3% CAGR, surpassing the 2.6% annual
growth in the rest of the country. Similar dynamics are projected to continue in future, albeit at
slightly slower pace, with a 2.1% CAGR expected over 2014-2019 (compared with 1.7% in the rest
of Ecuador).
Consumer expenditure
Structure of household budget
Summary 3 Guayaquil Household Budget Structure By Consumer Expenditure Item, % of total,
2009, 2014, 2019
Expenditure Item
2009
2014
2019
Food and Non-Alcoholic Drinks
20.9
20.4
19.6
Alcoholic Drinks, Tobacco etc
0.8
0.7
0.7
Clothing and Footwear
8.1
7.3
6.9
Housing
10.2
10.7
11.2
Household Goods and Services
6.2
6.2
5.9
Health
6.8
7.0
7.2
Transport
13.8
13.3
13.1
Communication
6.0
6.4
6.8
Recreation and Culture
6.2
6.1
6.0
Education
8.2
8.9
9.3
Restaurants and Hotels
7.1
6.9
7.0
Miscellaneous Goods and Services
5.7
6.1
6.3
Chart 9 Comparison Of Household Expenditure In Guayaquil And Ecuador, 2014
Difference in spending per household between Guayaquil and the rest of Ecuador, in %
The structure of consumer spending in Guayaquil was typical to that seen in many metropolitan
areas of developing countries, with relatively low spending on food, and higher expenditure on
transport and various discretionary categories. In 2014 food and non-alcoholic beverages
accounted for 20% of total consumer expenditure in the metropolitan area, significantly below the
24% share recorded in the rest of Ecuador. The proportion of consumer spending allocated to food
and non-alcoholic drinks is expected to decrease further in Guayaquil over 2014-2019, as the
household income level rises.
Transport was the second most important budgetary item in both Guayaquil and Ecuador at large.
In 2014 it captured a 13% share of the average city household budget, compared with 12% in the
rest of the country. Housing ranked third with an 11% budget share in 2014.
In absolute value terms the greatest differences in household spending between Guayaquil and the
rest of Ecuador were recorded in the categories of hotels and catering (+31%), transport (+31%),
and recreation and culture (+32%). For comparison, housing was on average 18% more expensive
in Guayaquil compared with the rest of Ecuador.
City lifestyle
Gateway To The Galapagos
Albeit Guayaquil is often perceived as a dangerous and not particularly pleasant city to visit, its
tourism industry is sustained by the city's logistics infrastructure (a fair share of tourists to
Ecuador, and South America at large travel through Guayaquil's airport), in addition to proximity to
the Galapagos islands: a nature reserve often referred to as the 'unique living museum and
showcase of evolution'. Many of the foreign tourists who visit Guayaquil are en route to or from the
islands.
In addition Guayaquil is promoted as a destination of conferences and conventions. The city hopes
to capitalise on its location between North and South America, its relaxation options and successful
investments in municipal infrastructure. Over the last decade Guayaquil has invested in transport
and service infrastructure, airport capacities, restoration of historic neighbourhoods and parks, and
the construction of tourist attractions, such as Malecon 2000. Guayaquil is also home to one of the
largest conference centres in Latin America - Expoguayaquil - which has been constructed in what
was formerly the terminal of the Jose Joaquin de Olmedo International Airport. It is located in close
proximity to internationally renowned hotel brands, including the Courtyard by Marriot, the Hilton
Colon, the Howard Johnson, and the Sheraton Guayaquil.
Stopover Of Drugs To The Global Market
Ecuador is increasingly seen as a transit country for drugs to the US and Europe. According to a US
State Department report, 110 metric tonnes of cocaine pass through Ecuador every year. Much of
this volume makes its way through Guayaquil, taking advantage of the city's port and other
transport connections, including freeways and an international airport. The region of Guayas, in
which Guayaquil is located, accounts for around 40% of national drugs seizures.
Being part of a drug trafficking route has also resulted in high drug usage rates among young
people in Guayaquil. Drugs are often sold in neighbourhoods around schools. Drug dealers hire
sellers who are often students in targeted schools, and hand out up to 50 packs of narcotics to
them. The most common drug sold to young people is hashish, a derivative of marijuana.
According to research carried out by the National Council for Control of Narcotic and Psychotropic
Substances, the average age when children first try narcotics in Ecuador is 12 years.
Broadband Penetration On The Rise
Due to its high income inequality, geographical obstacles and vast rural areas, Ecuador, including
Guayaquil, has one of the least developed ICT sectors in Latin America. While this means Internet
penetration rates are low, almost all digital indicators are expanding rapidly. In Guayaquil the
percentage of households possessing a broadband-enabled computer jumped from 5% in 2009 to
33% in 2014. Whilst this was still considerably below Quito (52% in 2014), Guayaquil was well
above the national average of 26%. Internationally, the city ranked on par with Salvador in Brazil
and Puebla in Mexico, but remained below the Latin American average of 36%.
Internet uptake in Guayaquil, similarly to Ecuador at large, is driven by growing household income,
which is also leading to a rise in online spending and internet retailing value. However, monthly
broadband tariffs remain expansive for many, which is a major obstacle to market expansion.
However, it is projected that around half of all homes in the metropolitan area will be connected to
broadband services by 2020, and by 2030 the share should approach 60%, unlocking considerable
opportunities for digital businesses.
City affordability
Housing
Chart 10 Household Expenditure On Housing: Selected Cities 2014
As % of total
In 2014 the average cost of housing in Guayaquil amounted to US$1,800 per household per year.
On average, accommodation in the metropolitan area was 18% more expensive than in the rest of
Ecuador, due to a 31% higher household income level in Guayaquil compared with the remainder
of the country.
Over 2009-2014 housing expenditure per household surged by 21% (at constant 2014 prices) in
Guayaquil: a combined effect of rising property prices and increasing utility costs, due to
improvements in the provision of services. Nevertheless, many of Guayaquil's residents cannot
afford to cover the cost of their basic housing needs. Nearly one-third of the city's population is
claimed to live in sprawling shantytowns (settlements of shacks) with limited electricity and
running water.
To improve the living conditions of low- and middle-income citizens, over the past 15 years the
municipality of Guayaquil has invested in a number of major urban renewal and housing projects.
The most important affordable housing projects are Mucho Lote 1, with 15,000 new homes, and Mi
Lote, which created 10,000 residences. In 2013 Mucho Lote 2 was launched, with the expected
completion of another 10,000 houses in 30 months. Upon completion the project aims to provide
housing for up to 140,000 poor people in Guayaquil in 35,000 new homes.
Transport
Chart 11 Household Expenditure On Transport: Selected Cities 2014
As % of total
With average household spending of US$2,240 per year, transport was the second largest
budgetary item in Guayaquil after food. In 2014 transportation costs accounted for 13% of total
consumer expenditure in the metropolis, compared with 12% in the rest of Ecuador.
From 2009 average household spending on transport in the city went up by 11%, following the
increase in private vehicle ownership. The number of passenger cars in Guayaquil jumped from 38
per 1,000 inhabitants in 2009 to 65 in 2014. By international standards, however, vehicle
ownership remains low in Guayaquil. The average of 65 vehicles per 1,000 people represents one
of the lowest motorisation rates among the major Latin American metropolises. As of 2014 car
ownership in Guayaquil was above only Santa Cruz (37 cars per 1,000 people) and Bogota (62
cars), while the average for Latin metropolises was close to 200.
Around 80% of the population in the city uses public transportation, of which buses and taxis are
the primary means. Over the last decade Guayaquil has made notable investments into public
transportation and introduced a BRT (bus rapid transit) system, known as "Metrovia", which won
the Sustainable Transport Award in 2007. By 2013, two BRT routes were in operation with a
combined length of 30km and weekly ridership of 310,000 people. The total length of Metrovia is
envisaged to reach 60km, and annual patronage should rise to 270 million. The new bus system
provides a cleaner, higher quality service and reduced trip times. Meanwhile, the refurbishment of
previously deteriorating public spaces encouraged pedestrian use and underpinned an important
part of the city's resurgence.
Vehicle emissions (especially from old diesel vehicles) and industrial activity contribute greatly to
rising air pollution levels throughout Ecuador. Urban areas register especially significant levels of
particulates, ozone, oxides of nitrogen and sulphur. The city's air emission mitigation programme
includes a number of measures designed to counter emissions from mobile sources: fuel quality
improvement; improvement of the public transport system; withdrawal of automobiles exceeding
emission standards and the legal age; traffic restrictions in areas of high pollution.
Definitions
The definitions given are meant to disambiguate the references in the City Review reports. The
definitions are shortened versions and are more widely discussed in the Passport database.
Territorial Definitions:
Metropolitan region (or metropolitan area) the terms refer to an urban agglomeration
(the contiguous, built-up area) with zones not necessarily urban in character, but closely bound to
the centre by employment. The metropolitan region is referred to as the city written in lower
case in the City Review reports (ie New York city, London city). By default, all statistical data in the
report are provided for the whole metropolitan region (unless specified otherwise).
Core city (or core urban area/central city) refers to territory that emerged historically as
the most prominent in the urban area. Almost without exception, the name of the core city is also
shared with the urban area and the metropolitan area. In most cases, core city is a separate
municipality or local authority area. If the statistical data or discussion in the report apply only to
core city area, the text specifically indicates the territorial scope of the data discussed. When the
core city is referred to in the text, the term is always capitalised (ie New York City, as opposed to
New York city)
Employment:
Working age population population aged 15-64 years.

