casas bahia

=

P roduc t Number 000 Re leased Augus t 31 , 2003

Re leased December 12 , 2003

From the Department of

LEADING IN THOUGHT AND ACTION

CORPORATE STRATEGY AND INTERNATIONAL BUSINESS ==

CASE STUDY SER IES==

[====================

This report was written by Sami Foguel and

Andrew Wilson, under the supervision of

Professor C.K.Prahalad. This report is

intended to be a catalyst for discussion and

is not intended to illustrate effective or

ineffective strategies.

Copyright©, The University of Michigan

Business School, 2003

`~ë~ë=_~Üá~=cìäÑáääáåÖ=~=aêÉ~ã=qÜêçìÖÜ=~=ìåáèìÉ=~ééêç~ÅÜ=íç=ÅìëíçãÉê=ëÉêîáÅÉI=`~ë~ë=_~Üá~=Ü~ë=ÇÉîÉäçéÉÇ=~å=áååçî~íáîÉ=ÄìëáåÉëë=ãçÇÉä=íÜ~í=ëìÅÅÉëëÑìääó=ëÉêîÉë=íÜÉ=“_çííçã=çÑ=íÜÉ=móê~ãáÇÒ=E_lmF=éçéìä~íáçå=íÜêçìÖÜçìí=_ê~òáäK=

THE INNOVATION. . .

The poor represent a market, a big, lucrative, and sustainable one with the right financial approach in countries where even Sears and Wal-Mart have failed.

It is all about fulfilling the customer dream. My sales agent has to be very well dressed, shaved and always smiling. If he has a personal problem, he cannot come to work. I will never allow him to transmit to my customer anything but perfection. – Michael Klein, Chief Financial Officer, Casas Bahia

få=NVROI=~ÑíÉê=ëìêîáîáåÖ=íïç=óÉ~êë=áå=~=k~òá=ÅçåÅÉåíê~íáçå=Å~ãéI=p~ãìÉä=häÉáå=äÉÑí=Üáë=ÜçãÉä~åÇ=íç=ëí~êí=~=åÉï=äáÑÉ=áå=_ê~òáäK=få=çêÇÉê=íç=ëìééçêí=Üáë=Ñ~ãáäóI=jêK=häÉáå=ëçäÇ=Ää~åâÉíëI=ÄÉÇ=äáåÉåëI=~åÇ=Ä~íÜ=íçïÉäë=Çççê=íç=Çççê=áå=p©ç=`~Éí~åç=Çç=pìäK=cáÑíó=óÉ~êë=ä~íÉêI=p~ãìÉä=häÉáå=Ü~ë=íê~åëÑçêãÉÇ=Üáë=ÇççêJíçJÇççê=ÄìëáåÉëë=áåíç=íÜÉ=ä~êÖÉëí=êÉí~áä=ÅÜ~áå=áå=_ê~òáäI=ëÉääáåÖ=ÉäÉÅíêçåáÅëI=~ééäá~åÅÉëI=~åÇ=ÑìêåáíìêÉK=`~ë~ë=_~Üá~Ûë=ÑáÖìêÉë=~êÉ=ëáÖåáÑáÅ~åíW=oAQKO=Äáääáçå=áå=êÉîÉåìÉë=EíÜÉ=oÉ~áë=áë=íÜÉ=_ê~òáäá~å=ÅìêêÉåÅóFI=PPM=ëíçêÉëI=NM=ãáääáçå=ÅìëíçãÉêë=~åÇ=OMIMMM=ÉãéäçóÉÉëK=p~ãìÉä=häÉáå=Ü~ë=Äìáäí=`~ë~ë=_~Üá~=áåíç=~=ëìÅÅÉëëÑìä=~åÇ=ëìëí~áå~ÄäÉ=ÄìëáåÉëë=ëÉêîáåÖ=_ê~òáäÛë=éççêK==

When my father arrived in Brazil, he realized the average population was not wealthy. Thousands of people were migrating from the northeast region to work in São Paulo. That is why our name is Casas Bahia (Bahia is the largest state in the northeast region). This population needed all kinds of basic goods, such as linens, towels, and sheets. My father’s vision was to fulfill the needs of the poor population. But how could they pay for it? The answer was simple: financing. – Michael Klein

=

=

Re leased December 12 , 2003

© 2003 Un ive r s i t y o f M ich igan Regen t s 2 o f 24

qçÇ~óI=p~ãìÉä=häÉáåÛë=íïç=ëçåëI=jáÅÜ~Éä=~åÇ=p~∫äI=ã~å~ÖÉ=íÜÉ=Ç~óJíçJÇ~ó=çéÉê~íáçåë=~í=`~ë~ë=_~Üá~K=jáÅÜ~Éä=áë=êÉëéçåëáÄäÉ=Ñçê=Ñáå~åÅÉI=ëíçêÉëI=ÇáëíêáÄìíáçåI=ÑäÉÉíI=íÉÅÜåçäçÖóI=~åÇ=ÉãéäçóÉÉëK=eáë=ÄêçíÜÉêI=p~∫äI=çîÉêëÉÉë=ëìééäáÉêëI=ÅìëíçãÉê=ë~äÉëI=~åÇ=ã~êâÉíáåÖK=qÜçìÖÜ=p~ãìÉä=åç=äçåÖÉê=îáëáíë=ëíçêÉëI=ÇìÉ=íç=ëÉÅìêáíó=ÅçåÅÉêåëI=ÜÉ=áë=~äï~óë=~í=íÜÉ=ÜÉ~Çèì~êíÉêë=~åÇ=ÅçåëáÇÉêÉÇ=íÜÉ=“ãáåÇ=çÑ=íÜÉ=Åçãé~åóKÒ=jçêÉçîÉêI=Üáë=ëçå=jáÅÜ~Éä=ëí~íÉëI=“eÉ=xp~ãìÉäz=ìåÇÉêëí~åÇë=íÜáë=ÄìëáåÉëë=ÄÉííÉê=íÜ~å=~åóçåÉ=ÉäëÉ=áå=íÜÉ=ïçêäÇK=f=ïçìäÇ=ÄÉ=ÑççäáëÜ=áÑ=f=ÇáÇ=åçí=ìëÉ=íÜáë=áåî~äì~ÄäÉ=êÉëçìêÅÉKÒ=

`~ë~ë=_~Üá~=ÄÉäáÉîÉë=áå=ëí~óáåÖ=íêìÉ=íç=áíë=ÅìëíçãÉêëK=^ë=~å=Éñ~ãéäÉ=çÑ=íÜÉ=Åçãé~åóÛë=~Äáäáíó=íç=ÄçíÜ=êÉÑäÉÅí=~åÇ=ëìééçêí=íÜÉ=ÅçããìåáíáÉë=íÜÉó=ëÉêîÉI=`~ë~ë=_~Üá~Ûë=ÜÉ~Çèì~êíÉêë=Ü~îÉ=êÉã~áåÉÇ=áå=íÜÉ=ÄäìÉJÅçää~ê=Åáíó=çÑ=p©ç=`~Éí~åçK=qÜÉ=~íãçëéÜÉêÉ=~åÇ=~ííáêÉ=~êÉ=Å~ëì~äK=p~ãìÉä=häÉáå=Ü~ë=ëÉí=íÜÉ=íçåÉ=~åÇ=éÜáäçëçéÜó=çÑ=`~ë~ë=_~Üá~K=eáë=ÇÉÅÉéíáîÉäó=Å~ëì~ä=~ííáêÉ=ã~ëâë=~å=áåíÉåëÉ=ÜÉ~Ç=Ñçê=ÄìëáåÉëë=~åÇ=é~ëëáçå=Ñçê=Üáë=ÅìëíçãÉêë=~åÇ=ÉãéäçóÉÉëK=qÜáë=é~ëëáçå=Ñçê=íçí~ä=ÇÉÇáÅ~íáçå=íç=ëÉêîáÅÉ=Ü~ë=äÉÇ=íç=~å=~íãçëéÜÉêÉ=çÑ=êÉîÉêÉåÅÉ=Ñêçã=ÄçíÜ=ÉãéäçóÉÉë=~åÇ=ÅìëíçãÉêëK=tÜÉå=óçì=ÉåíÉê=íÜÉ=ÜÉ~Çèì~êíÉêë=çÑ=`~ë~ë=_~Üá~I=~=ä~êÖÉ=Å~êáÅ~íìêÉ=éçêíê~áí=çÑ=p~ãìÉä=äÉ~åáåÖ=çîÉê=~=`~ë~ë=_~Üá~=ëíçêÉ=ÖêÉÉíë=óçìK=^=Öê~íÉÑìä=ÉãéäçóÉÉ=ïÜçI=ÇÉëéáíÉ=Ü~îáåÖ=åç=Ñçêã~ä=~êí=íê~áåáåÖI=ï~åíÉÇ=íç=ëÜçï=Üáë=~ééêÉÅá~íáçå=íç=íÜÉ=ã~å=ïÜç=Ü~Ç=ÅÜ~åÖÉÇ=Üáë=äáÑÉ=é~áåíÉÇ=áíK=låÉ=çÑ=`~ë~ë=_~Üá~Ûë=ãçëí=ëìÅÅÉëëÑìä=êÉÖáçå~ä=ë~äÉë=ã~å~ÖÉêë=Ü~ë=~=äáÑÉJëáòÉ=é~áåíáåÖ=çÑ=p~ãìÉä=áå=Üáë=çÑÑáÅÉ=ëÉêîáåÖ=~ë=~=êÉãáåÇÉê=çÑ=íÜÉ=íê~Çáíáçå~ä=î~äìÉë=íÜÉ=ÅÜ~êáëã~íáÅ=ÑçìåÇÉê=áåëíáääÉÇ=ïáíÜáå=`~ë~ë=_~Üá~K=tÜÉå=jáÅÜ~Éä=~ííÉåÇë=ëíçêÉ=çéÉåáåÖëI=äáÑÉJäçåÖ=ÅìëíçãÉêë=ïáää=~ééêç~ÅÜ=Üáã=íç=ëÜçï=íÜÉáê=~ééêÉÅá~íáçå=~åÇ=~ëâ=Üçï=Üáë=Ñ~íÜÉê=áë=ÇçáåÖK=

qÜÉ=ÅìäíìêÉ=~åÇ=éÜáäçëçéÜó=~êÉ=áãéçêí~åí=íç=íÜÉ=ÅçåíáåìÉÇ=ëìÅÅÉëë=~í=`~ë~ë=_~Üá~K=j~áåí~áåáåÖ=Åçåíêçä=çîÉê=ÅìäíìêÉ=áë=çåÉ=êÉ~ëçå=p~ãìÉä=häÉáå=áë=~Ç~ã~åí=~Äçìí=åçí=ëÉääáåÖ=~=ëí~âÉ=íç=çìíëáÇÉ=áåîÉëíçêëK=?m~êíåÉêë=Äçëë=óçì=~êçìåÇI?=ÜÉ=ë~óëK=qÜáë=ÇÉÅÉéíáîÉäó=ëáãéäÉ=~ééêç~ÅÜ=íç=ÄìëáåÉëë=áë=~í=íÜÉ=ÜÉ~êí=çÑ=p~ãìÉä=häÉáåÛë=ÇáêÉÅíI=çäÇJïçêäÇ=ëíóäÉ=çÑ=ã~å~ÖÉãÉåíK=eÉ=ÇçÉë=åçí=äáâÉ=ëìêéêáëÉë=~åÇ=Ñçääçïë=Üáë=áåëíáåÅíëK=jêK=häÉáå=ÄÉäáÉîÉë=áå=~å=áêçåJÑáëíÉÇ=Åçåíêçä=çîÉê=ëéÉåÇáåÖK=låäó=Ñçìê=häÉáå=Ñ~ãáäó=ãÉãÄÉêë=Ü~îÉ=íÜÉ=~ìíÜçêáíó=íç=ëáÖå=ÅÜÉÅâëK=tÜáäÉ=jáÅÜ~Éä=~åÇ=p~∫ä=ÅçåíáåìÉ=íç=éÉêéÉíì~íÉ=íÜÉáê=Ñ~íÜÉêÛë=ÄÉäáÉÑë=~åÇ=ã~å~ÖÉãÉåí=ëíóäÉI=íÜÉó=Ü~îÉ=ÄÉÖìå=íç=ãçÇÉêåáòÉ=íÜÉ=ÄìëáåÉëëK=qÜÉ=ÅìêêÉåí=ÉãéÜ~ëÉë=áå=ã~êâÉíáåÖ=~åÇ=áåÑçêã~íáçå=íÉÅÜåçäçÖó=~êÉ=íÜÉ=ÅäÉ~êÉëí=ëáÖå~äë=çÑ=ãçÇÉêåáò~íáçåK=

