Updated: Mar 10, 2021
Retail group InRetail (OTC PINK: INREF) continues to invest massively in its Tiendas Mass discount store format in the Peruvian market for the next three years, despite the current COVID19 situation. According to its financial plan for 2021-2023, InRetail reported that it plans to open 450 Tiendas Mass stores in the next three years. Each hard discount store has an average of 200 square meters of sales area. For this 2021 the firm plans to launch 150 new points of sale and the same number will open in 2022 and 2023.
During its last quarterly report, InRetail announced that during 2020 it managed to open 67 new Tiendas Mass stores, reaching a total of 472 points of sale. These formats are present in Lima and Arequipa.
With these actions, Tiendas Mass has become one of the fastest growing discount stores in Latin America. In its stores it has a basic range of groceries and a high penetration of its own brands, mainly its Mass and Bells labels. This, together with an efficient store operation and supply chain, allows Tiendas Mass to sell products at a better price than its competitors.
The Peruvian retailer InRetail has been giving greater strength to its chain of Tiendas Mass stores. For this reason, by the year 2023 the discounter will have approximately 922 stores. His plan is also to reach new regions of the country.
Tiendas Mass represents 8% of InRetail's sales in its Food Retail business division. And with the acquisition of Makro in 2020, the cash and carry format now represents 24% of its sales. Finally, Plaza Vea and Vivanda represent 68% of sales.