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CP AXTRA Public Company Limited, the operator of Asean’s leading wholesaler – retailer Makro and Lotus’s, will strengthen mall development and asset management at Makro in Thailand under a Memorandum of Cooperation (MoC) signed with Ayala Corporation, one of the Philippines’ largest conglomerates. Through its consumer retail and mall arms, ACx Holdings Corporation (“ACx”) and AyalaLand Malls, Inc (“ALMI”), the partnership will also unlock greater shared value from CP AXTRA’s mall assets nationwide.

Under the agreement, ACx and ALMI will share methodologies and best practices in mall asset operations, leasing strategy, and project development to improve operational efficiency, enhance customer experience, and maximize the long-term value of CP AXTRA’s land and assets, initially focusing on seven key stores of Makro. The parties will also explore future investment opportunities related to mall and asset development in Thailand, alongside collaborative initiatives for the development of new sites and the redevelopment of existing CP AXTRA sites across the country. This is the third agreement signed between CP AXTRA and Ayala, underscoring the strong partnership and continued collaboration between the two groups, following their previous agreements to operate Makro in the Philippines and expand regional business opportunities.

“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. By applying proven methodologies to our Makro mall, we aim to elevate the standards of the retail environment we offer, not only improving the experience for our shoppers and tenants, but also fostering sustainable growth and creating long-term value for our asset and the surrounding community,” said Tanit Chearavanont, Group Chief Wholesale Business Officer, CP AXTRA Public Company Limited.

“This is another milestone in our growing relationship and collaboration with the CP Group. 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. 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. More broadly, this partnership aligns with Ayala’s strategy of bringing the best of the world to the Philippines while showcasing the best of the Philippines to the world,” said Mark Uy, Managing Director and Group Head of Strategy and Business Development, Ayala Corporation.

“Makro’s nationwide footprint gives it a meaningful role in the everyday lives of Thai consumers. Our opportunity is to help turn that everyday relevance into places people choose to stay, explore, and return to. By combining CP AXTRA’s market knowledge with Ayala Malls’ experience in curating retail partners, improving customer journeys, and building community-oriented retail destinations, we believe these sites can become stronger platforms for shoppers, merchant partners, and long-term asset growth,” said Mariana Zobel de Ayala, Managing Director and Group Head of Leasing and Hospitality of Ayala Land.

The collaboration brings two complementary strengths together. CP AXTRA is one of Asean’s leading wholesale and retail operators, with more than 2,700 Makro and Lotus stores. The company is a regional leader in multi-format, omnichannel retail platforms across Southeast Asia and is advancing toward becoming a retail-tech company.

ALMI is one of the Philippines’ leading mall operators, managing 34 shopping centers recognized for their strong retail planning, curated tenant mix, and enhanced customer experience across Southeast Asia. With extensive expertise in leasing, mall operations, facility management, and mixed-use development, ALMI is well-positioned to support CP AXTRA in maximizing the value and potential of its Makro mall assets in Thailand. Ayala Corporation also brings a broader consumer and enterprise ecosystem that can complement CP AXTRA’s regional retail expansion, while ACx, its consumer retail unit, adds perspective on evolving customer behavior, format innovation, and retail partnerships.

The MoC builds on the two groups’ existing strategic partnership, which began in 2025 with the formation of CP AXTRA AC Corporation to operate Makro stores in the Philippines and was expanded to include a wider range of collaborative opportunities. This new agreement deepens that partnership further, marking the first time Ayala will bring its mall development and leasing expertise directly to CP AXTRA’s operations in Thailand.

Original Article: https://www.sunstar.com.ph/davao/business/ayala-expands-into-thailand-retail-market

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MANILA, Philippines — Grocery chain Makro is making a Philippine comeback with the help of the Ayala conglomerate, which has recently regained appetite for the retailing business.

ACX Holdings Corp., a wholly-owned subsidiary of Ayala Corp., signed on Sept. 24 a partnership deal with Thai company, Makro ROH Company Limited (MROH) for the operation of Makro stores in the Philippines.

ACX and MROH will own equity interest of 49.9 percent and 50.1 percent, respectively, in an investee entity that will operate the business venture.

MROH is a a subsidiary of CP Axtra Public Company Limited, a wholesale and retail business operator and mall management firm in Thailand and overseas markets. It is part of the Charoen Pokphand Group.

Makro, part of a Dutch warehouse club, debuted in the Philippines in 1996 during the term of President Fidel V. Ramos. The SM and Ayala groups then jointly invested in the brand.

16-year hiatus

Ayala later on sold its stake to the SM Group. Starting 2009, however, the SM Group decided to phase out the brand in favor of its own SM Hypermarket or SM Savemore.

But under a new generation of leaders, Ayala is noticeably getting back more aggressively into the retailing game, seeing an opportunity in the country’s demographic profile.

It recently brought Australian brand Anko to the Philippines.

Through incubation arm Kickstart, the group likewise invested in fast-growing PickUp Coffee chain.

Ayala Corp. managing director Mariana Zobel de Ayala earlier explained to Biz Buzz why the conglomerate was more confident in reentering the lucrative but highly-competitive retailing space.

“I think this time we have a dedicated team that’s really focused. We’ve also brought in experts who have done retail both locally and abroad,” Zobel said. “And we think there’s so much more to serve the Philippine market with. We feel the Filipino is quite underserved when it comes to retail and that’s kind of what drives us.

The renewed appetite for retailing complements the Ayala group’s business as a property developer. Grocery operation – one of the few businesses that thrived even during the harsh COVID-19 lockdowns – can anchor shopping centers and integrated developments.

Original Article: https://business.inquirer.net/548873/makro-reentering-philippine-market-backed-by-ayala

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Tag: makro

Ayala Expands into Thailand Retail Market

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Makro Reentering Philippine Market, Backed by Ayala

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