Scope and Size of Opportunity

_ê~òáä=ã~áåí~áåë=~=ëí~åÇ~êÇ=íÜ~í=ëíê~íáÑáÉë=áåÇáîáÇì~äë=áåíç=çåÉ=çÑ=ÑáîÉ=Ä~ëáÅ=ÉÅçåçãáÅ=Åä~ëëÉëW=^I=_I=`I=a=çê=bK=`I=a=C=b=~êÉ=ÅçåëáÇÉêÉÇ=íç=ÄÉ=íÜÉ=“_çííçã=çÑ=íÜÉ=móê~ãáÇÒ=E_lmFK=få=OMMOI=íÜÉ=éçéìä~íáçå=áå=_ê~òáä=ï~ë=NTS=ãáääáçåI=UQB=çÑ=ïÜçã=~êÉ=ÅçåëáÇÉêÉÇ=íç=ÄÉ=~í=íÜÉ=_lmK=qÜÉ=ÉÅçåçãáÅ=ëíê~íáÑáÅ~íáçå=áë=áääìëíê~íÉÇ=áå=íÜÉ=Ñçääçï=í~ÄäÉW=

=Brazilian Stratification Breakdown

FAMILIAR INCOME (MW*)

ECONOMIC SEGMENT

POPULATION (MILLION)

HOUSEHOLD (MILLION)

INHABITANTS/ HOUSEHOLD

MJOñ= b= RQKP= =TKS= TKN=O=Ó=Qñ= a= QQKO= =VKQ= QKT=QJNMñ= `= QUKV= NOKS= QKM=NMJORñ= _= ONKS= =RKQ= QKM=[ORñ= ^= =TKP= =OKR= OKV=

Gjt=Z=jáåáãìã=t~ÖÉ=Z=oAOMMLãçåíÜ=

=

Re leased December 12 , 2003

qÜÉ=_lm=êÉéêÉëÉåíë=ëáÖåáÑáÅ~åí=éìêÅÜ~ëáåÖ=éçïÉê=áå=_ê~òáäÛë=ÉÅçåçãóI=êÉéêÉëÉåíáåÖ=QNB=çÑ=íçí~ä=ëéÉåÇáåÖ=Å~é~ÅáíóK=qÜáë=rpANOQ=Äáääáçå=çåäó=~ÅÅçìåíë=Ñçê=íÜÉ=Ñçêã~äI=êÉéçêíÉÇ=ÉÅçåçãóK=fí=áë=Éëíáã~íÉÇ=íÜ~í=íÜÉ=áåÑçêã~ä=ã~êâÉí=áå=_ê~òáä=Ñçê=íÜÉ=_lm=êÉ~ÅÜÉë=~å=~ÇÇáíáçå~ä=RMBK=péÉÅáÑáÅ~ääóI=QRB=çÑ=íçí~ä=~ééäá~åÅÉ=~åÇ=ÑìêåáíìêÉ=ëéÉåÇáåÖ=áë=ÇçåÉ=Äó=íÜÉ=_lmK=

==

© 2003 Un ive r s i t y o f M ich igan Regen t s 3 o f 24

=pçìêÅÉW=q~êÖÉíI=A=ãáääáçå===

==tÜ~í=áë=çÑ=é~êíáÅìä~ê=áåíÉêÉëí=áë=íÜÉ=ÜáÖÜ=éÉåÉíê~íáçå=çÑ=ã~àçê=~ééäá~åÅÉëI=ëìÅÜ=~ë=íÉäÉîáëáçå=ëÉíë=~åÇ=êÉÑêáÖÉê~íçêëI=~í=íÜÉ=_çííçã=çÑ=íÜÉ=móê~ãáÇ=áå=_ê~òáäK=fí=áë=åçí=ìåÅçããçå=íç=ÑáåÇ=ÜçìëÉÜçäÇë=ïáíÜ=~=íÉäÉîáëáçå=çê=êÉÑêáÖÉê~íçê=óÉí=ä~ÅâáåÖ=Ä~ëáÅ=áåÑê~ëíêìÅíìêÉI=ëìÅÜ=~ë=íçáäÉíë=~åÇ=íÉäÉéÜçåÉ=äáåÉëK=qÜçëÉ=~í=íÜÉ=_lm=áå=_ê~òáä=ëéÉåÇ=Ä~ëÉÇ=çå=íÜÉáê=åÉÉÇëK=få=~=íêçéáÅ~ä=Åäáã~íÉI=~=êÉÑêáÖÉê~íçê=áë=~=åÉÅÉëëáíóK=bîÉêóçåÉI=êÉÖ~êÇäÉëë=çÑ=Åä~ëëI=ÑÉÉäë=íÜÉ=åÉÉÇ=Ñçê=ÉåíÉêí~áåãÉåíK=cçê=íÜÉ=éççê=áå=_ê~òáäI=íÜ~í=ÅçãÉë=áå=íÜÉ=Ñçêã=çÑ=íÉäÉîáëáçå=çê=ê~ÇáçK=

Total Spending Outlays by population categorized as C, D, & E

0% 5% 10% 15% 20% 25% 30% 35%

Educational

Furniture

Travel & Entertainment

Appliances

Apparel

Transportation

Health Related

Other

Housing Payments & Maintenance

Food & Beverage $40.1 or 32% $22.5 or 18%

$19.2 or 16%

$12.3 or 10%

$10.3 or 8%

$6.9 or 6%

$4.7 or 4%$3.1 or 3%

$2.9 or 2%$1.7 or 1%

(Billions of USD)

1,880

3,847

2,763

1,649244

Total Appliance Spending ($US)

18

37

27

162%

A B

C D

E

70,869

103,61

76,857

40,2356,631

Total Spending Capacity ($US)

24

35

26

132%

A B

C D

E

1,377

2,177

1,903

867167

Total Furniture Spending ($US)

A 21

B 34

C 29

D 133% E

=

Re leased December 12 , 2003

© 2003 Un ive r s i t y o f M ich igan Regen t s 4 o f 24

Penetration of Selected Goods by Economic Status =

SEGMENT

E SEGMENT

D SEGMENT

C SEGMENTS

A AND B eçìëÉÜçäÇë= PPB= ONB= OUB= NUB=== = = = = =kìãÄÉê=çÑ=íçáäÉíëLÜçìëÉÜçäÇ= = = === M= PSB= NQB= RB= NB=== N= SMB= TTB= TQB= PVB=== O= QB= UB= NUB= PQB=== P= MB= NB= PB= NUB=== [Q= MB= MB= NB= UB=== = = = = =d~êÄ~ÖÉ=máÅâ=ìé= SMB= UMB= VMB= VSB=bäÉÅíêáÅáíó= UTB= VSB= VVB= NMMB=mÜçåÉ= NNB= OUB= RNB= USB=jáÅêçï~îÉ= PB= VB= OOB= RUB=oÉÑêáÖÉê~íçêLcêÉÉòÉê= SOB= UUB= VSB= VVB=o~Çáç= TUB= UUB= VPB= VTB=qÉäÉîáëáçå= TOB= VMB= VSB= VVB=

Typical Customer

pÉîÉåíó=éÉêÅÉåí=çÑ=`~ë~ë=_~Üá~=ÅìëíçãÉêë=Ü~îÉ=åç=Ñçêã~ä=çê=ÅçåëáëíÉåí=áåÅçãÉK=`~ë~ë=_~Üá~=ÅìëíçãÉêë=~êÉ=éêáã~êáäó=ã~áÇëI=ÅççâëI=áåÇÉéÉåÇÉåí=ëíêÉÉí=îÉåÇçêë=~åÇ=ÅçåëíêìÅíáçå=ïçêâÉêë=ïÜçëÉ=~îÉê~ÖÉ=ãçåíÜäó=áåÅçãÉ=áë=íïç=ãáåáãìã=ï~ÖÉë=EoAQMMFK=`ìëíçãÉêë=íóéáÅ~ääó=äáîÉ=áå=ÅçåÅÉåíê~íÉÇ=~êÉ~ë=Å~ääÉÇ=“Ñ~îÉä~ëKÒ=qÜÉ=~îÉê~ÖÉ=ëáòÉ=ÜçãÉ=áå=~=Ñ~îÉä~=Å~å=ÄÉ=~ë=ëã~ää=~ë=ONR=ëèì~êÉ=ÑÉÉí=~åÇ=ÜçìëÉ=ìé=íç=ëÉîÉå=Ñ~ãáäó=ãÉãÄÉêëK=^ë=~=êÉëìäíI=íÜÉëÉ=ÅçããìåáíáÉë=~êÉ=ÇÉåëÉäó=éçéìä~íÉÇ=ïáíÜ=~ééêçñáã~íÉäó=PTIMMM=éÉçéäÉ=éÉê=ëèì~êÉ=âáäçãÉíÉêK=få=Åçãé~êáëçåI=~ÅÅçêÇáåÖ=íç=íÜÉ=rKpK=`Éåëìë=_ìêÉ~ìI=ÑáîÉ=çÑ=íÜÉ=ãçëí=ÇÉåëÉäó=éçéìä~íÉÇ=ÅáíáÉë=áå=íÜÉ=råáíÉÇ=pí~íÉë=~êÉW=råáçå=`áíóI=kg=ENTIVSOFX=dìííÉåÄÉêÖ=qçïåI=kg=ENSIRSVFX=tÉëí=kÉï=vçêâ=qçïåI=kg=ENQIQUMFX=eçÄçâÉå=`áíóI=kg=ENMINPPFX=~åÇ=kÉï=vçêâ=`áíóI=kv=EVINRNFK=