Labour force (or economically active population) all persons who furnish the supply of
labour for the production of economic goods and services (the total number of people employed
plus unemployed).
Labour force participation rate - all persons in labour force as a percentage of working age
population.
Employed population the "employed" comprise all persons above a specific age who
during a specified period, were either in: (A) "paid employment"; (B) "self-employment".
Unemployed population the ILO international standard definition of unemployment is
based on the following three criteria which should be satisfied simultaneously: "without work";
"currently available for work"; and "seeking work".

Unemployment rate represents unemployed population as a percentage of the total
labour force.
Economic growth and GDP:
Real GDP refers to inflation-adjusted measures that reflect the value of all goods and
services produced in a given year, expressed in base-year prices. The base year is 2014.
Sectors of economy:
Euromonitor International City reviews divide economic sectors into six broad aggregations, which,
in turn, are based on United Nations International Standards of Industrial Classification revision 3.1
ISIC rev. 3.1). Aggregation of industries by ISIC rev. 3.1 is implemented as follows:
Agriculture includes sectors A (agriculture) and B (fishing);
Manufacturing includes sectors C (mining and quarrying), D (manufacturing) and E
(electricity, gas and water supply);

Construction includes sector F (construction);
Commerce includes sectors G (wholesale and retail trade; repair of motor vehicles,
motorcycles and personal and household goods), H (hotels and restaurants) and I (transport,
storage and communications);

Business services include sectors J (financial intermediation) and K (real estate, renting
and business activities);

Public services include sectors L (public administration and defence; compulsory social
security), M (education), N (health and social work), O (other community, social and personal
service activities), P (activities of private households as employers and undifferentiated production
activities of private households) and Q (extraterritorial organisations and bodies).
Consumer spending:
Real disposable income per household - refers to inflation-adjusted household income,
expressed in base-year prices. The base year is 2014.

Disposable income gross income (including earnings from employment, investments,
benefits and other sources such as remittances) minus social security contributions and income
taxes.
Necessity spending (or non-discretionary spending) the proportion of household budget

used to purchase basic necessities: housing and food. Housing includes shelter and utilities, while
food excludes restaurant expenditure.

Discretionary spending (or discretionary income) the amount of household income that is
left for spending, investing or saving after taxes and necessity spending (such as food and
housing) have been paid.

Gini coefficient a standard economic measure of income inequality, based on a Lorenz
curve. A society that scores 0 on the Gini index has perfect equality, where every inhabitant has
the same income. The higher the number over 0, the higher the inequality, and a score of 100
indicates total inequality, where only one person receives all the income. In reality, cities and
countries tend to fall between 25 and 60.

City affordability burden of expenditure on housing and transport in household budget.
Density and building constraints often result in inflated housing prices in cities. Similarly, inefficient
infrastructure and urban sprawl may boost expenditure on transport. The combined share of
housing and transport expenditure corresponds to a measure of city affordability the lower the
share, the more affordable the metropolitan area.
Appendix
Summary 4 GDP Development, 2009, 2014, 2019
2009 2014 2019
Real GDP Growth (%)
11.5
4.7
4.6
Real GDP per Capita Growth (%)
9.6
3.4
3.6
Total GDP (US$ million, 2014 prices)
18,6
03
24,8
49
30,7
40
Annual Disposable Income of Households (US$ million,

constant 2014 prices)
12,3
26
16,0
73
19,2
01
Income per Household (US$, constant 2014 prices)
15,9
03
18,4
15
20,3
99
Summary 5 GDP By Origin, Current Prices, US$, Million, 2009-2014
2009
2010
2011
2012
2013
2014
GDP
15,17
1
16,87
8
19,32
5
21,37
2
23,28
1
24,84
9
Taxes and Subsidies
851
827
842
916
966
1,051
Total GVA (gross value added)
14,32
0
16,05
1
18,48
3
20,45
7
22,31
5
23,79
8
GVA in Agriculture
551
630
706
740
809
864
GVA in Manufacturing
3,129
3,629
4,298
4,594
4,779
5,108
GVA in Construction
1,456
1,601
2,073
2,456
2,861
3,111
GVA in Commerce
3,448
3,885
4,407
4,837
5,280
5,551
GVA in Business Services
3,465
3,841
4,274
4,714
5,102
5,440
GVA in Public Services
2,271
2,464
2,724
3,115
3,484
3,724
Summary 6 Population And Labour Force, 2009-2014
2009
2010
2011
2012
2013
2014
Total Population ('000)
2,990
3,044
3,084
3,123
3,161
3,200
Population Aged 15-64 ('000)
1,934
1,976
2,007
2,040
2,073
2,105
Labour Force ('000)
1,532
1,474
1,529
1,565
1,512
1,565
Unemployed ('000)
193
142
117
96.4
86.7
122
Summary 7 Employed Population By Economic Sector, % of total, 2009-2014
2009
2010
2011
2012
2013
2014
Employed population ('000)
1,339 1,332 1,411 1,468 1,425 1,444
Employment in Agriculture
2.3
2.3
2.3
2.3
2.3
2.3
Employment in Manufacturing
15.0
15.3
15.0
15.1
15.1
15.0
Employment in Construction
7.2
7.2
7.2
7.2
7.2
7.2
Employment in Commerce
45.5
45.3
45.7
45.1
45.0
44.9
Employment in Business Services
8.1
8.3
8.1
9.2
9.4
9.7
Employment in Public Services
21.8
21.6
21.6
21.2
21.0
20.9
Summary 8 Population By Sex And Broad Age Groups, 000, 2009-2014
2009
2010
2011
2012
2013
2014
Total Male Population
1,477
1,504
1,522
1,541
1,559
1,576
Males Aged 65+
81.3
83.3
85.7
88.7
92.5
97.4
Total Female Population
1,513
1,540
1,561
1,582
1,603
1,623
Females Aged 65+
90.4
92.6
95.3
98.8
103
109
Summary 9 Population Growth, 2009-2014
2009 2010 2011 2012 2013 2014
2,99
0
3,04
4
3,08
4
3,12
3
3,16
1
3,20
0
Average Household Size (number of

