Makro

What Makro does

Makro is an international cash-and-carry and warehouse-club retail chain owned by Massmart, the South African retail conglomerate majority-controlled by Walmart, and headquartered in Johannesburg. Founded in 1971, the company operates physical cash-and-carry centers across South Africa and Spain (37 centers) and maintains a presence in Thailand, serving both individual consumers and business/wholesale customers with bulk purchasing capabilities. Distribution is anchored by a dedicated platform in El Prat de Llobregat, Catalonia, supporting the Spanish network, and a 10-year renewable electricity PPA with Statkraft (sleeved via Shell España) covering 59 GWh annually from 2026.

Makro's revenue model spans four streams: physical cash-and-carry/wholesale retail, marketplace commission via its online marketplace connecting third-party sellers with South African consumers, dedicated refurbished-tech sales through the Makro Restored sub-brand (smartphones, laptops, consoles from vetted resellers with 6-12 month warranties), and supporting distribution/managed services. In February 2026, Makro launched Makro Restored to address affordability and sustainability-driven demand for refurbished devices, and in April 2026 its Nakhon In store joined Thailand's 'Thai Help Thai' government consortium offering 25-58% discounts on essential items. The online marketplace is being actively scaled through dedicated Seller Engagement Sessions in Johannesburg.

The business is operated by VP Marketplace Laura Hartnady among other group-level executives, and Makro holds a wholly-owned subsidiary (Makro Restored) following its 2017 acquisition of Wumdrop. Core technology, AI capabilities, app presence, and standalone revenue figures are not disclosed in available sources, and Makro operates as a private subsidiary within the publicly listed Massmart/Walmart group structure.

Name

Makro

Website

https://makro.co.za

Company type

Private

Founded year

1971

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Makro is a Massmart/Walmart-owned international cash-and-carry and warehouse-club chain operating physical centers in South Africa and Spain (37 centers) plus Thailand, serving consumers and business buyers via bulk retail, an online marketplace, and the Makro Restored refurbished-tech store.

Ownership category

akta.pro rank

Product category

Cash-and-Carry Wholesale Retail

NAICS

Grocery and Related Product Merchant Wholesalers (4244), Merchant Wholesalers, Nondurable Goods (424), Other Professional Equipment and Supplies Merchant Wholesalers (423490)

SIC

Wholesale-Groceries & Related Products (5140), Wholesale-Misc Durable Goods (5090)

akta.pro primary industry

Cash-and-Carry Wholesale Stores (Business-Focused) (CRAHAMAC)

akta.pro secondary industry

Traditional Cash & Carry Wholesalers (No/Low Membership) (CRAEAEAA)

Keywords

• Cash-and-carry wholesale
• Warehouse club retail
• Online marketplace
• Refurbished electronics
• Bulk retail purchasing

Headquarters

HQ city

Johannesburg

HQ country

South Africa

HQ region

Africa

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Cash-and-Carry Retail: Physical retail operations across 37 cash-and-carry centers in Spain and multiple stores in South Africa, serving both individual consumers and business customers through bulk purchasing.
2. Wholesale/Distribution: Distribution platform operations in El Prat de Llobregat, Catalonia, supporting Makro's network of cash-and-carry centers with supply chain and logistics services.
3. Marketplace Commission: Online marketplace platform connecting third-party sellers with consumers in South Africa, generating commission revenue from seller transactions.
4. Refurbished Product Sales: Makro Restored online store selling pre-owned tech devices sourced from vetted third-party resellers, including smartphones, tablets, laptops, smartwatches, desktops, audio equipment and gaming consoles.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels3 records

Core offering

Makro operates a network of cash-and-carry wholesale centers (37 in Spain plus stores in South Africa and Thailand) selling bulk goods to business customers and consumers. The company supplements its physical retail operations with an online marketplace connecting third-party sellers to South African consumers and a dedicated Makro Restored e-commerce store selling warranty-backed refurbished tech devices.

Product overview

Makro is a cash-and-carry retail chain owned by Massmart, operating physical stores across South Africa, Spain (37 cash-and-carry centres), and Thailand. The company offers a unified product portfolio consisting of its core retail operations supplemented by two digital channels: the Makro Marketplace (online marketplace connecting sellers with consumers) and Makro Restored (online store for refurbished technology devices). The marketplace supports entrepreneurship and digital commerce growth, while Makro Restored extends accessibility to affordable, warranty-backed refurbished tech products.

