Chilean retail conglomerate Ripley reported that consolidated revenues had fallen from 1,727,426 million Chilean pesos ($2.4 billion) in 2019 to 1,499,541 million ($2.09 billion) in 2020. The company stated in its financial report that the 13.2 percent decline had been due to Covid-19 restrictions affecting its operations in Chile and Peru.

Even though the company’s retail segment recovered 28.8 percent during the fourth quarter of 2020, it wasn’t enough to offset store closures earlier in the year that contributed to a 10.4 percent drop in 2020 when compared to 2019.

Ripley’s digital platform, however, posted record numbers reaching a gross merchandise value of $880 million in 2020. This represents an increase of 140 percent when compared to 2019.

In addition to the retail segment (with 13 stores in Chile and 31 in Peru), the Santiago-based company also has banking and mall operations in both countries.

In the banking segment, Ripley reported a decline of 19.7 percent in consolidated income when compared to the previous year. It currently operates 48 banking agencies in its home country and 33 in Peru. Meanwhile, the real estate segment fell by 23.1 percent due to lack of income and rent discounts deriving from its mall operations.