Irarrazaval was speaking at an investor day in New York, with other company executives.
A source close to the company said store closures were currently being considered but no final decision has been taken. It was expected that employees of stores shut down would be relocated to other shops, the person said.
The decision was part of a "constant" evaluation of the business profitability, with adjustments "based on customer demands," the source added.
Falabella - which also operates brands including Ikea in Latin America - is also preparing to open a small number of other stores this year, executives said.
(Reporting by Carolina Pulice and Isabel Woodford; editing by Richard Pullin)
(Clarifies timing in headline and first paragraph)