persons)
3.9
3.8
3.8
3.7
3.7
3.7
Population Density (persons per sq km)
459
467
473
479
485
491
Births ('000)
58.3
59.9
62.4
62.1
61.8
61.5
Deaths ('000)
14.7
15.5
16.0
16.3
16.4
16.5
Net Migration ('000)
10.3
-4.8
-7.3
-7.2
-7.3
-6.1
Migration Rate (per 1000)
3.4
-1.6
-2.4
-2.3
-2.3
-1.9
Summary 10 Forecast Population Growth
2010 2015 2020 2025 2030
3,04
4
3,23
7
3,41
2
3,56
4
3,692
Total Households ('000)
801
888
953
1,00
5
1,045
Average Household Size (number of

persons)
3.8
3.6
3.6
3.5
3.5
Summary 11 Population By Educational Attainment, 2009-2014
2009
2010
2011
2012
2013
2014
Total Population 15+ ('000)
2,105
2,151
2,188
2,227
2,268
2,311
No Education ('000)
72.6
71.4
70.2
69.0
68.0
67.0
Primary Education ('000)
621
633
641
650
658
667
2009
2010
2011
2012
2013
2014
Secondary Education ('000)
820
838
846
855
866
877
Tertiary Education ('000)
503
542
567
593
618
643
Summary 12 Structure Of Consumer Expenditure By Main Category, 2009-2014
200
9
2010 2011 2012 2013 2014
Total Expenditure (US$ million, current

prices)
9,54 10,8
4
22
11,9
20
12,9
01
13,7
43
14,6
94
Food and Non-Alcoholic Drinks (%)
20.9 20.9
21.0
21.0
20.6
20.4
Alcoholic Drink, Tobacco etc (%)
0.8
0.8
0.8
0.8
0.7
0.7
Clothing and Footwear (%)
8.1
8.0
7.7
7.6
7.5
7.3
Housing (%)
10.2 10.2
10.3
10.3
10.5
10.7
Household Goods and Services (%)
6.2
6.3
6.3
6.3
6.2
6.2
Health (%)
6.8
6.8
6.8
6.9
7.0
7.0
Transport (%)
13.8 13.7
13.6
13.4
13.4
13.3
Communication (%)
6.0
6.1
6.1
6.2
6.3
6.4
Recreation and Culture (%)
6.2
6.2
6.1
6.1
6.1
6.1
Education (%)
8.2
8.3
8.5
8.7
8.8
8.9
Restaurants and Hotels (%)
7.1
7.0
6.9
6.9
6.9
6.9
Miscellaneous Goods and Services (%)
5.7
5.8
5.8
5.9
6.0
6.1
Summary 13 Consumer Expenditure By Main Category, Per Household, Constant (2014) Prices,
US$, 2009, 2014, 2019
2009
2014
2019
Total Expenditure
14,676
16,835
18,419
Food and Non-Alcoholic Drinks
3,070
3,429
3,603
2009
2014
2019
Alcoholic Drink, Tobacco etc
115
122
124
Clothing and Footwear
1,195
1,233
1,268
Housing
1,492
1,798
2,060
Household Goods and Services
915
1,042
1,080
Health
995
1,179
1,330
Transport
2,024
2,241
2,413
Communication
874
1,078
1,260
Recreation and Culture
913
1,027
1,114
Education
1,202
1,502
1,717
Restaurants and Hotels
1,041
1,165
1,294
Miscellaneous Goods and Services
843
1,020
1,157
Summary 14 Households By Income Band, % Of Total, Constant (2014) Prices 2009, 2014, 2019
2009
2014
2019
Over US$500
100
100
100
Over US$750
100
100
100
Over US$1,000
100
100
100
Over US$1,750
98.6
99.3
99.5
Over US$2,500
96.5
97.9
98.5
Over US$5,000
85.0
89.8
92.3
Over US$7,500
70.0
78.0
82.6
Over US$10,000
55.7
65.2
71.2
Over US$15,000
34.5
43.2
49.8
Over US$25,000
15.1
19.6
23.8
Over US$35,000
8.2
10.5
12.8
2009
2014
2019
Over US$45,000
5.1
6.4
7.8
Over US$55,000
3.5
4.4
5.2
Over US$65,000
2.6
3.2
3.8
Over US$75,000
2.1
2.5
2.9
Over US$100,000
1.4
1.6
1.8
Over US$125,000
1.0
1.2
1.4
Over US$150,000
0.8
1.0
1.1
Over US$200,000
0.6
0.7
0.8
Over US$250,000
0.4
0.5
0.6
Over US$300,000
0.4
0.4
0.5
Summary 15 Households By Income Band, 000, Current Prices 2009-2014
2009
2010
2011
2012
2013
2014
Over US$500
775
801
820
839
856
873
Over US$750
774
800
820
839
856
872
Over US$1,000
772
798
819
838
855
872
Over US$1,750
756
786
811
831
849
866
Over US$2,500
733
766
797
817
835
855
Over US$5,000
611
656
711
737
757
784
Over US$7,500
471
524
593
624
646
681
Over US$10,000
352
404
474
508
531
569
Over US$15,000
201
240
292
321
343
377
Over US$25,000
83.0
102
122
139
153
171
Over US$35,000
44.3
54.8
63.6
73.0
81.4
91.3
Over US$45,000
27.9
34.4
38.9
44.7
50.1
55.9
2009
2010
2011
2012
2013
2014
Over US$55,000
19.7
24.0
26.7
30.6
34.3
38.0
Over US$65,000
15.0
18.1
20.0
22.7
25.3
27.9
Over US$75,000
12.1
14.4
16.0
18.0
19.9
21.8
Over US$100,000
8.4
9.7
11.0
12.0
12.9
14.1
Over US$125,000
6.4
7.4
8.3
9.1
9.8
10.7
Over US$150,000
5.1
5.9
6.7
7.3
7.9
8.5
Over US$200,000
3.6
4.2
4.7
5.1
5.5
6.0
Over US$250,000
2.7
3.2
3.6
3.9
4.2
4.6
Over US$300,000
2.2
2.5
2.8
3.1
3.4
3.6
Summary 16 Inflation, 2009-2014
Inflation
2009
2010
2011
2012
2013
2014
4.2
3.1
4.8
4.3
2.5
3.2
Summary 17 Transport Indicators, 2009-2014
2009
2010 2011
2012
2013
2014
Passenger Cars in Use ('000)
114
140
167
171
196
208
Number of Airline Passengers ('000)
3,38
2
3,59
5
4,10
3,957 8
4,311 4,507
Passenger Cars (per 1,000

