The move gives the country’s oldest conglomerate exposure to Thailand, Southeast Asia’s second-largest economy at a time when retailers are under growing pressure to keep shoppers spending and commercial spaces productive.
Ayala signed a cooperation agreement with CP AXTRA Public Co. Ltd., operator of Makro and Lotus’s, to strengthen mall development and asset management across Thailand.
Management’s view
“Through this partnership, we intend to leverage the complementary strengths of two leading conglomerates to create world-class retail and real estate developments across markets,” said Mark Uy, Ayala managing director and group head of strategy and business development.
“This also marks Ayala’s entry into the Thailand market, giving us a strong opportunity not only to share our expertise, but also to gain valuable insights from one of Southeast Asia’s most dynamic and developed retail markets,” he added.
Makro land bank play
Under the deal, Ayala’s consumer retail arm ACx Holdings will advise on retail formats, customer behavior and partnerships, while AyalaLand Malls, Inc. will help sharpen leasing strategy, tenant mix, mall operations and foot traffic across Makro sites.
The initial phase covers seven Makro locations, but the bigger opportunity sits in CP AXTRA’s sprawling nationwide footprint and large land bank, giving Ayala exposure to future redevelopment and mixed-use expansion opportunities.
Alliance deepens
The partnership also deepens Ayala’s relationship with CP AXTRA after the two groups struck a deal in 2025 to bring Makro back to the Philippines years after the wholesale chain exited the market.
For CP AXTRA, the deal reflects a broader push to squeeze more value from warehouse-style retail formats by turning them into destinations where consumers stay longer and spend more.
For Ayala, the agreement opens a foothold into a more mature retail ecosystem without immediately committing billions of pesos into standalone Ayala-branded malls in Thailand.
Retail pressure builds
“This agreement with Ayala allows us to combine CP AXTRA’s deep understanding of the Thai retail market with Ayala’s decades of experience in developing and leasing shopping mall spaces,” said Tanit Chearavanont, group chief wholesale business officer of CP AXTRA.
CP AXTRA operates more than 2,700 Makro and Lotus’s stores across Southeast Asia, while AyalaLand Malls currently manages 34 shopping centers in the Philippines.
—Edited by Miguel R. Camus