Competitive Landscape

`~ë~ë=_~Üá~=Ü~ë=çéÉê~íáçåë=áå=íÜêÉÉ=_ê~òáäá~å=êÉÖáçåë=~åÇ=ÉáÖÜí=ëí~íÉëW=pçìíÜÉ~ëí=Ep©ç=m~ìäçI=oáç=ÇÉ=g~åÉáêç=~åÇ=jáå~ë=dÉê~áëFI=pçìíÜ=Ep~åí~=`~í~êáå~=~åÇ=m~ê~å•F=~åÇ=`Éåíê~ä=tÉëí=Eaáëíêáíç=cÉÇÉê~äI=dçá•ë=~åÇ=j~íç=dêçëëç=Çç=pìäFK=

qÜÉ=ÅçãéÉíáíáîÉ=ä~åÇëÅ~éÉ=çÑ=íÜÉ=êÉí~áä=áåÇìëíêó=áå=_ê~òáä=áë=Åçåëí~åíäó=ÅÜ~åÖáåÖ=Ä~ëÉÇ=çå=éêçÇìÅí=çÑÑÉêáåÖëI=ÖÉçÖê~éÜó=~åÇ=í~êÖÉí=éçéìä~íáçåK=cçê=Éñ~ãéäÉI=mçåíç=cêáç=çÑÑÉêë=~=ïáÇÉ=ê~åÖÉ=çÑ=éêçÇìÅíëI=Äìí=éêáã~êáäó=ëÉêîÉë=íÜÉ=ãÉÇáìãJ=íç=ÜáÖÜJáåÅçãÉ=éçéìä~íáçåK=j~ê~Äê•ë=áë=ÑçÅìëÉÇ=çå=íÜÉ=_lmI=Äìí=çåäó=Å~êêáÉë=ÑìêåáíìêÉK=`~ë~ë=_~Üá~Ûë=ÅçãéÉíáíáçå=~äëç=î~êáÉë=Äó=êÉÖáçåK=få=íÜÉ=pçìíÜÉ~ëí=êÉÖáçå=íçé=ÅçãéÉíáíçêë=áåÅäìÇÉ=mçåíç=cêáçI=içà~ë=`ÉãI=j~Ö~òáåÉ=iìáò~I=j~ê~Äê•ë=~åÇ=hçäìãÄìëK=içà~ë=`çäìãÄç=áë=íÜÉ=çåäó=ëÉêáçìë=íÜêÉ~í=áå=íÜÉ=ëçìíÜK==

=

Re leased December 12 , 2003

© 2003 Un ive r s i t y o f M ich igan Regen t s 5 o f 24

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Casas Bahia Business Model / Positioning

Management Style

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=

Re leased December 12 , 2003

© 2003 Un ive r s i t y o f M ich igan Regen t s 6 o f 24

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jáÅÜ~Éä=ÖáîÉë=~=ëáÖåáÑáÅ~åí=~ãçìåí=çÑ=ÑêÉÉÇçã=íç=ëíçêÉ=~åÇ=êÉÖáçå=ã~å~ÖÉêëK=qÜÉ=çåäó=êÉèìáêÉãÉåíë=~êÉ=éêÉÇÉíÉêãáåÉÇ=êÉîÉåìÉ=~åÇ=éêçÑáí=í~êÖÉíëK=håçïáåÖ=íÜÉáê=ëíçêÉëÛ=Åçëí=ëíêìÅíìêÉI=ã~å~ÖÉêë=Ü~îÉ=ÇáëÅêÉíáçå=íç=ã~å~ÖÉ=íÜÉáê=çéÉê~íáçåë=~ë=íÜÉó=ëÉÉ=ÑáíK=^=ëíçêÉ=ã~å~ÖÉê=Ü~ë=íÜÉ=~Äáäáíó=íç=êÉÇìÅÉ=íÜÉ=éêáÅÉ=çÑ=~åó=éêçÇìÅí=ìé=íç=NMB=íç=ã~íÅÜ=íÜÉ=ÅçãéÉíáíáçåK=fÑ=ãçêÉ=åÉÖçíá~íáçåë=~êÉ=êÉèìáêÉÇI=íÜÉ=êÉÖáçå~ä=ã~å~ÖÉê=Å~å=~ìíÜçêáòÉ=~=éêáÅÉ=êÉÇìÅíáçå=ìé=íç=ORBK=^åóíÜáåÖ=ÖêÉ~íÉê=íÜ~å=ORBI=íÜÉ=êÉÖáçå~ä=ã~å~ÖÉê=ïáää=Å~ää=jáÅÜ~Éä=häÉáå=ÇáêÉÅíäóK=táíÜ=ãçêÉ=íÜ~å=OMIMMM=ÉãéäçóÉÉëI=íÜÉêÉ=~êÉ=çåäó=íÜêÉÉ=äÉîÉäë=Ñêçã=íÜÉ=ëíçêÉ=ã~å~ÖÉê=íç=íÜÉ=íçé=ÉñÉÅìíáîÉK=qÜáë=~ìíçåçãó=ÇçÉë=åçí=Éèì~ä=~=ä~Åâ=çÑ=ÅçåíêçäK=^å=áåíÉêå~ä=~ìÇáí=ëóëíÉã=áë=çåÉ=çÑ=íÜÉ=áãéçêí~åí=ã~å~ÖÉãÉåí=íççäë=Ñçê=jáÅÜ~ÉäK===We are always auditing our operations. I have an internal audit team. They show up unexpectedly in one store and check everything: the money on the cashiers, the inventory, the cleanliness and the quality of in-store advertising. Everything is checked. – Michael Klein =låÉ=çÑ=íÜÉ=ãçëí=áãéçêí~åí=ã~å~ÖÉêá~ä=íççäë=~í=`~ë~ë=_~Üá~=áë=íÜÉ=Ç~áäó=aáêÉÅíçê=äìåÅÜK=bîÉêó=Ç~óI=íÜÉ=häÉáå=Ñ~ãáäó=~åÇ=âÉó=ÉñÉÅìíáîÉë=ëáí=Ççïå=çîÉê=äìåÅÜ=íç=ÇáëÅìëë=ÅìêêÉåí=áëëìÉëK=qìÉëÇ~óë=~êÉ=êÉëÉêîÉÇ=Ñçê=ÇáëÅìëëáçåë=ïáíÜ=âÉó=ëìééäáÉêëK=lÅÅ~ëáçå~ääóI=~å=çìíëáÇÉ=ÖìÉëí=áë=áåîáíÉÇ=íç=äÉÅíìêÉ=~Äçìí=~=ëéÉÅáÑáÅ=íçéáÅK=qÜÉ=ÅçåîÉêë~íáçåë=~êÉ=èìáÅâ=~åÇ=áåÑçêã~äK=qóéáÅ~ääóI=íÜÉ=ÑççÇ=áë=çåäó=ëÉêîÉÇ=çåÅÉ=~ää=íÜÉ=ÖìÉëíë=Ü~îÉ=~êêáîÉÇK=qÜÉ=ÉåîáêçåãÉåí=áë=îÉêó=êÉä~ñÉÇ=~åÇ=äáÖÜíÜÉ~êíÉÇK=tÜÉå=~å=~ííÉåÇÉÉ=áåíêçÇìÅÉë=~å=áãéçêí~åí=íçéáÅI=íÜÉ=~íãçëéÜÉêÉ=áå=íÜÉ=êççã=ïáää=ÅÜ~åÖÉ=ëäáÖÜíäóK=cçê=Éñ~ãéäÉI=p~∫ä=~ëâë=Üáë=pçåó=ëìééäáÉê=~Äçìí=~=éêáÅÉ=áåÅêÉ~ëÉK=^ÑíÉê=NR=ãáåìíÉë=çÑ=åÉÖçíá~íáçå=~å=~ÖêÉÉãÉåí=áë=êÉ~ÅÜÉÇK=

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=

Re leased December 12 , 2003

`~ë~ë=_~Üá~=ã~áåí~áåë=~=ëáãéäÉ=ÅìäíìêÉ=ÇÉÇáÅ~íÉÇ=íç=ëÉêîáåÖ=íÜÉ=ÅìëíçãÉê=Äó=ìåÇÉêí~âáåÖ=~å=~ÖÖêÉëëáîÉ=ëíóäÉ=ïÜÉå=áí=ÅçãÉë=íç=çíÜÉê=~êÉ~ë=çÑ=áíë=ÄìëáåÉëëK=cçê=Éñ~ãéäÉI=ïÜÉå=`~ë~ë=_~Üá~=ÉåíÉêë=~=ã~êâÉíI=áí=ï~åíë=íç=Ö~áå=ã~êâÉí=ëÜ~êÉ=èìáÅâäóK=qÜÉ=Öç~ä=áë=~äï~óë=íç=ÄÉ=Ñáêëí=áå=ÉîÉêó=ã~êâÉíK=“tÉ=ÉåíÉê=íÜÉ=ã~êâÉí=íç=ÄÉ=íÜÉ=äÉ~ÇÉêI=íç=ÄÉ=íÜÉ=ÄÉëíK=tÜÉå=ïÉ=~êêáîÉI=ïÉ=ï~åí=íç=~ííê~Åí=ÉîÉêóÄçÇóI=~åÇ=íÜÉå=ïÉ=ÅäÉ~å=íÜÉ=Ä~ëÉ=~åÇ=Åêçëë=ëÉääIÒ=ë~óë=`fl=cêÉÇÉêáÅç=t~åÇÉêäÉóK=qÜáë=ãÉåí~äáíó=áë=åçí=ïáíÜçìí=~=ëáÖåáÑáÅ~åí=ÅçëíK=tÜÉå=~=ëíçêÉ=áë=çéÉåÉÇI=áíë=ÇÉÑ~ìäí=ê~íÉ=~îÉê~ÖÉë=NSBI=~äãçëí=ÇçìÄäÉ=íÜÉ=Åçãé~åó=~îÉê~ÖÉK=fí=í~âÉë=~=ÅçìéäÉ=çÑ=óÉ~êë=Ñçê=íÜ~í=NSB=íç=ÅçãÉ=Ççïå=íç=íÜÉ=~îÉê~ÖÉ=çÑ=UKRBK=qÜÉ=Åçëí=çÑ=ÅìëíçãÉê=~Åèìáëáíáçå=áë=ÅçåëáÇÉêÉÇ=~=Åçëí=çÑ=ÇçáåÖ=ÄìëáåÉëë=~í=`~ë~ë=_~Üá~K==

==================

qÜáë=~ÖÖêÉëëáîÉåíç=Äìó=Ñêçã=ëìéé“qÜÉ=ëÉÅêÉí=áë=åçêÉã~áå=ÅçãéÉíáíá

FINANCE

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Finance here is tothe formal marketI have to believe wnot able to unders

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© 2003 Un ive r s i t y o f M ic

