Rey Holdings

What Rey Holdings does

Rey Holdings Corp. (Grupo Rey) is Panama's largest food retail platform, founded in 1959 and majority-owned by Ecuadorian conglomerate Corporacion Favorita. The company operates 174+ physical storefronts across seven differentiated formats spanning the price-and-quality spectrum: premium supermarkets (Rey), hypermarkets (Hiper Rey, launched October 2025), regional supermarkets (Romero), discount formats (Mr. Precio, Super Mr Precio), pharmacies (Metro Plus, Farma Ahorro) and convenience stores (ZAZ). It serves over 1 million customers across all provinces of Panama, including remote indigenous regions such as Meteti where it achieved nationwide coverage in March 2026.

The platform is anchored by a 67,000+ square-meter centralized distribution center (CEDI) in Pacora on 55 hectares, backed by a US$150 million+ investment from Corporacion Favorita and featuring cold chain, meat processing, ice and grain plants, and a recycling operation handling 3,000+ tonnes of cardboard and 400+ tonnes of plastic annually. Vertically integrated industrial operations include Dulceria (bakery/confectionery since the 1980s), in-house meat processing, fruit and vegetable handling, the Reforma tissue paper factory, and Hanaska's six-division food services business (catering, processing, provisioning, logistics, and maintenance). A proprietary 18,000+ solar panel installation, the largest private solar project in Central America, generates 14 million kWh annually and avoids 5,600 tonnes of CO2. Customer-facing ecosystem tools include the Punto de Oro loyalty program and a co-branded Visa Rey Scotiabank credit card offering up to 10% daily discount.

The revenue model is fundamentally one-time retail sales across grocery, household, pharmaceutical and convenience categories, supplemented by industrial/contract manufacturing (Hanaska food services, Reforma tissue, in-house bakery/meat) and real estate operations via Inmobiliaria Don Antonio S.A. Distribution is exclusively physical, multi-format, single-country (Panama), with no e-commerce or app channel disclosed. Marketing combines physical store presence, the Punto de Oro loyalty and Visa Rey Scotiabank co-branded card for retention, plus social media, community engagement and the 'Piensa en Panama' sustainability campaign for brand awareness. The company employs approximately 6,000 people (8% executive, 23% administrative, 69% operational).

Name

Rey Holdings

Legal name

Rey Holding Corp.

Website

https://gruporey.com.pa

Company type

Private

Founded year

1959

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Rey Holdings (Grupo Rey) is Panama's largest food retail platform, majority-owned by Ecuadorian conglomerate Corporacion Favorita. It operates 174+ stores across seven formats — supermarkets, hypermarkets, discount, pharmacy, and convenience — serving over 1 million customers nationwide via a centralized distribution center.

Ownership category

akta.pro rank

Product category

Grocery Retail

NAICS

Supermarkets and Other Grocery Retailers (except Convenience Retailers) (44511), Grocery and Convenience Retailers (4451), Food and Beverage Retailers (445)

SIC

Retail-Grocery Stores (5411), Retail-Department Stores (5311), Retail-Variety Stores (5331)

akta.pro primary industry

Full-Line Supermarkets (National/Regional Chains) (CRAHAAAA)

akta.pro secondary industry

Value-Oriented Traditional Supermarkets (Non-Club) (CRAHAAAF)

Keywords

• Food retail platform
• Grocery store chain
• Discount supermarket
• Pharmacy retail chain
• Convenience store chain

Headquarters

HQ city

Panamá

HQ country

Mexico

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Retail Sales - Supermarkets: Sale of food and consumer goods through multiple supermarket formats (Rey, Hiper Rey, Romero) targeting different market segments from value to premium.
2. Retail Sales - Pharmacies: Sale of pharmaceutical and health products through Farma Ahorro and Metro Plus pharmacy formats.
3. Discount Retail: Sale of discounted consumer goods through Mr. Precio and Super Mr Precio discount formats.
4. Convenience Stores: Sale of quick-consumption products through ZAZ convenience store format.
5. Industrial Operations: In-house manufacturing of bakery, confectionery, meat processing, ice production, grain processing, and tissue paper products (Reforma).
6. Real Estate (Inmobiliaria Don Antonio): Real estate operations for company properties and logistics facilities.

