News

Venezuela military seizes big-box retail store, lowers prices

November 11, 2013

Violent rhetoric and imagery can be common in marketing, what with retailers slashing prices at a pace that would make Jason Voorhees say "Hey, whoa, let's not get crazy." 

But Venezuela's president Nicolas Maduro wasn't being metaphorical about an "economic war" last week when he ordered his military to physically occupy big-box electronic retailers Daka, KVG and Krash, lowering prices to "fair" levels and inviting the public to come in and take advantage.

According to Global Post, Venezuela's economy is "in a tailspin," with 54 percent inflation and a severe lack of basic necessities on the shelves. In response to the occupation, thousands of people lined up outside the stores, and incidents of looting were reported.

"This is for the good of the nation," Maduro said on state television. "Leave nothing on the shelves, nothing in the warehouses … Let nothing remain in stock!"

Several shoppers took to Twitter to tell the story as it unfolded:

Military outside Daka, Venezuela's equivalent of Best Buy, earlier after government forces it to charge "fair" prices pic.twitter.com/ozChlLZsAm

— Girish Gupta (@jammastergirish) Nov. 9, 2013

Así quedó #Daka después del #saqueo q vergüenza de gobierno cómplice de los malandros y ladrones pic.twitter.com/70jWSoFcSU

— Adrian Otero (@Adrian_Otero) Nov. 9, 2013

Read more about specialty retailers.