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Latin American Economy & Business - December 2013 (ISSN 1741-7430)

VENEZUELA: Retail Hell?

The period running between roughly mid-November and mid-December this year was not, by any stretch of the imagination, a good time for Venezuelan retailers. In the run-up to municipal elections on 8 December (in which President Nicolás Maduro’s ruling Partido Unido Socialista de Venezuela [PSUV] won a majority of municipalities), the government launched what it described as an all-out war against economic sabotage, overpricing and speculation. Backed by newly-approved emergency decree powers, the president set about imposing mandatory price discounts. Here we look at how the new measures were brought in.

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