CP Axtra Plc, the operator of wholesale and retail stores Makro and Lotus's, plans to strengthen Makro's mall development and asset management in Thailand under a memorandum of cooperation signed with Ayala Corporation, one of the Philippines' largest conglomerates.
Under the agreement, the consumer retail and mall arms ACx Holdings Corporation (ACx) and AyalaLand Malls, Inc (ALMI) plan to share best practices in mall asset operations, leasing strategy and project development to improve operational efficiency, enhance customer experience and maximise the long-term value of CP Axtra's land and assets, initially focusing on seven Makro stores.
The parties will also explore future investment opportunities in mall and asset development, including collaborative initiatives to develop new sites and redevelop existing CP Axtra locations nationwide, according to the agreement.
This is the third agreement between CP Axtra and Ayala, following previous pacts to operate Makro in the Philippines and expand regional business opportunities.
"This agreement combines CP Axtra's deep understanding of the Thai retail market with Ayala's experience in developing and leasing shopping mall spaces, aiming to improve the retail environment for both shoppers and tenants while fostering sustainable long-term value for the asset and the surrounding community," said Tanit Chearavanont, group chief wholesale business officer at CP Axtra.
The head of Ayala also commented on the partnership.
"This is another milestone in our growing relationship and collaboration with the CP Group. We intend to leverage complementary strengths to create world-class retail and real estate developments across markets. This marks Ayala's entry into the Thai market, giving us an opportunity to share our expertise and gain valuable insights from one of Southeast Asia's most dynamic and developed retail markets," said Mark Uy, managing director and group head of strategy and business development at Ayala Corporation.
"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."
Mariana Zobel de Ayala, managing director and group head of leasing and hospitality at Ayala Land, noted the potential for synergy.
"Makro's nationwide footprint gives it a meaningful role in the everyday lives of Thai consumers. We will 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," she said.
CP Axtra operates more than 2,700 Makro and Lotus's stores. The company is a regional leader in multi-format, omni-channel retail platforms across Southeast Asia and is advancing towards becoming a retail technology company.
ALMI manages 34 shopping centres recognised for strong retail planning, a curated tenant mix and enhanced customer experiences 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 maximising the value and potential of its Makro mall assets in Thailand.
Ayala Corporation offers a broader consumer and enterprise system that can complement CP Axtra's regional retail expansion, while ACx, its consumer retail unit, adds insight into evolving customer behaviour, format innovation and retail partnerships.