population)
38.1
46.1
54.2
62.0
54.8
Summary 18 Possession of Consumer Durables, % of Households, 2009, 2014, 2019
65.0
2009
2014
2019
Possession of Video Game Console
7.8
9.3
10.0
Possession of DVD Player/Recorder
42.3
56.6
60.8
Possession of Colour TV Set
97.8
99.5
100
Possession of Passenger Car
20.8
24.8
26.7
Possession of Air Conditioner
6.8
9.4
11.0
Possession of Camera
19.9
23.6
25.0
Possession of Freezer
5.3
6.6
7.2
Possession of Cooker
69.2
72.3
73.7
Possession of Hi-Fi Stereo
35.7
43.5
46.7
Possession of Dishwasher
0.9
3.2
5.0
Possession of Bicycle
28.8
24.3
22.6
Possession of Cable TV
4.8
7.0
8.7
Possession of Microwave Oven
24.8
32.4
36.8
Possession of Washing Machine
30.9
41.6
49.3
Possession of Video Camera
4.5
5.2
5.6
Possession of Telephone
37.8
44.7
43.8
Possession of Mobile Telephone
78.8
92.6
95.9
Possession of Internet Enabled Computer
9.1
40.2
50.5
Possession of Motorcycle
7.2
10.1
11.1
Possession of Refrigerator
78.5
84.2
86.6
Possession of Personal Computer
23.2
41.7
50.5
Possession of Tumble Drier
4.6
6.0
6.6
Possession of Satellite TV System
0.6
3.2
3.7
Possession of Vacuum Cleaner
16.4
20.7
22.8
Possession of Broadband Internet Enabled Computer
4.5
33.4
49.9
Retailing in Ecuador
Industry Overview | 09 Feb 2016
EXECUTIVE SUMMARY
The performance of Ecuadorian retailing decreases
Value sales grew slower in 2015 than the CAGR during the review period. This due to the
uncertainty generated by regulations implemented by the government during the year, especially
customs duties to imports decreed at the beginning of 2015. Also, it is important to mention the
negative impact caused by the uncertainty of the market power control, inheritance and property
laws.
Ecuadorian consumers resist local internet retailing
Trust towards online payment is low amongst Ecuadorian consumers. Internet retailing has had a
long stagnation during the review period and there are no signs of innovation in the category. This
is especially caused by the consumers habit of personally choosing products and also by the lack
of trust towards online payment platforms. Following this tendency, mobile retailing has less
importance in retail than web platforms.
Local companies lead sales
This leadership happens thanks to local companies that have traditionally gained the consumers
top of mind. The retail sector keeps marking the tendency of concentrating market power in a few
national key players and thanks to the governments commercial policies, the entrance of big
multinationals in retailing is unlikely in the country. It is expected that the market power control
law will balance the share concentration in a few key players in the industry.
Supermarkets keeps gaining terrain against independent small grocers
For the first time, in 2014 supermarkets had a bigger size than independent small grocers, despite
the fact that small grocers have a wide national coverage. Independent small grocers started to
lose terrain due to the coverage extension of supermarkets and the lack of economies of scale to
permit them to compete on cost. Supermarkets are focusing on small retail formats to have a wide
coverage, thus affecting directly independent small grocers.
Slow growth expected
Due to the negative impact generated by customs duties to imports imposed by the government
and the uncertainty that the countrys power control, inheritance and property laws generates, the
growth of retailing has been reduced. However, is expected that in the mid-term, it will stabilise
and return to stable growth.
KEY TRENDS AND DEVELOPMENTS
Ecuadorian economy keeps growth but reduces speed

Ecuadorian economic growth perspectives are moderate, as a consequence of the negative price
evolution of oil and the observed contraction in the growth of investments. The Central Bank of
Ecuador (BCE in Spanish) updated the growth rate of the country from 4.3% to 3.8%, although it is
expected that, by the end of 2015, the annual growth will fall to approximately 3.1%, due to the
fall in the internal demand and deterioration in the trade balance.
However, the expansive fiscal policy implemented by the government, based on intense public
spend, is softening the negative impact on the Ecuadorian economy. The government cut its
budget for 2015 because of the fall in oils price, the main export product of Ecuador. This situation
has forced the government to revoke the wage increase predicted for the public sector and to
extend the debt with China.
Rafael Correa, president of Ecuador, has considerably reduced his popularity due to his attempt to
apply fiscal regulations to inheritance and property appreciation. He plans to approve these laws
through an executive decree and with the approval of the National Congress in which the majority
of the members are in favour of the government. This has generated discomfort amongst the
voters and has caused significant and frequent popular uprisings against the government and
especially against the president.
Outlook
A weakness in short-term economic growth is anticipated, followed by a mid-term recovery, linked
to a rising tendency in oil prices. In this context it is foreseeable for the government to hold back
the public spend, facing the presidential elections of 2017. Likewise, a decrease in consumption
and private investment is anticipated, as a consequence of the implementation of public policies
intended to reduce the public spend and the importation rate in order to benefit local production.
Finally, an improvement in exports is also predicted with the possible recovery of oil production
and the free trade agreements that are expected to be signed with the EU.
Currently, the fiscal pressure continues due to elevated public spend. The access to multilateral
financing and the debt coming from China are going to help the country keep expansive fiscal
policies to reduce the risk to the Central Bank reserves. It is expected that the recovery of oil
prices starting at mid-2016, together with the continuous collective efforts, will contribute to the
public sectors recovery. It is worthwhile to mention that the start of the climate phenomenon El
Nio is predicted for mid-2015, and it is projected that it will last until mid-2016. This means an
intense governmental spend for the prevention, control and mitigation of the effects that this
meteorological phenomenon carries.
Government imposes customs duties on imports
With the goal of mitigating the external economic impact on Ecuador, the government has decided
to apply a surcharge customs duty fee of between 5% and 45% which is going to be applied to
products such as fruits, meats, dairy products and construction finishings amongst others that are
part of the 32% share of imported products. The government justifies this as a necessary action
during 15 months, from 11 March 2015, to counteract the effect of the fall in price of Ecuadorian
oil.
The importation safeguard includes a customs duty fee that Ecuador establishes for products that
come from other countries: 5% for capital goods and non-essential raw materials; 15% for midsensitivity goods; 25% for tires, ceramics, TVs and motorcycle parts; and 45% for mass
consumption goods (including foods and beverages), TVs and motorcycles, according to a
resolution of the Foreign Trade Committee. During the first trimester of the regulations validity, the
imports were reduced by US$360 million, which amounts to a reduction of 19% in contrast with the
same period in 2014.
Outlook
In this scenario, company owners have found themselves forced to reduce foreign raw material
purchases and to stock up on national raw materials. Regulations have obligated the Ecuadorian
consumers to replace certain imported articles with domestically produced products, or in some
cases to quit consuming these products as they did not have a national substitute.
It is expected that this regulation will substitute over US$6 billion of imports by 2017, with the
objective to encourage national production and promote jobs in the country.
Government seeking to reduce obesity rates
According to the National Nutrition and Health Survey (2013), Ecuadorians register an average rate
of 9% of overweight in children under 5 years old, whilst in ages between 5 and 11 years old this
indicator more than triples to 30%. Governmental efforts are focused on palliating obesity and
developing policies such as the Sanitary Labelling of Processed Food for Human Consumption
Regulation, which establishes a new way to keep consumers informed about what they eat: 1) New
labels with traffic light colours (mandatory since August 2014) that alert whether a product is high
(red), medium (yellow) or low (green) in sugar, salt and fat; 2) labels that show the risk of
consuming the product, or a label that warns if the product has less than 50% of the natural
ingredients stated on the package.
Outlook
The governmental effort to promote healthy food consumption will allow consumers to develop
more health-conscious habits. Regulations are expected to show progress at the beginning of 2016.
As a result, the government expects that consumers will become more concerned about their
health and therefore they will consume healthy products, substituting processed ones.
Market power control law
In November of 2014 the decree for the execution of the market power control law was approved
by the Superintendence of the Market Power Control (SCPM in Spanish), an institution created at
the beginning of the same year. The goal of this law is to avoid, prevent, correct, eliminate and fine
the abuse of market power by economic operators, amongst other attributions. By the end of 2014,
the Superintendence had issued a good practices manual for the pharmaceutical sector, in a
similar way as was done with the supermarket sector.
Currently, the Superintendence executes the law in a progressive way. In supermarkets it is
imposing the location of 15% of national products in highly visible racks; it also started the
execution of an article that encourages supermarkets to pay their providers in no more than 30
days after the products delivery. An establishment coverage ratio is being established for
pharmacies to prevent big chained pharmacies from locating themselves close to small pharmacies
and using aggressive marketing and price strategies to keep them away from important
commercial zones.
Outlook
Due to the current political unrest inside the country, the execution of the law has been slowed
down to reduce the political cost that was already generated by the attempt to impose inheritance
and property appreciation laws. In spite of that, the Superintendence means an important threat
for the competitiveness and growth of big retail chains. The power of this Superintendence is still
unclear and uncertain; it is expected that, due to the upcoming 2017 elections, its execution may
be slow or even non-existent.
OPERATING ENVIRONMENT
Informal retailing
From the totality of the labour force, 51% was dedicated to informal sales during 2015.
From the previous year, informal sales showed a 2% increase. It is expected that due to import
regulations, the informal commerce will keep growing by taking advantage of the scarcity of
imported goods.
Municipalities have focused their efforts to generate sales spaces with the goal of
formalising retailing in places such as La Baha (Guayaquil) and Ipiales (Quito). Despite these
efforts, informal dealers are still common in new places of commercial concentration, which are
granted by the municipality. It is difficult to track which amount of sales from these dealers was
informal and did not have taxes paid.

