Brazilian retail continues to show resilience and strength in 2025. According to the Retail Performance Index (IPV), prepared by HiPartners, the month of May, traditionally driven by Mother's Day, registered expansion in both consumer traffic and revenue of physical stores.
Performance was consistent across different operating formats. Shopping mall stores recorded a 6% growth in foot traffic and a 6% increase in revenue, while street-level stores also showed progress, with a 4% increase in foot traffic and a 5% increase in sales compared to May 2024.
Growth was consistent nationwide: Brazilian physical retail sales increased by 5%, with the Northeast and Midwest regions standing out, registering increases of 9% and 7%, respectively. Other regions also showed positive growth, with 5% in the Southeast, 4% in the South, and a slight increase of 0.1% in the North. Even in regions where consumer traffic declined, such as the South, Southeast, and Midwest, revenue remained solid, driven by increased average ticket sizes and more efficient operations. This result reinforces the resilience of consumer spending, even in a challenging macroeconomic environment.
“The May results show how Brazilian retailers know how to react. Even with a reduction in sales volume, revenue grew, reflecting more strategic management, focused on average ticket size and well-planned actions. Those who anticipated and adjusted their operations reaped the rewards. The good performance of physical stores reinforces the value of the in-store experience, especially on emotionally appealing dates like Mother's Day,” emphasizes Henrique Carbonell, founding partner of F360, a HiPartners investment and responsible for generating the revenue and sales data for the index.
The average ticket price also showed growth of 4.8% in May 2025 compared to the same period of the previous year, driven by the strong performance of different segments. In street stores, the increase was 4.6%, while in shopping malls the growth was even more significant, reaching 5.6%. In the regional analysis, the highlights were the Northeast, which registered an increase of 6.8%, and the Central-West, with 5.8%. The Southeast had an increase of 4.9%, followed by the North (3.1%) and the South (1.2%).
During the week leading up to Mother's Day, customer traffic in physical stores grew by a significant 25.5% compared to the same period in 2024. On the Saturday before Mother's Day, the increase was 13%.
These results demonstrate that, despite a drop in the number of sales, revenue continued to rise, with growth of 5.93% during the week and 6.03% on Saturday, resulting in a higher average ticket price.
“We observed that, even with the reduction in consumer traffic in shopping malls, the average spending per purchase showed significant growth. This signals a more conscious and targeted behavior towards higher value-added products, especially for Mother's Day purchases. The result reinforces a trend of more selective consumption, in which the consumer makes fewer purchases, but with higher ticket prices, prioritizing quality, relevance, and a more meaningful experience,” highlights Flávia Pini, partner at HiPartners.
| Metric | Mother's Day Week (year by year) | Saturday (year by year) | |
| Invoicing | ▲5,93% | ▲6,03% | |
| Sales | ▼1,80% | ▼0,86% | |
Analysis by region indicates that the North and Central-West faced challenges on Saturday, while the Southeast and South maintained strong flow growth in both periods.
| Region | Week (year by year) | Saturday (year by year) |
| North | ▲85,05% | ▼16,03% |
| North East | ▲24,90% | ▲1,91% |
| Southeast | ▲27,25% | ▲17,15% |
| South | ▲14,60% | ▲9,42% |
| Central-West | ▲0,41% | ▼15,80% |
Economic context and PMC (Monthly Trade Survey)
Although the analysis periods are different, the data from the Monthly Retail Trade Survey (PMC/IBGE) for April also reinforce the interpretation of a resilient retail sector on a path of gradual recovery.
Retail sales grew 4.8% year-on-year, with a positive revision of the March figures. Even with a slight slowdown in sales between March and April – a reflection of seasonal factors and the macroeconomic scenario, still marked by high interest rates and pressure on credit – the positive performance throughout the first quarter, coupled with the significant growth captured by the IPV in May, indicates a continuation of the recovery cycle in physical consumption.
The combination of a still-strong job market, the boost from seasonal dates like Mother's Day, and retail promotional activities has helped keep consumers active, even in an economic environment that still requires caution.