Default Evolution in New Stores - Sobradinho, DF

7

8

9

10

11

12

13

14

Mar, 20

02 Apr May Jun Ju

lAug Sep Oct

Nov Dec Jan

Feb

Mar. 20

03

Month

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ate

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r 90

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Éëë=~äëç=~ééäáÉë=íç=`~ë~ë=_~Üá~=ëìééäáÉêëK=aìÉ=íç=íÜÉáê=ëáòÉI=`~ë~ë=_~Üá~=éìêéçêíë=íç=ÄÉ=~ÄäÉ=äáÉêë=~í=äçïÉê=Åçëíë=íÜ~å=ÅçãéÉíáíáçå=ïÜáäÉ=ëíáää=ÄÉáåÖ=~ÄäÉ=íç=ëÉää=Ñçê=~Äçìí=íÜÉ=ë~ãÉ=éêáÅÉK=í=íç=é~ëë=çìê=ã~êÖáå=çå=íç=íÜÉ=Ñáå~ä=éêçÇìÅí=éêáÅÉK=qÜìëI=ïÉ=êÉëéÉÅí=ëìééäáÉêëÛ=Äê~åÇëI=îÉ=~åÇ=ã~áåí~áå=çìê=éêçÑáí~ÄáäáíóIÒ=ë~óë=^ää~å=_~êêçëI=aáêÉÅíçê=çÑ=cìêåáíìêÉK=

ew

tally different from what one learns in school. First, the informal market is twice as big as , especially in the lower-income population. Most of my customers do not declare income. hat they are telling me. Here, several multinational retailers did poorly because they were

tand local needs, for example, Sears and Wal-Mart. – Michael Klein

h igan Regen t s 7 o f 24

=

Re leased December 12 , 2003

oÉí~áä=Ä~åâë=áå=_ê~òáä=~êÉ=“råáîÉêë~ä=_~åâëIÒ=ïáíÜ=ïáÇÉ=å~íáçå~ä=éêÉëÉåÅÉ=~åÇ=ÅçãéäÉíÉ=éêçÇìÅí=çÑÑÉêáåÖë=ëìÅÜ=~ë=ÅêÉÇáíI=ë~îáåÖëI=áåëìê~åÅÉ=~åÇ=Ñáå~åÅÉ=éêçÇìÅíëK=`äáÉåí=áåÑçêã~íáçå=áë=îÉêó=áãéçêí~åí=ÄÉÅ~ìëÉ=íÜÉ=ÅêÉÇáí=ÄìêÉ~ì=áå=_ê~òáäI=pÉêîá´ç=ÇÉ=mêçíÉ´©ç=~ç=`ê¨Çáíç=Epm`FI=éêçîáÇÉë=çåäó=éçëáíáîÉLåÉÖ~íáîÉ=áåÑçêã~íáçå=çå=ÅìëíçãÉêëK=^åó=ÇáëÅäçëìêÉ=çÑ=ÅêÉÇáí=áåÑçêã~íáçå=áë=áääÉÖ~äK=_~ëÉÇ=çå=ÜáëíçêáÅ~ääó=ÜáÖÜ=áåíÉêÉëí=ê~íÉëI=íÜÉ=Ä~åâáåÖ=ëóëíÉã=áë=ÜáÖÜäó=éêçÑáí~ÄäÉK=j~áåí~áåáåÖ=íÜáë=éêçÑáí~Äáäáíó=Ü~ë=ã~ÇÉ=Ä~åâëÛ=ÅêÉÇáí=éçäáÅáÉë=ÅçåëÉêî~íáîÉ=íçï~êÇ=íÜÉ=äçïJáåÅçãÉ=éçéìä~íáçåK=`çåëÉèìÉåíäóI=~ÅÅÉëë=íç=ÅìêêÉåí=~ÅÅçìåí=î~êáÉë=ëáÖåáÑáÅ~åíäó=ïáíÜ=ÉÅçåçãáÅ=äÉîÉäK=

==

Segment Current Account Penetration (%)

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`LaLb= YQMB=

=======páåÅÉ=íê~Çáíáçå~ä=Ä~åâë=ïçìäÇ=åçí=ëÉêîÉ=íÜÉ=éççê=éçéìä~íáçåI=cáå~åÅÉáê~ëI=ÅçåëìãÉê=ÅêÉÇáí=

Åçãé~åáÉëI=ÉãÉêÖÉÇ=íç=ëÉêîÉ=ìåãÉí=ÅçåëìãÉê=ÅêÉÇáí=åÉÉÇëK=qÜÉáê=ÅçêÉ=ÄìëáåÉëë=áë=ÅçåÅÉÇáåÖ=ÅêÉÇáí=íç=äçïJáåÅçãÉ=éÉçéäÉ=ïÜç=Çç=åçí=Ü~îÉ=~ÅÅÉëë=íç=~=Ä~åâ=~ÅÅçìåíK=^ÇÇáíáçå~ääóI=~=ëáÖåáÑáÅ~åí=~ãçìåí=çÑ=ÅìêêÉåí=~ÅÅçìåí=ÜçäÇÉêë=êÉäó=çå=cáå~åÅÉáê~ë=ÄÉÅ~ìëÉ=íê~Çáíáçå~ä=Ä~åâë=Å~ååçí=ÑìäÑáää=~ää=íÜÉáê=ÅêÉÇáí=åÉÉÇëK=cáå~åÅÉáê~ë=íóéáÅ~ääó=Ü~îÉ=îÉêó=ÜáÖÜ=áåíÉêÉëí=ê~íÉëI=ìé=íç=NQB=éÉê=ãçåíÜ=çå=éÉêëçå~ä=äç~åëI=~åÇ=çêáÖáå~íáçå=ÑÉÉë=íÜ~í=âÉÉé=~=ëáÖåáÑáÅ~åí=ëÜ~êÉ=çÑ=íÜáë=éçéìä~íáçå=~ï~ó=Ñêçã=ÅêÉÇáí=éêçÇìÅíëK==

=

Evolution of Distinct Interest Rates

0.0%2.0%4.0%6.0%8.0%

10.0%12.0%14.0%16.0%18.0%

1998 1999 2000 2001 2002

Year

% p

er m

onth

Basic rate(SELIC) CDC withcolateralCDC - WithoutcolateralOverdraft

Credit Card

FinanceirasLoan

=

© 2003 Un ive r s i t y o f M ich igan Regen t s 8 o f 24

=

Re leased December 12 , 2003

© 2003 Un ive r s i t y o f M ich igan Regen t s 9 o f 24

Casas Bahia’s Role

`~ë~ë=_~Üá~=ÉãÉêÖÉÇ=Äó=ÑìäÑáääáåÖ=íÜáë=ìåí~ééÉÇ=Ñáå~åÅáåÖ=åÉÉÇK=páåÅÉ=àçáåáåÖ=íÜÉ=Åçãé~åó=OT=óÉ~êë=~ÖçI=`Éäëç=^ã~åÅáçI=aáêÉÅíçê=çÑ=`êÉÇáíI=Ü~ë=ÜÉäéÉÇ=íÜÉ=Åçãé~åó=éÉêÑÉÅí=~=ìåáèìÉ=Ñáå~åÅáåÖ=ãçÇÉä=íÜ~í=Ü~ë=Éå~ÄäÉÇ=`~ë~ë=_~Üá~=íç=ëìÅÅÉëëÑìääó=ëÉêîÉ=_lm=ÅìëíçãÉêëI=ÅìëíçãÉêë=éêÉîáçìëäó=áÖåçêÉÇ=Äó=íÜÉ=êÉí~áä=áåÇìëíêóK=“`~ë~ë=_~Üá~Ûë=ãçííç=áëI=Úqçí~ä=aÉÇáÅ~íáçå=íç=vçìKÛ=qÜáë=ÇÉÇáÅ~íáçå=áë=ÉîáÇÉåí=ëáåÅÉ=`~ë~ë=_~Üá~=Ü~ë=ÅêÉ~íÉÇ=~=ÅìäíìêÉ=ïÜçëÉ=ëçäÉ=éìêéçëÉ=áë=íç=ÑìäÑáää=íÜÉ=ÇêÉ~ãë=çÑ=áíë=ÅìëíçãÉêëIÒ=ë~óë=`ÉäëçK=tÜáäÉ=ã~åó=Åçãé~åáÉë=ÅçåëáÇÉêÉÇ=`~ë~ë=_~Üá~=ÅìëíçãÉêë=ìåÇÉëáê~ÄäÉI=`~ë~ë=_~Üá~=ë~ï=~å=çééçêíìåáíóK=

få=çêÇÉê=íç=ëÉêîÉ=íÜÉ=éççê=éçéìä~íáçåI=`~ë~ë=_~Üá~=ÇÉîÉäçéÉÇ=~å=áååçî~íáîÉ=~ééêç~ÅÜK=m~êí=çÑ=íÜÉ=ëçäìíáçå=áë=íÜÉ=åçï=Ñ~ãçìë=“Å~êåÆIÒ=çê=é~ëëÄççâI=íÜ~í=~ääçïë=áíë=ÅìëíçãÉêë=íç=ã~âÉ=ëã~ää=áåëí~ääãÉåí=é~óãÉåíë=Ñçê=íÜÉ=ãÉêÅÜ~åÇáëÉK=m~óãÉåí=ëÅÜÉÇìäÉë=ê~åÖÉ=Ñêçã=çåÉ=íç=NR=ãçåíÜëK=qÜÉ=é~ëëÄççâ=áë=é~ó~ÄäÉ=çåäó=~í=`~ë~ë=_~Üá~=ëíçêÉëI=~åÇ=ÉîÉêó=ãçåíÜ=ÅçåëìãÉêë=ãìëí=ÉåíÉê=~=ëíçêÉ=íç=é~ó=íÜÉáê=ÄáääK=qÜáë=ãÉíÜçÇ=~äëç=ÜÉäéë=íç=ã~áåí~áå=êÉä~íáçåëÜáéë=ïáíÜ=ÅäáÉåíëK=qÜÉ=Ñáå~åÅÉÇ=ë~äÉ=áë=êÉëéçåëáÄäÉ=Ñçê=VMB=çÑ=~ää=ë~äÉë=îçäìãÉW=SB=~êÉ=Å~ëÜ=é~óãÉåíë=~åÇ=QB=~êÉ=ÅêÉÇáí=Å~êÇK==