In Ecuador, consumers with low purchasing power are used to buying in informal markets,
whilst the consumers with high purchasing power often visit malls or ask someone they know to
bring them products that are bought in foreign countries using digital platforms such as Amazon
and eBay.
Electronic products such as USB drives, CDs and DVDs are commonly sold through
informal commerce. Informal dealers also frequently sell clothes, cellphones and laptops.
Opening hours
Summary 1 Standard Opening Hours by Channel Type 2015
Channel
24 hours
present?
MondayFriday
Saturday Sunday
Supermarkets
No
09.0022.00hrs
09.0022.00hrs
10.0022.00hrs Open
Hypermarkets
No
08:3022.00hrs
09.0022:30hrs
09.0022:30hrs Open
Independent small
grocers
No
07.0022.00hrs
08.0022.00hrs
08.0022.00hrs Closed
Chained forecourt
retailers
Yes
24 hours
24 hours
24 hours
Discounters
No
09.0020.00hrs
09.0022.00hrs
09.0020.00hrs Closed
No
09.0021.00hrs
10.0021.00hrs
Open in
10.00shopping
20.00hrs centres
Majority of nongrocery specialists
Public
Holidays
Open
Channel
24 hours
present?
MondayFriday
Public
Holidays
Saturday Sunday
Pharmacies
Rotating
08.0020.00hrs
08.0022.00hrs
08.0022.00hrs Varies
Parapharmacies
Yes
(some)
09.0021.00hrs
09.0022.00hrs
09.0021.00hrs Open
In the rural areas, retail outlets are accustomed to have shorter opening hours; usually
they close on Sundays because operators consider it as a day to rest. They usually close during
lunchtime as well.
In the urban areas retailers do not often close their businesses during Sundays because
the urban residents are used to shopping during weekends, especially Sundays.
It is important to mention that since 2010, stores located in gas stations are prohibited
from selling liquor all week long. Any other business, except for restaurants, cannot sell liquor on
Sundays.
Inside the retail sector, the chained forecourts are the only ones to offer a 24-hour service
all year long. Also, some pharmacies open 24 hours depending on a rotating schedule established
by the Health Minister.
Physical retail landscape

The Ecuadorian retail industry has focused its growth on places with high population
density and started to grow towards high purchasing power zones with the projection to obtain a
considerable population growth. Urban growth of the principal cities (ie Guayaquil and Quito) is
focused on remote areas away from the cities central zones, which is forcing retailers to expand
their service to these zones due to the high purchasing power of their inhabitants. In 2014,
Corporacin el Rosado built a new hypermarket on the outskirts of Guayaquil, where population
growth is prominent, especially of customers with a high purchasing power. Following the
tendency, Coral Hipermercados Ca Ltda opened another branch in the Racar zone located in the
outskirts of Cuenca. Also, in March 2015, Corporacin Favorita SA opened a Super Aki in the Sauces
9 zone of Guayaquil, which has a population of medium purchasing power inside the city.
The main malls of Quito are Quicentro Shopping, Mall El Jardin, Scala Shopping and San
Luis Mall. In Guayaquil the main ones are Mall del Sol, Mall del Sur, San Marino, Policentro and the
Rocentros. The company DK Management, owner of malls such as Quicentro and San Marino,
plans to open by 2017 a new mall in Manta called Mall del Pacfico; this one will be bigger than the
ones mentioned above.

Luxury retailers are located in zones that concentrate people with a high purchasing
power, especially in the main cities of the country (Quito, Guayaquil, Manta and Cuenca). They also
take advantage of the strategic location of certain malls that are focused on consumers with high
purchasing power.
Malls permit companies to concentrate a great variety of products in the same place; this
earns more importance when it is analysed that the human settlements in Ecuador are highly
dispersed. For consumers, it is also an advantage to cover all of their necessities in only one place.
Malls offer services such as banks, electronics stores, apparel stores and entertainment amongst
others. Consumers preference for malls directly affects traditional retailers sales.
Seasonality
Christmas
Shopping season: These festivities establish a consumption pattern during November and
December. It is especially accentuated during the week before 25 December.

Primary products bought: Ecuadorians have a wide variety of choices for Christmas
presents; they especially prefer products such as perfumes, apparel, electronics and toys.
Retailer strategy: Since 2013, malls have launched a marketing campaign to establish
Black Friday in Ecuador. The acceptance has been low but every time it grows stronger in the
consumers top of mind.
Back to School
Shopping season: September in the highlands and May in the coast.
Primary products bought: Especially school uniforms (apparel) and materials.

Retailer strategy: Usually retailers interested in this season focus their strategy on offering
sales and applying aggressive marketing campaigns.

Mothers and Fathers Day
Dates: Second Sunday of May (Mothers Day) and third Sunday of May (Fathers Day).
Primary products bought: Apparel, chocolates and roses.

Retailer strategy: Retailers offer sales discounts previous to the holiday and considerably
invest in marketing campaigns.
Payments and delivery

Electronic transfer payment still does not have significant acceptance in the Ecuadorian
market; in particular, mobile payments are not used due to the fact that the customers refuse
giving up their credit card information to digital platforms. Concerning the frequency of use, the
most relevant data show that it is utilised at least once a day by 54% of consumers and once a
week by 40%. The totality of transactions are not focused on the retail market, but it is important
to analyse the consumer tendency of using web platforms.

