Retail Sales in Argentina: A Mixed Picture for July 2026
A survey conducted by the Confederación Argentina de la Mediana Empresa (CAME) – Argentina's SME confederation – among 1,128 businesses between July 31 and August 6, 2026, revealed that retail sales fell 3.8% year-on-year in July, and 2.1% compared to June. The accumulated decline for the year stands at 2.7%. This trend is mainly attributed to the exhaustion of the mid-year bonus (aguinaldo) effect and the impact of winter utility tariffs on Argentine households.
The E-Commerce vs. Physical Store Debate
According to El Destape, a debate emerged after these figures were published. Marcos Galperin, founder of Mercado Libre (Latin America's leading e-commerce platform), and President Javier Milei suggested that e-commerce growth could offset the decline in physical retail, citing a 38% growth in constant currency in the last quarter for the platform.
However, data from the Argentine Chamber of Electronic Commerce (CACE) and consultancies like PCMI indicate that physical commerce still represents about 78% of total sales in the country. Despite differing perspectives, there is a bright spot: online sales from businesses with physical locations grew 14.9% year-on-year, demonstrating a strong and positive digital adaptation of the traditional retail sector.
Performance by Sector in July
| Sector | Year-on-Year Change |
|---|---|
| Hardware and construction materials | +1.0% |
| Pharmacies | -1.6% |
| Perfumeries | -3.1% |
| Footwear | -3.5% |
| Food and beverages | -5.4% |
| Home goods and decoration | -5.5% |
| Textiles and clothing | -5.6% |
Expectations and Outlook
The report highlights that 42.4% of surveyed merchants expect a favorable evolution of their activity in the next 12 months, an improvement of 4.7 percentage points compared to the previous survey. Although caution regarding investment remains, the sector's resilience and growing digital integration project a path of transformation and opportunities.
As detailed by La Nación, operations continued to rely on bank promotions and digital wallets, demonstrating the creativity and flexibility of consumers and merchants in sustaining economic activity amid contextual challenges.