Identifies common practices to be aware of when selling in this market, e.g., whether all sales material need to be in the local language.
Last Published: 2/17/2019

Despite the lack of inventory, retail sales have traditionally operated similar to sales in the United States and other western hemisphere countries.  There are numerous malls, but few department stores.  Price haggling in established stores is not common.  Special offers are frequent but seasonal in nature.  Promotions and sales are governed under a consumer protection law that is not yet supported by a complete regulatory framework, causing uneven application.  In January 2014, the GBRV promulgated the Law of Fair Prices (Gazette No. 40.340), which aims to regulate the national economy through the fixing of prices and profit margins, threatening draconian punishments for offenders. Many retailers are subject to close government scrutiny, including inspections by the National Superintendence for the Defense of Socio-Economic Rights (SUNDDE). 

U.S. companies should provide sales literature in Spanish.  While some Venezuelan business people speak English, many of their staff and customers do not.  Product literature and instructions for products for retail sale must be in Spanish.

U.S. companies should be prepared to train new agents or distributors.  A U.S. company’s ability to ensure Venezuelan end users spare parts, repair service, and other after-sale support is a critical selling factor.  New Venezuelan agents/representatives frequently request training at a U.S. company’s facilities for sales staff, maintenance, or repair technicians.  Companies intending to offer their Venezuelan agents training in the United States should consider U.S. visa requirements for Venezuelan citizens.
 

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