In Ecuador, the estimated use of credit cards is about 15% (US$5 billion) of the domestic
GDP (US$30 billion) according to Ecuadors Central Bank. From January to March of 2015,
consumer credit increased by 26%; this indicates a marked tendency of the Ecuadorian consumers
to use credit cards to buy daily goods. In the medium social stratum, the international credit cards
penetration is 33%, a superior indicator to the countrys average, but lower than the stratums
potential. The credit card with the most approval is Visa with 49%, followed by Diners Club with
21%.
In February 2015, the use of electronic money was implemented in Ecuador. This is an
electronic payment method, managed privatively by the BCE, denominated in US dollars, which is
exchanged uniquely through electronic devices, mobile devices, electromechanic devices, smart
cards, computers and other devices. The public and private banks are obligated to use this
payment method in less than a year, with the goal of popularising electronic currency. The
government defends this proposal due to the security generated by the fact of consumers not
having to carry cash to deal with big amounts of money. Behind the governments intention there
is a big uncertainty about the possibility that this will the first step to replace dollarisation. So far
the penetration of the method has been poor and the execution time has been too short to create
a serious judgement over the effectiveness of electronic money.
MARKET DATA
Table 1 Sales in Retailing by Store-based vs Non-Store: Value 2010-2015
USD million
2010
2011
2012
2013
2014
2015
Store-based
Retailing
15,278.
6
16,445.
2
17,410.
7
18,773.
4
19,904.
7
21,028.
2
Non-Store Retailing
872.2
1,058.4
1,281.9
1,393.9
1,484.0
1,594.8
Retailing
16,150.
9
17,503.
6
18,692.
6
20,167.
2
21,388.
6
22,623.
0
Table 2 Sales in Retailing by Store-based vs Non-Store: % Value Growth 2010-2015
% current value growth, retail value rsp excl 2014/

sales tax
15
2010-15
CAGR
2010/15
Total
Store-based Retailing
5.6
6.6
37.6
Non-Store Retailing
7.5
12.8
82.8
Retailing
5.8
7.0
40.1
Table 3 Sales in Store-Based Retailing by Channel: Value 2010-2015
USD million
2010
2011
2012
2013
2014
2015
Grocery Retailers
6,690.9 7,086.8 7,347.4 7,692.2 8,111.9 8,548.1
Non-Grocery
Specialists
10,778. 11,473. 12,144.

8,339.5 9,086.4 9,803.1 9
7
0
Mixed Retailers
248.2
272.0
260.2
302.2
319.0
336.1
Luxury Retailing
3.0
3.1
3.2
15,278. 16,445. 17,410. 18,773. 19,904. 21,028.

6
2
7
4
7
2
Note: Luxury retailing not included in store-based retailing total to avoid double counting as luxury retailing is a
duplicate category already accounted for within non-grocery specialists and mixed retailers.
Table 4 Store-Based Retailing Outlets by Channel: Units 2010-2015
outlet
2010
2011
2012
2013
2014
2015
Grocery Retailers
82,935.
0
82,884.
0
82,375.
0
81,790.
0
81,682.
0
81,299.
0
Non-Grocery
Specialists
59,089.
0
59,929.
0
61,054.
0
61,992.
0
62,894.
0
63,869.
0
Mixed Retailers
65.0
67.0
64.0
64.0
65.0
64.0
Luxury Retailing
3.0
4.0
6.0
Store-based
Retailing
142,089 142,880 143,493 143,846 144,641 145,232

.0
.0
.0
.0
.0
.0
Table 5 Sales in Store-Based Retailing by Channel: % Value Growth 2010-2015
% current value growth, retail value rsp excl 2014/

sales tax
15
2010-15
CAGR
2010/15
Total
Grocery Retailers
5.4
5.0
27.8
Non-Grocery Specialists
5.8
7.8
45.6
Mixed Retailers
5.3
6.3
35.4
Luxury Retailing
3.0
5.6
6.6
37.6
Table 6 Store-Based Retailing Outlets by Channel: % Unit Growth 2010-2015
% unit growth
2014/15
2010-15 CAGR
2010/15 Total
Grocery Retailers
-0.5
-0.4
-2.0
1.6
1.6
8.1
Mixed Retailers
-1.5
-0.3
-1.5
Luxury Retailing
50.0
0.4
0.4
2.2
duplicate category already accounted for within non-grocery specialists and mixed retailers..
Table 7 Retailing GBO Company Shares: % Value 2011-2015
2011 2012 2013 2014 2015
Corporacion La Favorita CA
8.5
9.4
9.8
10.0
10.3
3.5
4.1
4.4
4.7
4.8
Corporacin GPF Ca Ltda
2.7
2.7
2.8
2.8
2.8
Tiendas Industriales Asociadas TIA SA
1.8
2.2
2.2
2.4
2.5
Grupo Difare SA
1.3
1.4
1.4
1.5
1.5
Amazon.com Inc
0.7
1.1
1.3
1.4
1.4
Almacenes La Ganga SA
1.0
1.0
1.0
1.1
1.1
Comandato SA
1.1
1.1
1.1
1.0
1.1
De Prati SA
0.9
0.9
1.0
1.0
1.0
Unique-Yanbal Group
1.0
1.0
1.0
1.0
0.9
Gerardo Ortiz Ca Ltda
0.9
1.0
1.0
0.9
0.9
Farmaenlace Cia Ltda
0.5
0.6
0.6
0.8
0.8
Avon Products Inc
1.0
0.9
0.9
0.7
0.7
Superdeporte Cia Ltda
0.4
0.5
0.6
0.7
0.6
Artefactos Ecuatorianos Para El Hogar SA
0.6
0.6
0.6
0.6
0.6
2011 2012 2013 2014 2015
Artefacta
Icesa-Orve SA
0.5
0.5
0.5
0.5
0.6
Corporacin Belcorp
0.6
0.7
0.7
0.6
0.5
Marcimex SA
0.4
0.4
0.5
0.5
0.5
Crditos Economicos SA
0.5
0.6
0.5
0.5
0.5
Mega Santa Maria SA
0.3
0.4
0.4
0.4
0.5
Others
71.7
69.0
67.9
67.1
66.4
Total
100.
0
100.
0
100.
0
100.
0
100.
0
Table 8 Retailing GBN Brand Shares: % Value 2012-2015
% retail value rsp

excl sales tax
Company (GBO)
201
2
201
3
201
4
201
5
Supermaxi
3.2
3.5
3.6
3.7
Megamaxi
2.9
2.9
3.1
3.2
Hiper Market
2.2
2.3
2.5
2.6
Ta
Tiendas Industriales Asociadas

TIA SA
2.1
2.1
2.2
2.3
Mi Comisariato
1.4
1.5
1.6
1.7
Sana Sana
1.4
1.5
1.5
1.6
Amazon
Amazon.com Inc
1.1
1.3
1.4
1.4
Fybeca
1.3
1.2
1.2
1.3
Aki
1.1
1.1
1.1
1.2
La Ganga
1.0
1.0
1.1
1.1
Comandato
Comandato SA
1.1
1.1
1.0
1.1
Gran Aki
1.0
0.9
1.0
1.0
De Prati
De Prati SA
0.9
1.0
1.0
1.0
% retail value rsp

excl sales tax
Company (GBO)
201
2
201
3
201
4
201
5
Yanbal
Unique-Yanbal Group
1.0
1.0
1.0
0.9
Coral Hipermercados
1.0
1.0
0.9
0.9
Cruz Azul
Grupo Difare SA
0.6
0.7
0.7
0.7
Avon
Avon Products Inc
0.9
0.9
0.7
0.7
Marathon Sports
0.5
0.6
0.7
0.6
Artefacta
Artefactos Ecuatorianos Para El

Hogar SA Artefacta
0.6
0.6
0.6
0.6
Orve Hogar
Icesa-Orve SA
0.5
0.5
0.5
0.6
Others
Others
74.2 73.4 72.8 72.1
Total
100. 100. 100. 100.

