Panama Supermarket Giant Rey Mourns Leader

Business: Panama

Nicholas “Nicky” Psychoyos, the honorary lifetime president of Panama’s Grupo Rey supermarket and pharmacy group, has died. The company announced his death on Saturday 7 November 2026 with the words “Descanse en paz, Don Nicky” (“Rest in peace, Don Nicky”; “Don” is a Spanish title of respect). For readers in the United States, he led a Panamanian retail group, in a country central to global shipping.

What Happened

Grupo Rey, a Panamanian company that runs supermarkets and pharmacies, announced the death of its honorary lifetime president on Saturday 7 November 2026. Its message said the company was honouring “the life and legacy of a visionary leader”.

The statement closed with the line “Descanse en paz, Don Nicky”. Grupo Rey also said his “mark is indelible” and that his memory would live on in every corner of the organisation.

Panama’s president, José Raúl Mulino, wrote on X, the social network, that he deeply regretted the death. He called Psychoyos a good friend, “modest and great at the same time”.

Who He Was

Psychoyos spent many years as president, chief executive and general manager of Rey Holdings Corp., the parent company of the Rey supermarkets. At his death he held the honorary lifetime presidency of Grupo Rey.

He grew up in the family business, starting with operational jobs in the company’s stores. He later studied marketing at Southern Methodist University, a private university in Texas.

He returned to the company in 1982 and helped professionalise a business that had struggled with family favouritism. The group later added new chains.

In 2007 Grupo Rey bought the Supermercados Romero chain, which took the group beyond the capital, Panama City. In 2011 it added the Farmacias Metro pharmacy chain.

He also dreamed of expanding to Cuba and South Florida. The plans for the United States never materialised.

Why It Matters

Grupo Rey runs supermarkets and pharmacies in Panama, the country that hosts the Panama Canal. Its owner since 2019 is an Ecuadorian company.

In 2018 the group changed hands in a cross-border deal. Corporación Favorita, a large Ecuadorian supermarket company, agreed to buy a controlling stake in Rey Holdings.

Favorita then made a public offer, which was formalised in December 2018 and was due to close in January 2019. Reports put its resulting stake at about 73%, a figure we could not confirm in a regulator filing.

Psychoyos’s death closes a chapter in the history of the group. The family business that he joined in 1982 now belongs mostly to a foreign owner.

What Is Not Known

The company’s public message does not state the cause of death, the exact date of death or the place. It also does not say when a funeral or memorial will be held.

It is not known whether Grupo Rey will name a new honorary figure or change its board. We found no statement from Favorita on his death.

What It Means for You

If you shop at Rey stores in Panama, the announcement says nothing about any change to the business. It was a tribute, not a corporate notice.

Investors who follow Panamanian or Ecuadorian retail can watch Grupo Rey’s own announcements for any change. For now the news describes no corporate move.

Frequently Asked Questions

Who was Nicholas Psychoyos?

He was the honorary lifetime president of Grupo Rey, Panama’s supermarket and pharmacy group, and long-time chief executive of its parent company, Rey Holdings Corp. Grupo Rey announced his death on 7 November 2026.

Who owns Grupo Rey today?

Corporación Favorita, an Ecuadorian supermarket company, agreed in 2018 to buy a controlling stake; reports put its holding at about 73% after a 2019 public offer. Later changes in its stake are not covered here.