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The Luffa or "Loofah" sponge that Zara Home offered for over $14 USD can be had from retailers for under $1 and is the inside of a dried fruit. Ridicule was fast & furious on social media.

The retail giant plans to hire 400 people by the end of October and reach 600 employees by the end of the year.

Bogotá will be the first city in Colombia to receive an Ikea store, but that inauguration will come after an opening in Santiago that is scheduled for 2020.

Nautica, owned by the VF Corporation, already has two stores in Bogotá, one in Medellín, and one in Cali.

Best known in Colombia for its Jumbo brand of hypermarkets, the company's large regional presence highlights its financial stability.

iShop's Barranquilla store will be its largest in Colombia, which is now home to 20 of the company's 49 stores in Latin America.

Clothing retailer H&M recently announced that it plans to open its second store in Colombia on May 27 in Chia, a suburb just north of Bogotá.

This round of funding is Linio's fourth and brings overall capital-raising efforts to more than $260 million USD.

Lorenzo Garavito believes the best investment in Colombia is to bet on the consumer. Retail, restaurants, and grocery stores are all low-risk plays with good returns.