Go-to-market motion1 record

Distribution channels6 records

Marketing channels5 records

Core offering

Rey Holdings (Grupo Rey) operates Panama's largest food retail platform, running 174+ stores across seven distinct retail formats including supermarkets (Supermercados Rey, Hiper Rey, Romero), discount stores (Mr. Precio, Super Mr Precio), pharmacies (Metro Plus, Farma Ahorro), and convenience stores (ZAZ). The company is vertically integrated through in-house manufacturing operations spanning bakery/confectionery, meat processing, food services (Hanaska), and tissue paper products (Reforma), all supported by a centralized 67,000+ square meter distribution center in Pacora.

Product overview

Rey Holdings (Grupo Rey) operates as Panama's largest food retail platform with a multi-format, vertically integrated business model. The company encompasses seven distinct retail formats (Supermercados Rey, Hiper Rey, Supermercados Romero, Mr. Precio, Super Mr Precio, Metro Plus/Farma Ahorro pharmacies, and ZAZ convenience stores), supported by proprietary manufacturing operations (candy/bakery, meat processing, food services via Hanaska, and tissue products via Reforma), a major logistics infrastructure (67,000+ m² distribution center in Pacora), a loyalty program (Punto de Oro), and a co-branded credit card (VISA Rey Scotiabank). The portfolio also includes real estate holdings through Inmobiliaria Don Antonio S.A. and holding company Rey Holding Corp.

Differentiator

Problem solved

Functional benefit

Brands

• Punto de Oro: Grupo Rey's loyalty rewards program where customers earn points on purchases that can be redeemed for prizes and benefits.
• Rey Holding Corp.
• Inmobiliaria Don Antonio S.A.

Products and services

• Supermercados Rey Flagship supermarket chain of Grupo Rey offering a wide range of food and household products across Panama with focus on freshness, competitive pricing, and comprehensive assortment.
• Hiper Rey Hypermarket format providing comprehensive one-roof shopping experience with full assortment of grocery, household, and general merchandise products.
• Supermercados Romero Regional supermarket format serving communities across Panama with local brand identity under the Grupo Rey umbrella.
• Mr. Precio Discount store format offering everyday low prices on consumer goods and groceries for value-conscious shoppers.
• Super Mr Precio Extended discount format with larger footprint than Mr. Precio, offering deeper savings on consumer products.
• Metro Plus Pharmacy and wellness retail format offering pharmaceutical products and health-related items to consumers.
• Farma Ahorro Discount pharmacy format providing affordable pharmaceutical products and health supplies to price-sensitive consumers.
• ZAZ Convenience store format providing quick-access shopping for everyday items and quick-consumption products.
• Punto de Oro Loyalty Program Customer loyalty rewards program where purchases earn points redeemable for prizes and benefits across all Grupo Rey store formats.
• VISA Rey Scotiabank Co-branded Credit Card Co-branded Visa credit card partnership with Scotiabank offering up to 10% daily discounts for Rey customers.
• Hanaska Food Services Food services company organized in six divisions providing collective catering, food processing and packaging, food supply, logistics, and maintenance services for B2B clients.
• Reforma Tissue Paper Products Tissue paper products factory converting paper into domestic and institutional toilet paper, paper napkins, and paper towels.

Quantifiable outcome

• 5,600 tonnes of CO2 avoided annually through solar energy
• +4 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature3 records

Partnerships

Twelve partnerships are on record, tiered major, minor and core.