^ää=ÅìëíçãÉêë=ïÜç=ïáëÜ=íç=Ñáå~åÅÉ=íÜÉáê=éìêÅÜ~ëÉ=ãìëí=ëìÄãáí=íç=~å=pm`=ÅêÉÇáí=ÅÜÉÅâK=fÑ=íÜÉ=ÅìëíçãÉê=Ü~ë=~=åÉÖ~íáîÉ=pm`=ëÅçêÉI=`~ë~ë=_~Üá~=ïáää=åçí=ÄÉ=~ÄäÉ=íç=ÅçãéäÉíÉ=íÜÉ=íê~åë~Åíáçå=ìåíáä=íÜÉ=ÅìëíçãÉê=êÉëçäîÉë=Üáë=ÅêÉÇáí=éêçÄäÉãK=fÑ=íÜÉ=ÅìëíçãÉê=Ü~ë=~=éçëáíáîÉ=ëÅçêÉI=íÜÉêÉ=~êÉ=íïç=~äíÉêå~íáîÉëK=fÑ=íÜÉ=ãÉêÅÜ~åÇáëÉ=Åçëíë=äÉëë=íÜ~å=oASMMI=åç=éêççÑ=çÑ=áåÅçãÉ=áë=êÉèìáêÉÇX=~=î~äáÇ=éÉêã~åÉåí=~ÇÇêÉëë=ïáää=ëìÑÑáÅÉK=fÑ=íÜÉ=ãÉêÅÜ~åÇáëÉ=Åçëíë=ãçêÉ=íÜ~å=oASMMI=`~ë~ë=_~Üá~=Ü~ë=ÇÉîÉäçéÉÇ=~=éêçéêáÉí~êó=ëóëíÉã=íç=Éî~äì~íÉ=íÜÉ=éêçëéÉÅíáîÉ=ÅäáÉåíK=qÜÉó=êÉÅÉáîÉ=~=ÅêÉÇáí=äáãáí=Ä~ëÉÇ=çå=íçí~ä=áåÅçãÉI=ÄçíÜ=Ñçêã~ä=~åÇ=áåÑçêã~äI=çÅÅìé~íáçå=~åÇ=éêÉëìãÉÇ=ÉñéÉåëÉëK=qÜáë=“ëÅçêáåÖÒ=éêçÅÉëë=í~âÉë=äÉëë=íÜ~å=çåÉ=ãáåìíÉK=fÑ=íÜÉ=ëóëíÉã=~ééêçîÉë=íÜÉ=éêçëéÉÅíI=íÜÉ=ë~äÉëéÉêëçå=Å~å=ÅçåíáåìÉ=ïáíÜ=íÜÉ=ë~äÉK=fÑ=íÜÉ=ÅäáÉåí=áë=êÉàÉÅíÉÇ=Äó=íÜÉ=ëóëíÉãI=ÜÉ=çê=ëÜÉ=áë=ÇáêÉÅíÉÇ=íç=~=ÅêÉÇáí=~å~äóëí=Ñçê=ÑìêíÜÉê=Éî~äì~íáçåK=qÜáë=áë=ïÜÉêÉ=íÜÉ=áãéçêí~åÅÉ=çÑ=ÄìáäÇáåÖ=~=êÉä~íáçåëÜáé=áë=éêçãáåÉåíK=_~ëÉÇ=çå=íê~áåáåÖI=íÜÉ=ÅêÉÇáí=~å~äóëí=ïáää=~ëâ=~=ëÉêáÉë=çÑ=èìÉëíáçåë=íç=ÇÉíÉêãáåÉ=~=ÅäáÉåíÛë=ÅêÉÇáíïçêíÜáåÉëëK=qÜÉ=ÉåíáêÉ=éêçÅÉëë=íóéáÅ~ääó=áë=ÑáåáëÜÉÇ=áå=NM=ãáåìíÉë=çê=äÉëëK=

qÜÉ=éêçéêáÉí~êó=ëóëíÉã=íÜ~í=ÇÉíÉêãáåÉë=íÜÉ=ÅêÉÇáíïçêíÜáåÉëë=çÑ=åÉï=ÅäáÉåíë=~äëç=Éî~äì~íÉë=ÉñáëíáåÖ=ÅäáÉåíë=Ñçê=éçíÉåíá~ä=åÉï=éìêÅÜ~ëÉëK=_~ëÉÇ=çå=íÜÉ=ë~ãÉ=ÇêáîÉêë=åçíÉÇ=~ÄçîÉI=áå=~ÇÇáíáçå=íç=é~óãÉåí=ÜáëíçêóI=íÜÉ=ëóëíÉã=ïáää=~ìíçã~íáÅ~ääó=éêçÇìÅÉ=~=åÉï=ÅêÉÇáí=äáãáíK=qÜáë=~Äáäáíó=áë=âÉó=áå=íÜÉ=ÅêçëëJëÉääáåÖ=éêçÅÉëëK=tÜÉå=íÜÉ=ÅìëíçãÉê=ÅçãÉë=áåíç=íÜÉ=ëíçêÉ=íç=é~ó=íÜÉáê=ãçåíÜäó=áåëí~ääãÉåíI=~=åÉï=ÅêÉÇáí=äáãáí=áë=~î~áä~ÄäÉ=íç=íÜÉ=`~ë~ë=_~Üá~=ë~äÉëéÉêëçåK=qÜáë=ë~äÉëéÉêëçå=Ü~ë=íÜÉ=çééçêíìåáíó=íç=ã~âÉ=~=í~áäçêÉÇ=Åêçëë=ë~äÉ=áå=íÜÉ=~ãçìåí=çÑ=íÜÉ=åÉï=ÅêÉÇáí=äáãáíK=

j~åó=çìíëáÇÉêë=~êÖìÉ=íÜ~í=`~ë~ë=_~Üá~=áë=ëáãéäó=ÉñéäçáíáåÖ=íÜÉ=éççê=~åÇ=ÅÜ~êÖáåÖ=íÜÉã=ÉñçêÄáí~åí=áåíÉêÉëí=ê~íÉë=ÄÉÅ~ìëÉ=íÜÉ=éççê=Çç=åçí=âåçï=~åó=ÄÉííÉêK=nìáíÉ=íÜÉ=çééçëáíÉ=ëÉÉãë=íç=ÄÉ=íêìÉK=få=çêÇÉê=íç=ã~áåí~áå=äçï=ÇÉÑ~ìäí=ê~íÉëI=ë~äÉëéÉçéäÉ=ãìëí=“íÉ~ÅÜÒ=ÅçåëìãÉêë=íç=Äìó=~ÅÅçêÇáåÖ=íç=íÜÉáê=ÄìÇÖÉíK=cçê=áåëí~åÅÉI=~=ÅìëíçãÉê=ÉåíÉêë=íÜÉ=ëíçêÉ=~åÇ=ï~åíë=~=åÉï=OTÒ=íÉäÉîáëáçåK=^=ë~äÉëéÉêëçå=ïáää=ëáí=Ççïå=ïáíÜ=íÜÉ=ÅìëíçãÉê=E~=`~ë~ë=_~Üá~=oÉÖáçå~ä=j~å~ÖÉê=ãÉåíáçåë=óçì=~äï~óë=ÇáëÅìëë=éêáÅÉ=ëáííáåÖ=ÇçïåI=ëç=áí=áë=Ü~êÇÉê=Ñçê=íÜÉ=ÅìëíçãÉê=íç=ï~äâ=~ï~óF=~åÇ=ÇáëÅìëë=ãìäíáéäÉ=é~óãÉåí=çéíáçåëK=fÑ=áí=ÄÉÅçãÉë=ÅäÉ~ê=íÜÉ=ÅìëíçãÉê=Å~ååçí=~ÑÑçêÇ=íÜÉ=OTÒ=íÉäÉîáëáçåI=íÜÉ=ë~äÉëéÉêëçå=ïáää=ïçêâ=ïáíÜ=íÜÉã=íç=“íïÉ~âÒ=íÜÉáê=ÇêÉ~ã=íç=íÉãéçê~êáäó=áåÅäìÇÉ=~=OMÒ=qsK==

qÜÉ=ÅçåëìãÉê=ÉÇìÅ~íáçå=éêçÅÉëë=áë=~=âÉó=ÅçãéçåÉåí=Ñçê=`~ë~ë=_~Üá~=íç=Ü~îÉ=~=ÇÉÑ~ìäí=äÉîÉä=çÑ=UKRBK=qç=éìí=áí=áåíç=éÉêëéÉÅíáîÉI=íÜÉ=~îÉê~ÖÉ=Ñçê=íÜÉ=ÉåíáêÉ=êÉí~áä=ëÉÅíçêI=ïÜáÅÜ=ëÉêîÉë=~ää=áåÅçãÉ=äÉîÉäëI=áë=SKRBK=`~ë~ë=_~Üá~Ûë=ÅçãéÉíáíáçå=~í=íÜÉ=_lm=Ü~ë=~=ÇÉÑ~ìäí=ê~íÉ=íÜ~í=êÉ~ÅÜÉë=NSBK=

=

Re leased December 12 , 2003

Monthly Average Default Rate in Retail

Industry Average

Monthly Default Rate

CB Furniture's default rate

Marabraz Furniture's default rate

0.0%2.0%4.0%6.0%8.0%

10.0%12.0%14.0%16.0%18.0%

1998 1999 2000 2001 2002

Year

Mon

thly

def

ault

(%)

===

If you look at the default rate for furniture at Casas Bahia, it averages 4.5%. Marabrás, our main competitor in the furniture industry, has an average default rate of 15% to 16%. One of the driving factors of the higher default rate is that they don’t finance the customers themselves. In the [competitor’s] store you have a number of kiosks from various financeiras. The customer simply chooses a kiosk. This creates a large disconnect between the salespeople and customer. The salesperson has no incentive to build a relationship with customers or understand their abilities and needs because they are at no risk. – Michael Klein =qÜçìÖÜ=`~ë~ë=_~Üá~=Ü~ë=ÄÉÅçãÉ=íÜÉ=ä~êÖÉëí=êÉí~áäÉê=áå=_ê~òáä=Äó=ÑçÅìëáåÖ=çå=Ñáå~åÅáåÖ=_lm=ÅìëíçãÉêëI=áí=Ü~ë=~äëç=éêçîáÇÉÇ=ëÉîÉê~ä=ÅÜ~ääÉåÖÉëK=fÇÉåíáÑóáåÖ=~åÇ=çîÉêÅçãáåÖ=íÜÉëÉ=ÅÜ~ääÉåÖÉë=Ü~ë=ëíêÉåÖíÜÉåÉÇ=íÜÉ=îáëáçå=p~ãìÉä=häÉáå=Ü~Ç=çîÉê=RM=óÉ~êë=~ÖçK=fÑ=óçì=~ëâ=~åó=ÅìëíçãÉê=íÜÉó=ïáää=ëí~íÉI=“^í=`~ë~ë=_~Üá~I=áí=áë=É~ëó=íç=ÖÉí=ÅêÉÇáíKÒ=p~ãìÉä=häÉáå=ÄÉäáÉîÉë=íÜ~í=ÅìëíçãÉê=åÉÉÇë=~êÉ=é~ê~ãçìåí=~åÇ=áí=ëÜçìäÇ=ÄÉ=~ë=É~ëó=~ë=éçëëáÄäÉ=Ñçê=íÜÉ=ÅìëíçãÉê=íç=ÑìäÑáää=íÜÉáê=ÇêÉ~ãK=qç=ã~âÉ=~=ëÉ~ãäÉëë=~åÇ=ÉÑÑáÅáÉåí=ÅìëíçãÉêJÑ~ÅáåÖ=éêçÅÉëë=êÉèìáêÉë=êáÖçêçìë=~åÇ=ëíêáÅí=éä~ååáåÖ=Äó=`~ë~ë=_~Üá~K=fí=ëí~êíë=ïáíÜ=íÜÉ=íê~áåáåÖ=çÑ=áíë=ÅêÉÇáí=~å~äóëíëK=

