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Costco in Caracas: how Florida goods flood Venezuelan stores [View all]
https://www.reuters.com/article/us-venezuela-shops/costco-in-caracas-how-florida-goods-flood-venezuelan-stores-idUSKBN1YK16XCARACAS/MIAMI (Reuters) - While U.S. President Donald Trump wants to drive Venezuela’s socialist ruler out of power with economic sanctions, there has in fact been a burgeoning influx of American-bought goods from Nutella spread to Oreo cookies.
Many toiletries, food items and other imports became impossible to find during Venezuela’s economic implosion under President Nicolas Maduro. Yet now they line the shelves in scores of new U.S. dollar-only shops known as “bodegones”, providing an unlikely safety valve for Maduro.
The reason?
Venezuelan businessmen have taken advantage of his government’s quiet abandonment of price, currency and import controls to buy direct from U.S. wholesalers including Costco (COST.O) and Walmart (WMT.N).
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Though the goods in the corner-shops are out of reach for most bolivar-earning Venezuelans, a well-heeled elite with dollars makes for a viable business in indulgence products.