What: In his first interview as chairman, Fernando de Peña sets out Falabella's growth strategy to 2030, built on simplified governance, a focus on Peru and the Andean region, and an integrated omnichannel ecosystem.

Why it is important: Falabella's chairman measures omnichannel success by how well stores, digital, banking and malls work together rather than by online share, a view backed by the group's recent results.

Fernando de Peña became chairman of Grupo Falabella in March, after the end of the shareholders' agreement, as a "unity" candidate. He says all board decisions so far have been unanimous. His first months were spent simplifying and professionalising subsidiary governance, with more frequent board meetings and greater accountability for each business's general manager, and designing a common growth strategy to 2030.

De Peña describes the group as optimally placed to grow, citing its recovered investment-grade rating, record operating results and low debt. Growth will focus on existing markets, especially the Andean region. Peru is singled out for its low formal retail penetration compared with Chile. A return to Argentina has not been evaluated, the United States is not a priority, and he made no commitment on Brazil.

Online sales reached 27.6% of total sales in the second quarter, but De Peña rejects that ratio as the measure of success, favouring an integrated, personalised omnichannel experience. He also dismisses the idea of a retail apocalypse. Under the same logic of specialisation, Mallplaza will take control of assets held by Falabella Inmobiliario in Chile. The 2027 investment plan, following US$900 million in 2026, is due to be announced soon.

IADS Notes: De Peña took the chair after 35 years building Mallplaza from a single centre in Chile into a regional platform of 37 operations across Chile, Peru and Colombia (Press Release, March 2026). Two months later, the group board was cut from nine to seven members. It now includes directors with backgrounds at Inditex, El Corte Inglés, Amazon and Apple, and meets monthly (Modaes, May 2026). His refusal to judge progress by online share rests on the group's own figures. In the second quarter, Falabella Retail's online sales grew 21% against 3% for physical stores, while record profit of US$242 million came from growth across retail, banking and shopping centres (Press Release, September 2026). The specialisation logic he applies to Mallplaza was set out in two memoranda signed the same month. One places six Falabella Inmobiliario assets in Chile into a joint venture valued at about US$200 million. The other creates a jointly developed mixed-use project in Lima's San Isidro district (Press Release, September 2026). Peru's priority status is also visible in format investment, with six new Glowbar beauty stores planned there by the end of 2026 (Perú Retail, June 2026).

Falabella's chairman sets out the group's growth strategy to 2030