Training

qÜÉ=ÅêÉÇáí=~å~äóëí=éä~óë=~=îáí~ä=êçäÉ=áå=íÜÉ=ëìÅÅÉëë=çÑ=`~ë~ë=_~Üá~K=^ë=ëìÅÜI=íÜÉ=Åçãé~åó=Ü~ë=ÇÉîçíÉÇ=ëáÖåáÑáÅ~åí=íáãÉ=~åÇ=êÉëçìêÅÉë=íç=íê~áå=áíë=ÅêÉÇáí=~å~äóëíëK=táíÜ=~å=~îÉê~ÖÉ=çÑ=TRMIMMM=ÅìëíçãÉêë=êÉèìÉëíáåÖ=Ñáå~åÅáåÖ=ÉîÉêó=ãçåíÜ=ENKQ=ãáääáçå=áå=aÉÅÉãÄÉêFI=`~ë~ë=_~Üá~Ûë=UMM=ÅêÉÇáí=~å~äóëíë=~êÉ=íÜÉ=äóåÅÜéáåI=åçí=çåäó=áå=ã~áåí~áåáåÖ=~=ÇÉÑ~ìäí=ê~íÉ=ÄÉäçï=áåÇìëíêó=~îÉê~ÖÉ=Äìí=~äëç=áå=Ñê~ìÇ=ÇÉíÉÅíáçåK=få=OMMOI=PRIMMM=Å~ëÉë=çÑ=Ñê~ìÇ=êÉéêÉëÉåíáåÖ=AQQM=ãáääáçå=ïÉêÉ=~îÉêíÉÇK==

© 2003 Un ive r s i t y o f M ich igan Regen t s 10 o f 24

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Re leased December 12 , 2003

© 2003 Un ive r s i t y o f M ich igan Regen t s 11 o f 24

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=

Re leased December 12 , 2003

© 2003 Un ive r s i t y o f M ich igan Regen t s 12 o f 24

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Cash Management

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Products

`~ë~ë=_~Üá~=Å~êêáÉë=~åÇ=ëÉääë=íçéJèì~äáíó=Äê~åÇëW=pçåóI=qçëÜáÄ~I=gs`=~åÇ=_ê~ëíÉãé=EtÜáêäéççäFK=qÜÉêÉ=áë=~=ãáëÅçåÅÉéíáçå=íÜ~í=ÄÉÅ~ìëÉ=ÅìëíçãÉêë=~êÉ=éççê=íÜÉó=Çç=åçí=ÇÉëáêÉ=èì~äáíó=éêçÇìÅíëK=få=_ê~òáäI=`I=a=C=b=ÅìëíçãÉêë=ÇÉëáêÉ=íÜÉ=ë~ãÉ=ãÉêÅÜ~åÇáëÉ=~ë=^=C=_=ÅìëíçãÉêëK=qÜÉó=ï~åí=íÜÉ=ÇêÉ~ã=íÜÉó=ëÉÉ=çå=qsI=åçí=~=ÅÜÉ~éÉåÉÇ=îÉêëáçå=çÑ=íÜ~í=ÇêÉ~ãK=qÜÉ=ÇáÑÑÉêÉåÅÉ=áë=íÜ~í=áåÇáîáÇì~äë=~í=íÜÉ=_çííçã=çÑ=íÜÉ=móê~ãáÇ=Å~ååçí=~ÑÑçêÇ=íç=ï~äâ=áåíç=~=ëíçêÉ=~åÇ=é~ó=ARMM=Å~ëÜ=Ñçê=~=åÉï=êÉÑêáÖÉê~íçêK=qÜÉó=Å~å=~ÑÑçêÇ=íç=ã~âÉ=ëã~ää=áåëí~ääãÉåí=é~óãÉåíë=íç=é~ó=Ñçê=íÜ~í=åÉï=êÉÑêáÖÉê~íçêK==

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aìÉ=íç=íÜÉ=éìêëìáí=çÑ=ÜáÖÜÉê=ã~êÖáåë=~åÇ=~å=áåÅêÉ~ëáåÖäó=ÇáÑÑáÅìäí=ã~êâÉí=Ñçê=~ééäá~åÅÉëI=`~ë~ë=_~Üá~=Ü~ë=ëÜáÑíÉÇ=ÑçÅìë=~åÇ=éä~åë=íç=áåÅêÉ~ëÉ=ÑìêåáíìêÉ=ë~äÉë=áå=OMMQ=íç=QMB=çÑ=áíë=íçí~ä=êÉîÉåìÉë=Eìé=Ñêçã=NRB=áå=OMMNFK=få=çêÇÉê=íç=âÉÉé=ìé=ïáíÜ=ÇÉã~åÇI=`~ë~ë=_~Üá~=Ü~ë=Äìáäí=áíë=çïå=éêçÇìÅíáçå=Ñ~ÅáäáíóI=~=ïÜçääó=çïåÉÇ=ëìÄëáÇá~êó=Å~ääÉÇ=_~êíáê~K=mêçÇìÅáåÖ=íÜÉ=ÑìêåáíìêÉ=áåíÉêå~ääó=~äëç=ïáää=ÜÉäé=ÉåëìêÉ=íÜÉ=Åçãé~åó=Å~å=ÅçåíáåìÉ=íç=éêçîáÇÉ=ÅìëíçãÉêë=ÖêÉ~íJäççâáåÖ=ÑìêåáíìêÉ=ïÜáäÉ=ÅçåíêçääáåÖ=ÅçëíëK=`~ë~ë=_~Üá~=

=

Re leased December 12 , 2003

© 2003 Un ive r s i t y o f M ich igan Regen t s 13 o f 24

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Distribution

“The poor are requiring more. Five years ago, giving the customer a seven-day delivery window was sufficient. Now they require the specific day. The main reason for this change is that now, more than ever, both the man and woman of the household are working. As a result, we are always looking for new technology to better serve the customer. Our next step will be to be able to schedule the actual time of delivery.” – Gilberto Duarte, Distribution Director. =råäáâÉ=áíë=ÅçãéÉíáíçêëI=`~ë~ë=_~Üá~=ÇçÉë=åçí=ëíêáÅíäó=ÑçÅìë=çå=ëíêÉ~ãäáåáåÖ=íÜÉ=ëìééäó=ÅÜ~áåI=ãáåáãáòáåÖ=ïçêâáåÖ=Å~éáí~ä=çê=áåÅêÉ~ëáåÖ=áíë=áåîÉåíçêó=íìêåçîÉê=ê~íáçK=`~ë~ë=_~Üá~=ÇáÑÑÉêÉåíá~íÉë=áíëÉäÑ=Äó=éä~ÅáåÖ=~=ä~êÖÉ=ÉãéÜ~ëáë=çå=íÜÉ=ëìééäáÉê=åÉÖçíá~íáçå=éêçÅÉëëK=qÜÉ=Åçãé~åó=ëíêáîÉë=íç=ã~âÉ=íÜÉ=ÄÉëí=éçëëáÄäÉ=ÇÉ~ä=ïáíÜ=áíë=ëìééäáÉêëI=åÉÖçíá~íáåÖ=ÜìÖÉ=îçäìãÉë=~í=îÉêó=äçï=éêáÅÉëK=`~ë~ë=_~Üá~=Åä~áãë=íÜáë=ëíê~íÉÖó=ïçêâë=ÄÉëí=ÄçíÜ=Ñáå~åÅá~ääó=~åÇ=áå=íÉêãë=çÑ=ÅìëíçãÉê=ëÉêîáÅÉK=cçê=Éñ~ãéäÉI=`~ë~ë=_~Üá~=íóéáÅ~ääó=ëÉääë=NIMMM=ìåáíë=çÑ=~å=áíÉã=éÉê=ãçåíÜ=~åÇ=~=ëìééäáÉê=ÅçãÉë=ïáíÜ=~=ÖêÉ~í=çÑÑÉê=çå=SIMMM=ìåáíëK=cçê=íÜÉ=êáÖÜí=éêáÅÉI=íÜÉ=ÇÉ~ä=ïáää=ÄÉ=ÉñÉÅìíÉÇK=låÉ=êÉ~ëçå=ïÜó=`~ë~ë=_~Üá~=Ü~ë=Äìáäí=íÜÉ=ä~êÖÉëí=ï~êÉÜçìëÉ=áå=pçìíÜ=^ãÉêáÅ~=E~äëç=çåÉ=çÑ=íÜÉ=ä~êÖÉëí=áå=íÜÉ=ïçêäÇF=áë=íç=ÖáîÉ=ã~å~ÖÉãÉåí=íÜÉ=ÑêÉÉÇçã=íç=ã~âÉ=ÇÉ~äë=íÜÉ=Åçãé~åó=ÇÉÉãë=ÖççÇ=Ñçê=ÄìëáåÉëëK=qÜÉ=ä~êÖÉ=ï~êÉÜçìëÉ=~äëç=~ääçïë=`~ë~ë=_~Üá~=íç=ÜçäÇ=ä~êÖÉ=áåîÉåíçêó=éçëáíáçåëK=qÜáë=Å~å=ÄÉ=

=

Re leased December 12 , 2003

© 2003 Un ive r s i t y o f M ich igan Regen t s 14 o f 24

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Delivery Drivers

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låÅÉ=íÜÉ=ÇÉäáîÉêó=áë=ÅçãéäÉíÉI=ÅìëíçãÉêë=~êÉ=ÖáîÉå=~=éÜçåÉ=åìãÄÉê=íç=Å~ää=áÑ=íÜÉó=Ü~îÉ=~åó=Åçãéä~áåíëK=fÑ=~=ÇêáîÉê=çê=ÅêÉï=ãÉãÄÉê=êÉÅÉáîÉë=íïç=Åçãéä~áåíëI=íÜÉó=~êÉ=íóéáÅ~ääó=äÉí=ÖçK=^ÇÇáíáçå~ääóI=PB=çÑ=~ää=ÅìëíçãÉêë=~êÉ=ê~åÇçãäó=ë~ãéäÉÇ=íç=êÉéçêí=çå=íÜÉáê=ÇÉäáîÉêó=ÉñéÉêáÉåÅÉ=ïáíÜ=`~ë~ë=_~Üá~K==

Delivery Process

Do you know why I do not outsource delivery? Because I cannot permit the delivery person arriving at a client’s house without a uniform, or that he doesn’t have enough care and causes damage at my customer’s house. If he is my employee, my client knows where to complain. – Michael Klein =

=

Re leased December 12 , 2003

© 2003 Un ive r s i t y o f M ich igan Regen t s 15 o f 24

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Stores and Store Fronts

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=

Re leased December 12 , 2003

© 2003 Un ive r s i t y o f M ich igan Regen t s 16 o f 24

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Marketing

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Re leased December 12 , 2003

^ÇÇáíáçå~ääóI=`~ë~ë=_~Üá~=ê~åâÉÇ=~ë=íÜÉ=ÑçìêíÜ=ãçëí=êÉÅçÖåáòÉÇ=Äê~åÇ=íÜ~í=áë=çå=íÜÉ=ÅçåëìãÉêÛë=ãáåÇK===

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Top of Mind Brands (May 2003)

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

Fiat

Nestle

Marabraz

Skol

Omo (Unilever)

Casas Bahia

Coca-Cola

Kaiser

Brahma

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Technology

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© 2003 Un ive r s i t y o f M ich igan Regen t s 17 o f 24

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Re leased December 12 , 2003

© 2003 Un ive r s i t y o f M ich igan Regen t s 18 o f 24

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Example of Technology at Casas Bahia

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History with IBM / Linux

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Re leased December 12 , 2003