• Fundación EmprendamosmajorStrategic or Co-development Partner · 12 June 2026Second-year partnership supporting youth entrepreneurship through National Youth Entrepreneurship Contest; Grupo Rey sponsors IPT San Miguelito with 300 students; initiative reaches 10,000+ students nationwide with focus on AI projects.
• Cruz Roja PanameñamajorStrategic or Co-development Partner · 4 May 2026Strategic alliance to strengthen workplace safety culture through training programs covering first aid, CPR, evacuation, and risk management for nearly 6,000 collaborators across all locations.
• EvergominorStrategic or Co-development Partner · 25 February 2025Strategic alliance for installation of electric vehicle charging stations at Supermercados Rey locations, with plans to expand across other group formats.
• ENSA Servicios (Grupo EPM)coreStrategic or Co-development Partner · 8 November 2024Partnership for the largest private solar energy project in Panama and Central America; ENSA Services provides integral energy solutions for Grupo Rey's solar infrastructure.
• ANCON (Asociación Nacional para la Conservación de la Naturaleza)majorStrategic or Co-development Partner · 5 September 2024Reforestation partnership with Fundación Favorita for planting one hectare of trees through 'Alza la Mano' volunteer program.
• NIVEA (Beiersdorf)minorStrategic or Co-development Partner · 11 August 2024Joint campaign 'Nivea Cuidándote en Todo Momento' supporting Fundación Amigos del Niño con Leucemia y Cáncer (FANLYC) for childhood cancer support.
• ScotiabankmajorChannel Partner/ Reseller/ DistributorCo-branded Visa Rey Scotiabank credit card offering up to 10% daily discount for customers; available through Grupo Rey stores.
• Banco de AlimentosmajorStrategic or Co-development PartnerStrategic alliance signed September 2022 to address food needs of vulnerable Panamanian populations; benefits 140,000+ people in fight against hunger.
• SENAPANminorStrategic or Co-development PartnerPartnership for '5 al Día' nutrition campaign promoting daily fruit and vegetable consumption.
• Procter & GambleminorOthersSupplier awarded 'No Comestibles' category in 2019 supplier awards.
• Ticket PlusminorChannel Partner/ Reseller/ DistributorPartnership for ticket distribution services at Grupo Rey stores.
• ANCONmajorStrategic or Co-development PartnerEnvironmental partnership for XXXIII National Beach, Coast, and River Cleanup initiative.

Scale indicators14 records

Recent moves12 records

Expansion highlights7 records

Direct peers

• Organización Soriana: Mexican multi-format food retailer operating Híper Soriana, Mega Soriana, Soriana Express, and City Club. Comparable in segmenting hypermarket, supermarket, and convenience banners under a single corporate platform.
• PriceSmart: Membership-based warehouse club operator with multiple locations in Panama and across Latin America and the Caribbean. Comparable as a Panama-based food and consumables retailer competing for similar household budgets.
• Súper Selectos: Largest supermarket chain in El Salvador operating a multi-format food retail platform across national geography. Highly comparable multi-banner national food retailer with similar Central American market dynamics and supply chain requirements.
• La Comer: Mexican multi-format supermarket operator (La Comer, City Market, Fresko, Sumesa). Comparable as a premium and value-segmented supermarket chain targeting similar household shoppers.
• Tottus (Falabella): Peruvian/Chilean hypermarket and supermarket chain owned by Falabella. Comparable as a regional multi-format food retailer with hypermarket and supermarket banners and centralized distribution.
• Supermercados Peruanos (Intercorp): Peruvian multi-format food retailer (Plaza Vea, Vivanda, Mass) under Intercorp. Closely comparable in multi-banner segmentation across premium and value tiers with vertically integrated operations.
• El Machetazo: Panamanian food retail chain operating supermarkets and discount formats within Panama. Directly comparable as a domestic competitor in the same market with overlapping formats.

Broad incumbents

• Cencosud: Chilean-headquartered multi-format retailer with Jumbo, Santa Isabel, Disco, and Vea food banners across Chile, Argentina, Brazil, Colombia, and Peru. Comparable as a regional supermarket operator with multi-banner portfolio and large distribution infrastructure.
• Grupo Éxito: Colombian multi-format food and non-food retailer operating Éxito, Carulla, Surtimax, and Super Inter. Comparable as a Latin American national multi-banner retail platform with loyalty programs and vertical supply chain elements.
• Walmart México y Centroamérica: Operates Walmart, Bodega Aurrera, and Superama formats across Mexico and Central America. Comparable as a large-format, multi-banner grocery operator with deep supply chain and private-label capabilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xtwitter.com/gruporey_
• Facebookfacebook.com/gruporey.pa
• Instagraminstagram.com/gruporey.pa

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rey Holdings