0
0
0
0
Total
Table 9 Store-based Retailing GBO Company Shares: % Value 2011-2015
2011 2012 2013 2014 2015
9.0
10.1
10.5
10.8
11.1
3.7
4.4
4.7
5.1
5.2
2.9
2.8
3.0
3.0
3.0
Tiendas Industriales Asociadas TIA SA
1.9
2.4
2.4
2.5
2.7
Grupo Difare SA
1.3
1.5
1.5
1.6
1.6
1.1
1.1
1.1
1.1
1.2
Comandato SA
1.2
1.2
1.2
1.1
1.1
De Prati SA
1.0
1.0
1.1
1.1
1.1
1.0
1.0
1.0
0.9
0.9
0.6
0.6
0.7
0.9
0.9
0.4
0.5
0.6
0.7
0.7
2011 2012 2013 2014 2015
Artefactos Ecuatorianos Para El Hogar SA

Artefacta
0.6
0.6
0.6
0.6
0.6
Icesa-Orve SA
0.5
0.5
0.5
0.6
0.6
Marcimex SA
0.4
0.4
0.5
0.6
0.6
0.5
0.6
0.5
0.5
0.5
Mega Santa Maria SA
0.4
0.4
0.4
0.5
0.5
Corporacin Favorita CA
0.4
0.4
Pycca SA
0.5
0.4
0.4
0.3
0.3
Comercial Etatex CA
0.4
0.3
0.3
0.3
0.3
Payless Holdings
0.3
0.3
0.3
0.3
Others
72.6
69.7
68.7
67.2
66.4
Total
100.
0
100.
0
100.
0
100.
0
100.
0
Table 10 Store-based Retailing GBN Brand Shares: % Value 2012-2015
% retail value rsp

excl sales tax
Company (GBO)
201
2
201
3
201
4
201
5
Supermaxi
3.5
3.7
3.8
4.0
Megamaxi
3.1
3.2
3.3
3.4
Hiper Market
2.3
2.5
2.7
2.8
Ta
Tiendas Industriales Asociadas

TIA SA
2.2
2.2
2.4
2.5
Mi Comisariato
1.5
1.6
1.7
1.8
Sana Sana
1.5
1.6
1.6
1.7
Fybeca
1.4
1.3
1.3
1.3
Aki
1.2
1.2
1.2
1.3
% retail value rsp

excl sales tax
Company (GBO)
201
2
201
3
201
4
201
5
La Ganga
1.1
1.1
1.1
1.2
Comandato
Comandato SA
1.2
1.2
1.1
1.1
Gran Aki
1.1
1.0
1.0
1.1
De Prati
De Prati SA
1.0
1.1
1.1
1.1
Coral Hipermercados
1.0
1.0
0.9
0.9
Cruz Azul
Grupo Difare SA
0.7
0.7
0.8
0.8
Marathon Sports
0.5
0.6
0.7
0.7
Artefacta
Artefactos Ecuatorianos Para El

Hogar SA Artefacta
0.6
0.6
0.6
0.6
Orve Hogar
Icesa-Orve SA
0.5
0.5
0.6
0.6
Farmacias
Economicas
0.4
0.4
0.6
0.6
Marcimex
Marcimex SA
0.4
0.5
0.6
0.6
Creditos Economicos
0.6
0.5
0.5
0.5
Others
Others
74.2 73.4 72.3 71.5
Total
100. 100. 100. 100.

0
0
0
0
Total
Table 11 Store-based Retailing LBN Brand Shares: Outlets 2012-2015
sites/outlets
Company (NBO)
2012
2013
2014
2015
Cruz Azul (Grupo

Difare SA)
Ecuafarmacias &
Asociados SA
848.0
877.0
900.0
900.0
Farmacias
Comunitarias
(Grupo Difare SA)
Ecuafarmacias &
Asociados SA
216.0
223.0
290.0
290.0
Sana Sana
(Corporacin GPF
Ca Ltda)
Econofarm SA
240.0
275.0
281.0
282.0
sites/outlets
Company (NBO)
2012
2013
2014
2015
Farmacias
Economicas
115.0
207.0
207.0
282.0
Ta
Tiendas Industriales
Asociadas TIA SA
134.0
156.0
162.0
162.0
La Ganga
Almacenes La Ganga
SA
138.0
143.0
160.0
133.0
Marcimex
Marcimex SA
58.0
87.0
88.0
93.0
Fybeca
(Corporacin GPF
Ca Ltda)
Farcomed SA
120.0
125.0
128.0
91.0
Artefacta
Artefactos
Ecuatorianos Para El
Hogar SA Artefacta
72.0
77.0
90.0
91.0
Pharmacy's (Grupo Ecuafarmacias &

Difare SA)
Asociados SA
58.0
60.0
62.0
67.0
Medicity
52.0
66.0
70.0
66.0
Comandato
Comandato SA
48.0
48.0
48.0
52.0
Marathon Sports
Superdeporte Cia
Ltda
39.0
41.0
43.0
43.0
Payless
ShoeSource
(Payless Holdings)
Payless ShoeSource
Ecuador CIA LTDA
38.0
38.0
38.0
43.0
Almacenes Japon
AlJapon SA
40.0
38.0
41.0
42.0
Aki (Corporacion
La Favorita CA)
Corporacin Favorita
CA
37.0
37.0
37.0
39.0
Orve Hogar
Icesa-Orve SA
41.0
40.0
40.0
38.0
Jaher
Impocomjaher Cia
Ltda
35.0
36.0
36.0
38.0
Creditos
Economicos
Crditos Economicos
SA
42.0
45.0
45.0
37.0
Supermaxi
(Corporacion La
Favorita CA)
Corporacin Favorita
CA
31.0
33.0
34.0
35.0
Others
Others
141,09
141,19
141,84
142,40
sites/outlets
Total
Company (NBO)
Total
2012
2013
2014
2015
1.0
4.0
1.0
8.0
143,49
3.0
143,84
6.0
144,64
1.0
145,23
2.0
Table 12 Forecast Sales in Retailing by Store-based vs Non-Store: Value 2015-2020
USD million
2015
2016
2017
2018
2019
2020
Store-based
Retailing
21,028.
2
21,562.
5
22,097.
6
22,699.
6
23,345.
2
24,005.
4
Non-Store Retailing
1,594.8
1,661.6
1,713.4
1,763.4
1,809.1
1,852.1
Retailing
22,623.
0
23,224.
1
23,811.
0
24,463.
0
25,154.
4
25,857.
5
trade sources
Table 13 Forecast Sales in Retailing by Store-based vs Non-Store: % Value Growth 2015-2020
% constant value growth, retail value rsp

excl sales tax
2015/20 2015-20
16
CAGR
2015/20
TOTAL
2.5
2.7
14.2
Non-Store Retailing
4.2
3.0
16.1
Retailing
2.7
2.7
14.3
trade sources
Table 14 Forecast Sales in Store-Based Retailing by Channel: Value 2015-2020
USD million
2015
2016
2017
2018
2019
2020
USD million
2015
2016
2017
2018
2019
2020
Grocery Retailers
8,548.1 8,777.4 9,014.8 9,298.3 9,621.1 9,965.0
Non-Grocery
Specialists
12,144. 12,438. 12,725. 13,032. 13,344. 13,649.

