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Ayala brings mall expertise to Thailand through CP AXTRA partnership
Ayala brings mall expertise to Thailand through CP AXTRA partnership
Ayala Corp., through its consumer retail and mall arms, ACx Holdings Corp. (ACx) and AyalaLand Malls Inc. (Ayala Malls), will help leading Association of Southeast Asian Nations (ASEAN) wholesaler-retailer CP AXTRA Public Co. Ltd. improve its mall assets in Thailand, starting with its Makro stores.
CP AXTRA, the operator of Makro and Lotus’s, has tapped the Ayala Group to help strengthen mall development and asset management at Makro in Thailand under a memorandum of cooperation (MOC).
The partnership is also seen to unlock greater shared value from CP AXTRA’s mall assets nationwide, initially focusing on seven key Makro stores.
This agreement marks the first time Ayala will bring its mall development and leasing expertise directly to CP AXTRA’s operations in Thailand.
Under the agreement, ACx and Ayala Malls 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.
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.
Ayala Land Inc. (ALI) Managing Director and Group Head of Leasing and Hospitality Mariana Zobel de Ayala said, “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,” she noted.
CP AXTRA Group Chief Wholesale Business Officer Tanit Chearavanont said, “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.”
He added, “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 assets and the surrounding community.”
Ayala Managing Director and Group Head of Strategy and Business Development Mark Uy said, “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,” he added.
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’s 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.
Ayala Malls 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, Ayala Malls is well-positioned to support CP AXTRA in maximizing the value and potential of its Makro mall assets in Thailand.
Ayala 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 Corp. to operate Makro stores in the Philippines and was expanded to include a wider range of collaborative opportunities.