On Saturday, Cuba's inaugural Abasto.cu Market opened its doors in Sancti Spíritus, requiring minimum purchases of $200 USD or 24,000 CUP. This stipulation restricts access to those without sufficient funds to buy wholesale goods.
Located at the ITH Commercial Headquarters in the capital of Sancti Spíritus, the market welcomes small and medium-sized enterprises (SMEs), self-employed workers, state and private companies, and individuals, without the necessity of a prior contract, as reported by the official Escambray newspaper.
Aida Rita Rivas Duarte, the director of the ITH Sancti Spíritus Basic Business Unit, clarified that interested parties need only register with a client profile and meet the minimum purchase requirement to access the goods.
Wholesale Market Initiative with Financial Hurdles
The initiative aims to streamline the wholesale distribution system from local territories and provide direct access to a variety of products. However, the set purchase threshold demands that clients have a considerable amount of money to engage in this commercial circuit.
Transactions can be conducted in CUP or USD, depending on product pricing. The market accepts cash, point-of-sale terminals, QR codes, and bank transfers.
Suppliers and Product Range
The main supplier for the market is the Municipal Agroindustrial Company of Sancti Spíritus. The market also features products from three SMEs and a foreign company offering goods in euros. The entity plans to incorporate additional suppliers in the future.
The market's opening coincided with the conclusion of the first Business Forum of the tourism sector, which took place in Trinidad on October 7 and 8 and wrapped up on Saturday in the capital of Sancti Spíritus. The forum attracted around 170 participants, including businesspeople from Germany, Italy, and Spain, resulting in over 20 business intentions, according to sources.
Tourism and Economic Transformations
Yordanis Fernández Alonso, the delegate of the Ministry of Tourism in Sancti Spíritus, connected the forum with the 176 economic and social transformations promoted by the Cuban government. He highlighted that tourism entities presented their opportunity portfolios to seek partnerships with state and private enterprises.
In September, ITH's director in the region had indicated a minimum purchase requirement of $300 USD or its CUP equivalent for these markets, as reported by Radio Sancti Spíritus. It appears the figure was revised downwards prior to the market's official opening.
A second Abasto market is anticipated to open in Trinidad, although a specific date for this inauguration has not been announced.
Legal Framework and Future Prospects
The legal foundation for the Abasto.cu market model is Resolution 13/2026 issued by the Ministry of Domestic Trade, published on August 4 in the Extraordinary Official Gazette No. 84. This regulation permits the participation of state enterprises, non-state management forms, producers, importers, and foreign investment modalities.
The regulation also mandates that these markets operate in CUP and foreign currency, issue invoices, ensure electronic payments, and incorporate online commerce capabilities, including payments from abroad.
This initiative is part of the 176 economic and social transformations approved in June by the National Assembly, with Axis 19 specifically focusing on the reorganization of the country's wholesale trade.
FAQs about Sancti Spíritus' Abasto.cu Market
Who can access the Abasto.cu Market in Sancti Spíritus?
The market is accessible to SMEs, self-employed workers, state and private companies, as well as individuals, without the need for a prior contract.
What are the payment options at the Abasto.cu Market?
Transactions can be made in CUP or USD, and the market accepts cash, point-of-sale terminals, QR codes, and bank transfers.
What is the legal basis for the Abasto.cu market model?
The market model is based on Resolution 13/2026 from the Ministry of Domestic Trade, which allows the participation of various business forms and mandates operations in CUP and foreign currencies.