© 2003 Un ive r s i t y o f M ich igan Regen t s 20 o f 24

Technology Today

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In the Store

bîÉêó=ãçåíÜI=íÜÉ=`~ë~ë=_~Üá~=ëóëíÉã=Ü~åÇäÉë=~å=~îÉê~ÖÉ=UMMIMMM=Åçåíê~ÅíëK=qÜáêíó=éÉêÅÉåí=~êÉ=åÉï=ÅäáÉåíë=~åÇ=ãìëí=ÄÉ=ëÉí=ìé=áå=íÜÉ=ëóëíÉã=Ñçê=íÜÉ=Ñáêëí=íáãÉK=^ééêçñáã~íÉäó=Ü~äÑ=çÑ=~ää=êÉíìêåáåÖ=ÅìëíçãÉêë=~êÉ=~ìíçã~íáÅ~ääó=~ééêçîÉÇI=ïÜáäÉ=íÜÉ=êÉã~áåáåÖ=Ü~äÑ=~êÉ=êÉàÉÅíÉÇ=Äó=íÜÉ=ëóëíÉã=~åÇ=ãìëí=ÄÉ=~ééêçîÉÇ=Äó=~å=~å~äóëíK=qÜÉêÉ=~êÉ=ëÉîÉê~ä=êÉ~ëçåë=ïÜó=íÜÉ=ëóëíÉã=ïáää=êÉàÉÅí=~=ÅìëíçãÉêK=cçê=~=ã~àçêáíó=çÑ=íÜçëÉ=êÉ~ëçåë=íÜçìÖÜI=íÜÉ=ÅêÉÇáí=~å~äóëí=ïáää=çîÉêêáÇÉ=íÜÉ=ëóëíÉã=~åÇI=Ä~ëÉÇ=çå=íÜÉáê=êÉä~íáçåëÜáé=ïáíÜ=íÜÉ=ÅäáÉåíI=Öê~åí=íÜÉ=ÅêÉÇáíK=qÜÉ=ëóëíÉã=ÇçÉë=åçí=Å~éíìêÉ=áÑ=íÜÉ=ÅìëíçãÉê=Ü~ë=Ü~Ç=~=ÅÜ~åÖÉ=áå=ÅáêÅìãëí~åÅÉI=ëìÅÜ=~ë=~=åÉï=àçÄK=fí=áë=ìé=íç=íÜÉ=~å~äóëí=íç=í~âÉ=~=êáëâ=Ä~ëÉÇ=çå=íÜÉ=êÉä~íáçåëÜáé=ïáíÜ=íÜÉ=ÅìëíçãÉêK=qÜçìÖÜ=çîÉêêáÇÉë=áåÅêÉ~ëÉ=íÜÉ=ÇÉÑ~ìäí=ê~íÉI=íÜÉ=áåÅêÉ~ëÉ=áå=íÜÉ=~ãçìåí=çÑ=ë~äÉë=ÖêÉ~íäó=çìíïÉáÖÜë=íÜÉ=ÅçêêÉëéçåÇáåÖ=êáëâK=fÑ=~=ÅìëíçãÉê=áë=åÉï=~åÇ=Ü~ë=åç=ÜáëíçêóI=íÜÉ=~å~äóëí=ãìëí=ÇÉíÉêãáåÉ=áÑ=íÜÉ=ÅìëíçãÉê=áë=~=ÖççÇ=êáëâK=qÜÉ=~Äáäáíó=çÑ=íÜÉ=~å~äóëí=íç=çîÉêêáÇÉ=íÜÉ=ëóëíÉã=~åÇ=éêçîáÇÉ=íÜÉ=ÅìëíçãÉê=ïÜ~í=íÜÉó=êÉèìáêÉ=áë=îáí~ä=áå=É~êåáåÖ=íÜÉ=íêìëí=çÑ=íÜÉ=ÅìëíçãÉêK=låÅÉ=íÜÉ=ÅìëíçãÉê=íêìëíë=`~ë~ë=_~Üá~I=íÜÉ=îáêíìçìë=ÅóÅäÉ=Å~å=ÄÉÖáåK=

=

Re leased December 12 , 2003

© 2003 Un ive r s i t y o f M ich igan Regen t s 21 o f 24

Uniqueness

^ÅÅçêÇáåÖ=íç=`~ë~ë=_~Üá~I=åç=ÅçãéÉíáíçê=Ü~ë=ÇÉîÉäçéÉÇI=çê=áë=áå=íÜÉ=éêçÅÉëë=çÑ=ÇÉîÉäçéáåÖI=~=Åçãé~ê~ÄäÉ=fq=Ä~ÅâÄçåÉ=çê=áåÑê~ëíêìÅíìêÉ=áå=_ê~òáäK=qÜáë=ìåáèìÉ=åÉíïçêâ=áåÑê~ëíêìÅíìêÉ=áë=áãéçêí~åí=áå=íÜÉ=Åçãé~åóÛë=~Äáäáíó=íç=êÉëéçåÇ=èìáÅâäó=íç=íÜÉ=ìåÑçêÉëÉÉå=éêçÄäÉãë=íÜ~í=~êáëÉK=^ää=ëíçêÉë=Ü~îÉ=êÉãçíÉ=ÅçååÉÅíáîáíóK=^ééêçñáã~íÉäó=çåÉJíÜáêÇ=çÑ=íÜÉ=ëíçêÉë=~êÉ=ÅçååÉÅíÉÇ=îá~=ORSâéëK=qÜÉ=êÉã~áåáåÖ=ëíçêÉë=~êÉ=ÅçååÉÅíÉÇ=~í=~=ê~íÉ=çÑ=NOUâéëK=qÜÉ=ï~êÉÜçìëÉ=áë=~í=RNOâéëK=tÜÉíÜÉê=áí=áë=ÇìÉ=íç=íÜÉ=ä~Åâ=çÑ=ÅêÉ~íáîáíó=çê=ÑìåÇáåÖI=íÜÉ=ÅçãéÉíáíáçå=ÇçÉë=åçí=áåîÉëí=áå=íÉÅÜåçäçÖóK=“lìê=ÅçãéÉíáíçêë=êÉäó=çå=íÜáêÇJé~êíó=îÉåÇçêë=íÜ~í=Çç=åçí=ÇÉîÉäçé=ëéÉÅáÑáÅ=ëçäìíáçåëI=Äìí=ê~íÜÉê=~=ÖÉåÉêáÅ=ëçäìíáçå=íÜ~í=Å~å=Ñáí=~åóçåÉÛë=éêçÄäÉãK=fí=ÇçÉëåÛí=ïçêâIÒ=ë~óë=cêÉÇÉêáÅç=t~åÇÉêäÉóI=`flK=

Ongoing IT Projects

`~ë~ë=_~Üá~=Ü~ë=Ñçìê=ã~àçê=áåáíá~íáîÉëK=qÜÉ=ÑáêëíI=ïÜáÅÜ=áë=ÅìêêÉåíäó=ÄÉáåÖ=áãéäÉãÉåíÉÇI=áë=äáåâáåÖ=ë~äÉë=ïáíÜ=ã~êâÉíáåÖ=~í=íÜÉ=mlpK=qÜÉ=Åçãé~åó=ïáää=ÄÉ=~ÄäÉ=íç=Åìëíçã=ÇÉëáÖåI=êçää=çìí=~åÇ=íê~Åâ=éêçãçíáçåë=Äó=ëíçêÉ=~åÇ=ÅìëíçãÉêK=^ää=ëíçêÉë=ïáää=íê~Åâ=íÜÉ=éêçÇìÅíáîáíó=~åÇ=éêçÑáí~Äáäáíó=çÑ=É~ÅÜ=Å~ãé~áÖåK=qÜáë=áåáíá~íáîÉ=çåäó=íççâ=Ñçìê=ãçåíÜë=Ñêçã=ÅçåÅÉéí=íç=áãéäÉãÉåí~íáçåK=qÜÉ=ëÉÅçåÇ=ã~àçê=áåáíá~íáîÉ=áë=íç=áãéêçîÉ=ÇÉäáîÉêáÉëK=^ë=ÅìëíçãÉêë=ÄÉÅçãÉ=ãçêÉ=ÇÉã~åÇáåÖI=`~ë~ë=_~Üá~=ãìëí=ÑáåÇ=~=ï~ó=íç=ãÉÉí=íÜÉáê=åÉÉÇëK=qÜÉ=ÅìêêÉåí=éêçÅÉëë=êÉèìáêÉë=ã~åì~ä=Éåíêó=çÑ=íÜÉ=ÅìëíçãÉêÛë=~ÇÇêÉëë=Ñçê=~ää=ÇÉäáîÉêáÉë=~åÇ=äÉ~Çë=íç=ï~ëíÉÇ=íáãÉ=~åÇ=ÉêêçêëK=qÜÉ=íÜáêÇ=áë=íÜÉ=ëïáíÅÜ=íç=çéíáÅ~ääó=ëÅ~ååáåÖ=~åÇ=ÇáÖáíáòáåÖ=~ää=ÅìëíçãÉêJêÉä~íÉÇ=ÇçÅìãÉåíë=~åÇ=ÄáåÇáåÖ=íÜÉã=íçÖÉíÜÉê=áå=çåÉ=ÉäÉÅíêçåáÅ=ÑáäÉK=pççåI=~ää=ÅìëíçãÉêJêÉä~íÉÇ=áåÑçêã~íáçå=ïáää=ÄÉ=ÅÉåíê~äáòÉÇ=~åÇ=îáÉï~ÄäÉ=~í=íÜÉ=mlpK=`~ë~ë=_~Üá~=Ü~ë=áåîÉëíÉÇ=áå=~=ëáñJíÉê~ÄóíÉ=Ü~êÇ=ÇêáîÉ=íç=ÜçìëÉ=~ää=íÜÉ=Ç~í~K=qÜÉ=ÑçìêíÜ=áåáíá~íáîÉ=áë=íç=ÇÉîÉäçé=~=ÇÉëâíçé=ã~å~ÖÉêá~ä=íççä=Ä~ëÉÇ=çå=íÜÉ=åÉï=iáåìñ=áåÑê~ëíêìÅíìêÉK=

Future

The project next on the horizon is wireless in the stores. We see this as a better way to serve the client. It will provide an easy and cost effective way to change the layout of the stores to meet changing customer demands. Our main concern here is the security [encryption] issue. – Frederico Wanderley, CIO =qÜÉ=ÑìíìêÉ=çÑ=íÉÅÜåçäçÖó=~í=`~ë~ë=_~Üá~=Å~å=ÄÉ=ÇÉëÅêáÄÉÇ=~ë=“Ç~ó=Äó=Ç~óKÒ=qÜçìÖÜ=^=C=_=ÅìëíçãÉêëÛ=ÄÉÜ~îáçê=áë=éêÉÇáÅí~ÄäÉI=íÜÉ=ÄÉÜ~îáçê=çÑ=`I=a=C=b=ÅìëíçãÉêë=áë=åçíK=`~ë~ë=_~Üá~=ãìëí=êÉã~áå=ÑäÉñáÄäÉ=ÉåçìÖÜ=íç=êÉ~Åí=íç=èìáÅâ=ÅÜ~åÖÉëK=cêÉÇÉêáÅç=ÑìêíÜÉê=Éñéä~áåëW==I see a problem, I create a solution. It has to be creative. My development teams are constantly in the stores talking with the users trying to understand current issues and determine future needs. We are constantly evaluating requests to see if they make sense for Casas Bahia and are feasible. Casas Bahia works very hard to foster an environment of trust where people feel safe to share their ideas. – Frederico Wanderley, CIO

