InRetail Peru Corp.

What it is

InRetail Perú Corp. operates as a multi-format retailer primarily in Peru, running food retail, pharmacies, shopping malls, and a digital segment — with hypermarkets and supermarkets under the Plaza Vea, Vivanda, Makro, and Mass banners, pharmacies under Inkafarma and Mifarma, and shopping centres under the Real Plaza brand.

In 2024, its three main divisions produced total consolidated revenue of S/21,683m (US$6.4 bn): food retail contributed S/12,137m (US$3.6 bn), pharmacy S/8,810m (US$2.6 bn), and shopping malls S/812m (US$239 mn). At the scale of a mid-sized Latin American economy, this is a business that touches daily life from breakfast aisle to blood-pressure medicine.

Who owns it

InRetail is a holding incorporated in Panama and is a subsidiary of Intercorp Retail Inc., which is itself a subsidiary of Intercorp Perú Ltd. — the Bahamas-registered ultimate parent that holds 100% of Intercorp Retail Inc.’s capital. The effective controller is the Rodríguez-Pastor family through the wider Intercorp Group.

As of December 2024, Intercorp Retail Inc. held 56.05% of InRetail, with Inteligo Bank (also an Intercorp entity) holding a further 6.75% and Intercorp Perú Ltd. directly holding 4.11% — meaning the Intercorp Group collectively controls roughly 73–78% of the company, leaving a free float of about 21–27%. By December 2025 the ownership structure was similar, with Intercorp Retail Inc. at 57.36%, Inteligo Bank at 6.96%, and Intercorp Perú Ltd. at 4.20%.

Who runs it

Carlos Tomás Rodríguez Pastor Persivale has been Chairman of InRetail’s board since the company’s incorporation in 2011, and is simultaneously chairman of Interbank, Intercorp Financial Services, and Supermercados Peruanos, making him the single most influential figure across the entire Intercorp empire. Juan Carlos Vallejo has served as Chief Executive Officer since 2012.

On the financial side, Marcelo Ramos Rizo Patrón serves as Vicepresidente Corporativo de Finanzas (CFO), a role he has held since January 2022 after earlier stints in investment banking at Itaú BBA and Morgan Stanley.

The money, in plain words

Full-year 2024 audited revenue came to S/21,683m (USD 6.39bn), and unaudited 2025 revenue reached S/22,820m (USD 6.72bn) — growth of 5.3% year-on-year (our calculation), a steady grind rather than a sprint, consistent with a mature retailer in a moderately growing market. For full-year 2025 net income was S/990m (USD 292m), up just under 2% from 2024.

InRetail keeps about 4.5 cents of profit from every sol of sales — a net profit margin of 4.5% for 2024 (our calculation), thin but broadly normal for a diversified retailer running high-volume, low-margin grocery alongside higher-margin pharmacy and mall income. For every sol of shareholders’ equity in the business, it generates roughly 17 cents of annual profit — a return on equity of ~16.9% (our calculation), a respectable figure given the asset-heavy, lease-laden nature of the business.

Return on equity is confirmed at about 16.9% by third-party data.

The balance sheet carries meaningful debt: total assets at end-2024 stood at S/22,239m (USD 6.55bn), of which total equity was S/6,049m (USD 1.78bn). Financial borrowings (excluding lease liabilities under IFRS 16) were approximately S/7,341m (US$2.2 bn) against cash of S/1,127m (US$332 mn), giving net financial debt of around S/6,213m (USD 1.83bn) — roughly 6× operating profit, which is elevated but manageable given the company’s stable, subscription-like consumer revenues (our calculation).

As of December 2024 the group held approximately S/1.5bn (US$442 mn) in cash, with shopping malls alone holding around S/600m (US$177 mn) in liquid assets.

What it is doing now

In full-year 2024, the food retail segment grew revenues 6.7% with positive same-store sales growth of 2.5%; pharmacy clawed back performance with revenue up 0.2% and operating earnings up 8%; and shopping malls registered 6.5% revenue growth and 9.2% operating-earnings growth, reflecting strong tenant sales and improved occupancy.

The most significant recent event is a structural failure: on February 21, 2025, the roof of the food court at Real Plaza in Trujillo collapsed, forcing temporary closure of the mall. Nine malls were temporarily closed in the aftermath, representing about 20% of rental income.

The group activated insurance policies and opened a fund for those affected; as of year-end 2025 the financial impact was still being assessed, though management described the situation as temporary. Separately, full-year 2025 revenue grew 5.2% and net income rose 1.9% despite these disruptions, suggesting the food and pharmacy arms absorbed the shock.

What to watch

• Trujillo liability: the legal and compensation exposure from the roof collapse is not yet fully quantified; a material adverse finding could dent both earnings and reputation.
• Pharmacy margin recovery: the distribution unit operates at lower margins than the pharmacy retail unit, and no significant margin improvements are expected in 2025 — mix shift will be the swing factor.
• Debt maturity wall: management says it does not foresee issues with bond maturities or coupon payments, but with net financial debt near 6× operating profit, any Peruvian macro shock tightens that margin of comfort.
• Free-float dynamics: with Intercorp controlling roughly three-quarters of the shares, liquidity on the BVL is limited; the stock has declined about 19% over the past 52 weeks, and a discount to intrinsic value may persist until minority shareholders see a catalyst.
• Chile expansion: the group established a new Chilean holding in late 2024 that controls Sociedad Comercializadora de Productos al Detalle S.A. and Supermercados Chilenos SpA — the first meaningful step outside Peru for the food division, and one to monitor for capital allocation discipline.

This is news, not investment advice.