Ayala enters Thailand retail through Makro mall upgrade deal

Seven flagship stores in Bangkok set for review under new cooperation with CP Axtra.

Ayala Corp enters the Thailand market for the first time through its mall development arm, extending its retail footprint beyond the Philippines into one of Southeast Asia’s most active large-format retail hubs.

The Filipino company is partnering with CP Axtra in Thailand to help enhance Makro malls in Bangkok, formalised through an agreement signed Monday in the Thai capital. The collaboration brings together a major wholesale retail operator and a Philippine mall developer known for its leasing strategy, tenant planning, and mall operations expertise.

Under a memorandum of cooperation, Ayala Land Malls Inc., ACx Holdings Corp., and CP Axtra will assess upgrades across seven flagship Makro stores, focusing on leasing strategy, mall operations, and redevelopment plans aimed at improving store performance, tenant mix, and customer flow across key sites.

CP Axtra operates more than 2,700 Makro and Lotus’s stores across Southeast Asia, while ALMI manages 34 malls in the Philippines known for structured retail planning and customer-focused design.

The collaboration centers on knowledge exchange between both groups, with CP Axtra drawing from Ayala’s mall development and leasing systems, while Ayala gains exposure to Thailand’s large-scale retail operations and store formats. Both sides are also exploring future investment opportunities in retail and mixed-use developments beyond the initial Makro store upgrades.

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