0
7
6
6
6
1
Mixed Retailers
336.1
346.4
357.3
368.6
379.6
391.3
Luxury Retailing
3.2
21,028. 21,562. 22,097. 22,699. 23,345. 24,005.

2
5
6
6
2
4
trade sources
Note 1: Forecast value data in constant terms. Note 2: Luxury retailing not included in store-based retailing total
to avoid double counting as luxury retailing is a duplicate category already accounted for within non-grocery
specialists and mixed retailers. Note 3: No forecast data available for luxury retailing.
Table 15 Forecast Store-Based Retailing Outlets by Channel: Units 2015-2020
outlet
2015
2016
2017
2018
2019
2020
Grocery Retailers
81,299.
0
80,954.
0
80,683.
0
80,375.
0
80,088.
0
79,814.
0
Non-Grocery
Specialists
63,869.
0
64,765.
0
65,556.
0
66,326.
0
67,037.
0
67,806.
0
Mixed Retailers
64.0
65.0
64.0
65.0
64.0
65.0
Luxury Retailing
6.0
Store-based
Retailing
145,232 145,784 146,303 146,766 147,189 147,685

.0
.0
.0
.0
.0
.0
trade sources
Note 1: Luxury retailing not included in store-based retailing total to avoid double counting as luxury retailing is
a duplicate category already accounted for within non-grocery specialists and mixed retailers. Note 2: No
forecast data available for luxury retailing.
Table 16 Forecast Sales in Store-Based Retailing by Channel: % Value Growth 2015-2020

excl sales tax
2015/20 2015-20
16
CAGR
2015/20
TOTAL

excl sales tax
2015/20 2015-20
16
CAGR
2015/20
TOTAL
Grocery Retailers
2.7
3.1
16.6
2.4
2.4
12.4
Mixed Retailers
3.1
3.1
16.5
Luxury Retailing
2.5
2.7
14.2
trade sources
Note 1: Forecast value data in constant terms. Note 2: Luxury retailing not included in store-based retailing total
to avoid double counting as luxury retailing is a duplicate category already accounted for within non-grocery
specialists and mixed retailers. Note 3: No forecast data available for luxury retailing.
Table 17 Forecast Store-Based Retailing Outlets by Channel: % Unit Growth 2015-2020
% unit growth
2015/16
2015-20 CAGR
2015/20 Total
Grocery Retailers
-0.4
-0.4
-1.8
1.4
1.2
6.2
Mixed Retailers
1.6
0.3
1.6
Luxury Retailing
0.4
0.3
1.7
trade sources
Note 1: Luxury retailing not included in store-based retailing total to avoid double counting as luxury retailing is
a duplicate category already accounted for within non-grocery specialists and mixed retailers. Note 2: No
forecast data available for luxury retailing.
SOURCES
Sources used during the research included the following:
Summary 2 Research Sources
Official Sources
Agencia de Noticias del Ecuador y Sudamrica (ANDES)
Bolsa de Valores de Guayaquil

Centro de Investigacion y Analisis de Politicas Publicas (CIAP)
Comisin Econmica para Amrica Latina (CEPAL)
Ecuador en Cifras
INEC
Servicio de Rentas Internas
Superintendencia de Cas del Ecuador
Superintendencia de Control del Poder de Mercado
Trade
Associations
Asociacin de Almacenes de Electrodomsticos del Ecuador

(ASADELEC)
Asociacin Ecuatoriana de Empresas de Venta Directa (AEVD)
Asociacin Ecuatoriana de Franquiciadores
Ecuafranquicias
Trade Press
Amrica Economa
Diario El Comercio
Diario El Universo
Diario Expreso
Diario Hoy
Diario La Hora
Ecuador Trends
El Diario
El Financiero
Entorno Inteligente
Expreso
Revista Ekos
Revista Lideres
Revista Vistazo
Official Sources
Agencia de Noticias del Ecuador y Sudamrica (ANDES)
Other Sources
Almacenes Boyac SA
Banco Central del Ecuador
Creditos Economicos Credicosa SA
Deloitte Barometro Empresarial
Discarna
Escuela de Direccion de empresas IDE
IDE

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1. Product or Service Overview

Service: Virtual Grocery App

Survey - close questions physical

UEES Virtual Library Passport: Consumer trends per country

Corporacin el Rosado SA in Retailing (Ecuador)

service, a private label portfolio and a wide retail coverage.

Source: Euromonitor International from company reports, company research

Summary 2 Corporacin el Rosado SA: Operational Indicators 2013-2015

US$853.3 million US$1.0 billion US$1.2 billion*

in Ecuador and in the national retail industry.

the shopping centres where the company has its stores.

Source: Euromonitor International

Private label brand

Retail Value Share

Corporacin Favorita CA in Retailing (Ecuador)

important for the company.

Summary 2 Corporacin Favorita CA: Operational Indicators 2013-2015

Internet retailing is almost negligible for the company.

and one of the most influential in the country.

consumed by the company from the national electric grid.

Source: Euromonitor International

As a general strategy, the corporation wants to be able to provide a wide variety of

label portfolio by 30%.

invest in expanding its coverage.

stores are mostly located in highly populated areas.

Retail Value share

Grocery Retailers in Ecuador

Customs duty fees slow down growth

of 3% at constant 2015 prices

19% in contrast with the same period in 2014.

affected by the uncertainty generated by the market power control law.

produce high-quality meat.

them to diversify and to sell private label products also.

attracted to purchase in those places.

diversity of products and similar prices to modern channel stores.

various national competitors, the market is beginning to establish a competitive balance.

reduce obesity, which generate consciousness in Ecuadorians to consume healthier products.

situation expected in the following years.

Traditional grocery retailers is expected to show a negative CAGR of 2% at constant 2015

when Rafael Correa will seek re-election.

Internet Retailing in Ecuador

Courier taxes benefit the local internet retailing

In October 2014, a new methodology was implemented in order to charge taxes on

instead of via local internet retailers.

generated by taxes established for purchases via courier.

consumer is highly sensitive to prices, which increased due to customs duties.

customs duties to imports.

type of consumers is internet retailing.

sale of electronics and appliance products with constant discounts.

from taxes on shipping by couriers.

products from the US and China.

2010 2011 2012 2013 2014 2015

Apparel and Footwear

Other Internet Retailing

Table 2 Internet Retailing by Category: % Value Growth 2010-2015

% current value growth, retail value rsp 2014/

% current value growth, retail value rsp 2014/

Table 3 Internet Retailing GBO Company Shares: % Value 2011-2015

% retail value rsp excl sales tax

Table 4 Internet Retailing GBN Brand Shares: % Value 2012-2015

% retail value rsp excl sales

Company (GBO) 2012 2013 2014 2015

% retail value rsp excl sales