From retail to ecosystem: a competition analysis of conglomerate acquisitions by Casas Bahia, Americanas, and Magazine Luiza

Abstract

Background: Casas Bahia, Americanas, and Magazine Luiza have diversified beyond the retail sector amid increasing competitive pressure from foreign platforms, a shift in consumer behavior due to the Covid-19 pandemic and cheap credit due to the reduction of Selic. This process included conglomerate acquisitions, potentially bringing new challenges for antitrust authorities.

Objective: analyze how the Brazilian retailers Casas Bahia, Americanas, and Magazine Luiza reorganized their business models in response to the intensified competition from Amazon, Mercado Livre, and Shopee, focusing on conglomerate acquisitions and the potential antitrust challenges arising from their transformation into Digital Platform Ecosystems (DPEs).

Method: the study employs an exhaustive documentary analysis, based on CVM reports, corporate documents, Cade decisions to identify acquisitions made by the three platforms between 2015 and 2025, as well as specialized literature on digital ecosystems and conglomerate mergers, linking the strategic evolution of Brazilian retailers to the practices of foreign platforms and changes in the competitive environment.

Conclusions: the findings indicate that Magazine Luiza and Americanas have advanced further in building DPEs, while Casas Bahia remained focused on services closely related to retail. The acquisitions, generally pro-competitive, responded to the entry of foreign players and the pandemic, but such movements require Cade’s attention regarding underreporting and potential conglomerate effects, considering theories of harm in ecosystems.