Differentiator

Problem solved

Functional benefit

Brands

• Makro Restored: Online store specializing in refurbished tech devices including smartphones, tablets, laptops, smartwatches, desktops, audio equipment and gaming consoles sourced from vetted resellers.

Products and services

• Makro Cash-and-Carry Centers
• Makro Online Marketplace

Quantifiable outcome

• At least 10% of tech devices purchased in UK were refurbished in Q1 2025, indicating growing consumer acceptance of refurbished products
• +1 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered minor and core.

• Thai Help Thai ConsortiumminorStrategic or Co-development Partner · 1 April 202619-organization consortium including Makro Nakhon In participating in Thailand's 'Thai Help Thai' government project launching April 1, 2026, offering discounted essential products at 25-58% off to help consumers cope with rising living costs.
• StatkraftcoreStrategic or Co-development Partner · 1 January 2026Statkraft, Europe's largest renewable energy provider, signed a 10-year corporate power purchase agreement with Makro in April 2024 to supply 59 GWh annually of renewable electricity from 2026. The agreement covers Makro's 37 cash-and-carry centers across Spain and its distribution platform in Catalonia.
• Shell EspañacoreStrategic or Co-development Partner · 1 January 2026Shell España acts as intermediary in a sleeved corporate power purchase agreement between Statkraft and Makro, providing physical delivery of renewable electricity under the original April 2024 contract. This structure is described as relatively new in the Spanish market.
• Approved Third-Party ResellerscoreChannel Partner/ Reseller/ DistributorVetted third-party resellers sourcing refurbished tech devices (iPhones, laptops, consoles) for Makro Restored online store. All devices undergo functional checks and data wipes with 6-12 month warranties depending on seller.
• Marketplace SellerscoreChannel Partner/ Reseller/ DistributorThird-party sellers on Makro's online marketplace platform participating in dedicated Seller Engagement Sessions to strengthen collaboration and support growth across the expanding online marketplace ecosystem.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• PriceSmart: Membership-based warehouse club operating in Latin America and Caribbean. Highly relevant emerging-markets peer given Makro's footprint in South Africa, Spain, and Thailand; comparable member economics, B2B customer mix, and omnichannel strategy in developing markets.
• METRO AG: Major European cash-and-carry operator (Makro/METRO-branded stores) headquartered in Germany. Closest direct peer to Makro's Spanish and broader European wholesale operations, with similar B2B customer base, store format, and product mix.
• BJ's Wholesale Club: US-focused warehouse club operator with membership model. Comparable in business model (membership warehouse club, B2B and consumer base) and product breadth, useful for assessing unit economics and digital extension strategies in the wholesale club format.

Broad incumbents

• Walmart: Massmart's majority owner and global retail incumbent. Relevant as the parent and as a broad incumbent that competes with cash-and-carry/wholesale formats in overlapping markets, while also providing procurement and technology leverage to Makro.
• Loblaw Companies: Canadian retail conglomerate operating wholesale and grocery formats. Relevant broad incumbent for benchmarking omnichannel integration of physical cash-and-carry, marketplace, and refurbished product initiatives.
• Sam's Club (Walmart): Walmart-owned warehouse club chain. Sibling brand under the same corporate parent, sharing procurement scale, technology investments, and strategic playbook. Useful comparable for benchmarking Makro's growth and digital initiatives within the Walmart ecosystem.
• Costco Wholesale: Global warehouse club leader with membership-based bulk retail model. Operates at significantly larger scale than Makro and competes in the same cash-and-carry/wholesale club category, particularly relevant as a benchmark for omnichannel and refurbished product extension strategies.

Emerging players

• JD.com: Major Chinese e-commerce and B2B procurement platform with extensive logistics network. Relevant comparable for marketplace-plus-fulfillment operating model and refurbished electronics category dynamics.
• Amazon Business: Digital-first B2B procurement marketplace from Amazon. Represents the disruptive threat to cash-and-carry operators as SME buyers shift purchasing online; relevant comparable for marketplace strategy and unit economics.

Regional players

• Booker Group (Tesco): UK-based food and non-food wholesaler owned by Tesco, serving convenience stores, hospitality, and caterers. Comparable in B2B wholesale model and customer segments, though UK-focused versus Makro's multi-region footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/Makro_SA
• Facebookfacebook.com/makrosa

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Makro