=

Re leased December 12 , 2003

© 2003 Un ive r s i t y o f M ich igan Regen t s 22 o f 24

Human Resources Management

`~ë~ë=_~Üá~=Ü~ë=~ééêçñáã~íÉäó=OMIMMM=ÉãéäçóÉÉëK=qÜÉ=Åçãé~åó=Éãéäçóë=~å=~ÇÇáíáçå~ä=OIRMM=Åçåíê~Åí=áåëí~ääÉêëK=råíáä=NVVSI=~ää=Üìã~å=êÉëçìêÅÉëJêÉä~íÉÇ=ÇÉÅáëáçåëI=áåÅäìÇáåÖ=íê~áåáåÖI=ÜáêáåÖ=~åÇ=ÑáêáåÖI=ïÉêÉ=ã~ÇÉ=~í=íÜÉ=Åçêéçê~íÉ=äÉîÉäK=^ÑíÉê=íÜÉ=ê~éáÇ=Éñé~åëáçå=ÄÉÖ~å=áå=NVVSI=~ää=eoJêÉä~íÉÇ=ÑìåÅíáçåëI=ÉñÅÉéí=Ñçê=ëéÉÅá~äáòÉÇ=íê~áåáåÖ=~åÇ=íÜÉ=~Çãáåáëíê~íáîÉ=~ëéÉÅí=çÑ=íÜÉ=ÑìåÅíáçåI=ãçîÉÇ=íç=íÜÉ=äçÅ~ä=ëíçêÉëK=^ää=éçäáÅó=ÇÉÅáëáçåë=~êÉ=ëíáää=ÅÉåíê~äáòÉÇ=~í=ÜÉ~Çèì~êíÉêëK==

jçëí=ÉãéäçóÉÉë=ëéÉåÇ=íÜÉáê=ÉåíáêÉ=Å~êÉÉê=~í=`~ë~ë=_~Üá~=~åÇ=ÄÉäáÉîÉ=íÜÉó=Ü~îÉ=ÖççÇ=àçÄëK=^îÉê~ÖÉ=ÉãéäçóÉÉ=íìêåçîÉê=áë=çåäó=NBK=jçëí=ãáÇÇäÉ=ã~å~ÖÉêë=~åÇ=~ÄçîÉ=Ü~îÉ=ÄÉÉå=ïáíÜ=íÜÉ=Åçãé~åó=Ñçê=ãçêÉ=íÜ~å=OM=óÉ~êëK=qÜÉó=ëí~êí=~í=íÜÉ=Äçííçã=~åÇ=ïçêâ=íÜÉáê=ï~ó=ìéK=cçê=Éñ~ãéäÉI=íÜÉ=íóéáÅ~ä=é~íÜ=áå=íÜÉ=ë~äÉë=ÑìåÅíáçå=áë=ë~äÉëéÉêëçåI=ã~å~ÖÉê=íê~áåÉÉI=Åä~ëëêççã=íê~áåáåÖI=ã~å~ÖÉêI=êÉÖáçå~ä=ã~å~ÖÉê=íê~áåÉÉ=~åÇ=êÉÖáçå~ä=ã~å~ÖÉêK=

^ää=~äçåÖ=íÜÉ=ï~ó=íÜÉó=~êÉ=í~ìÖÜí=~åÇ=ÅçãÉ=íç=ÄÉäáÉîÉ=íÜ~í=íÜÉ=ÄÉííÉê=`~ë~ë=_~Üá~=ÇçÉëI=íÜÉ=ÄÉííÉê=çÑÑ=íÜÉó=ïáää=ÄÉ=éÉêëçå~ääó=~åÇ=éêçÑÉëëáçå~ääóK=

mêáçê=íç=NVVQ=íÜÉêÉ=ï~ë=åç=Ñçêã~ä=íê~áåáåÖK=qê~áåáåÖ=áë=åçï=~=íïçJëíÉé=éêçÅÉëë=íÜ~í=áåÅäìÇÉë=Ñçêã~ä=Åä~ëëêççã=íê~áåáåÖ=~ë=ïÉää=~ë=íïç=ïÉÉâë=çÑ=çåJíÜÉJàçÄ=ëÜ~ÇçïáåÖK=qÜÉ=~Åíì~ä=ëÜ~Ççï=íáãÉ=Å~å=î~êó=~ÅÅçêÇáåÖ=íç=íÜÉ=ëéÉÅáÑáÅ=àçÄ=êÉèìáêÉãÉåíëK=qÜáë=ëóëíÉã=Éå~ÄäÉë=ÉãéäçóÉÉë=íç=èìáÅâäó=äÉ~êå=~åÇ=ÄÉÅçãÉ=ÅçãÑçêí~ÄäÉ=ïáíÜ=íÜÉáê=ÑìåÅíáçåëK=`~ë~ë=_~Üá~=ÇÉîÉäçéÉÇ=ëéÉÅá~äáòÉÇ=íÉ~ãë=áå=Ñáå~åÅÉI=ë~äÉë=~åÇ=ã~å~ÖÉãÉåí=íç=~ëëáëí=áå=íÜÉ=íê~áåáåÖ=éêçÅÉëëK=^ÇÇáíáçå~ääóI=ëìééäáÉêë=åçï=ÅçãÉ=íç=`~ë~ë=_~Üá~=íç=íê~áå=ÉãéäçóÉÉë=çå=íÜÉ=ìëÉë=~åÇ=ÄÉåÉÑáíë=çÑ=íÜÉáê=êÉëéÉÅíáîÉ=éêçÇìÅíëK=qÜáë=áë=~=êÉä~íáîÉäó=åÉï=~åÇ=ïÉäÅçãÉÇ=çÅÅìêêÉåÅÉK=qÜÉ=ÅÉåíê~äáòÉÇ=eo=ÇÉé~êíãÉåí=çÅÅ~ëáçå~ääó=ïáää=ëéçåëçê=ëã~ääI=ëéÉÅá~äáòÉÇ=íê~áåáåÖ=çê=Åçåíê~Åí=çìí=íç=~=íÜáêÇ=é~êíó=áÑ=ëéÉÅáÑáÅ=ëâáää=íê~áåáåÖ=áë=êÉèìáêÉÇK==

`çãéÉåë~íáçå=Ñçê=ë~äÉëéÉçéäÉ=áë=Ä~ëÉÇ=çå=éÉêÑçêã~åÅÉK=qÜçìÖÜ=ë~ä~êáÉë=~êÉ=ÅçããáëëáçåJÄ~ëÉÇI=ë~äÉëéÉçéäÉ=~êÉ=Öì~ê~åíÉÉÇ=~=ë~ä~êó=çÑ=oARMM=éÉê=ãçåíÜ=EOKR=ñ=ãáåáãìã=ï~ÖÉFK=_ê~òáäá~å=ä~Äçê=ä~ïë=Çç=åçí=~ääçï=Ñçê=NMMB=ÅçããáëëáçåÉÇ=ë~ä~êáÉëK=qÜÉ=Ä~ëÉ=ë~ä~êó=áë=ëÉí=ïÉää=ÄÉäçï=íÜÉ=ÉãéäçóÉÉëÛ=ë~äÉë=í~êÖÉíëK=`~ë~ë=_~Üá~=ÉãéäçóÉÉë=ÄÉäáÉîÉ=íÜÉ=ä~Äçê=ä~ï=áë=àìëí=íç=éêçíÉÅí=Ä~Ç=ë~äÉë=êÉéëK=p~äÉëéÉçéäÉ=ã~âÉ=~å=~îÉê~ÖÉ=çÑ=OB=Åçããáëëáçå=çå=~ää=íÜÉáê=ë~äÉëK=eçïÉîÉêI=~ë=ëççå=~ë=íÜÉ=ÉãéäçóÉÉÛë=ë~ä~êó=Ñêçã=Üáë=çê=ÜÉê=Åçããáëëáçåë=ÉñÅÉÉÇë=oARMMI=ÜÉ=çê=ëÜÉ=ëïáíÅÜÉë=íç=NMMB=Åçããáëëáçå=çåäóK=qÜÉ=~îÉê~ÖÉ=ë~äÉëéÉêëçå=ã~âÉë=oANIRMM=éÉê=ãçåíÜ=ETKR=ñ=ãáåáãìã=ï~ÖÉFX=ÜáÖÜ=éÉêÑçêãÉêë=Å~å=êÉ~ÅÜ=oAPIRMMK=jáÅÜ~Éä=häÉáå=ë~óëW===If I let them, some of them would work for hours and hours without stopping. They know they can make a lot of money at Casas Bahia. Any person has to have a motivation, an ambition in his life. Nothing is better than giving my employees the freedom to pursue their ambitions.

=`~ë~ë=_~Üá~=éêÉÑÉêë=íç=ÜáêÉ=äçÅ~ääó=Ñçê=áíë=ëíçêÉë=Ñçê=ëÉîÉê~ä=êÉ~ëçåëK=cáêëíI=äçÅ~ä=ÜáêÉë=íÉåÇ=íç=ÄÉ=ãçêÉ=Ñ~ãáäá~ê=ïáíÜ=íÜÉ=åÉáÖÜÄçêÜççÇ=~åÇ=íÜÉ=ÅìëíçãÉêëK=pÉÅçåÇI=ÜáêáåÖ=ÉãéäçóÉÉë=ïÜç=äáîÉ=ÅäçëÉ=íç=íÜÉ=ëíçêÉ=ãáåáãáòÉë=íÜÉ=áãé~Åí=çÑ=Äìë=~åÇ=íê~áå=ëíêáâÉëK=qÜÉ=ê~áåó=ëÉ~ëçå=áå=p©ç=m~ìäç=~äëç=êÉëìäíë=áå=ã~àçê=íê~ÑÑáÅ=éêçÄäÉãëK=cáå~ääóI=ÜáêáåÖ=äçÅ~ääó=ÜÉäéë=ÄçíÜ=íÜÉ=ÉãéäçóÉÉë=~åÇ=ÅìëíçãÉêë=ÑÉÉä=~=ëÉåëÉ=çÑ=éêáÇÉ=~åÇ=çïåÉêëÜáéK=få=íÜÉ=ëçìíÜÉêå=êÉÖáçå=çÑ=p©ç=m~ìäçI=íÜÉêÉ=~êÉ=íóéáÅ~ääó=NMM=~ééäáÅ~åíë=Ñçê=ÉîÉêó=ë~äÉë=çéÉåáåÖK=aìÉ=íç=Éñé~åëáçå=~åÇ=íìêåçîÉêI=`~ë~=_~Üá~=ÜáêÉë=~å=~îÉê~ÖÉ=çÑ=OMJPM=ë~äÉëéÉçéäÉ=ÉîÉêó=ãçåíÜK==

=

Re leased December 12 , 2003

© 2003 Un ive r s i t y o f M ich igan Regen t s 23 o f 24

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Future Challenges

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Re leased December 12 , 2003

© 2003 Un ive r s i t y o f M ich igan Regen t s 24 o f 24

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F – Sources

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