CP AXTRA and Ayala Join Hands to Expand Mall Development in Thailand

Through Ayala’s retail and mall businesses, ACx Holdings Corporation and AyalaLand Malls, the partnership will help improve mall development and asset management for Makro stores in Thailand. The agreement also aims to create more value from CP AXTRA’s shopping mall properties across the country.

Under the agreement, ACx Holdings Corporation and AyalaLand Malls, Inc will share their experience and best practices in mall operations, leasing, and project development to help improve efficiency, customer experience, and the long-term value of CP AXTRA Public Company Limited’s properties. The partnership will first focus on seven important Makro stores in Thailand.

The companies will also look at future investment opportunities related to mall and property development in Thailand, including building new sites and upgrading existing CP AXTRA locations across the country.

This is the third agreement between CP AXTRA and Ayala Corporation, showing the strong and ongoing partnership between the two groups. Earlier agreements included operating Makro stores in the Philippines and working together on regional business expansion 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 partnership brings together the strengths of both companies. CP AXTRA Public Company Limited is one of Southeast Asia’s largest wholesale and retail businesses, operating more than 2,700 Makro and Lotus’s stores. The company runs different retail formats and omnichannel platforms across the region and is moving toward becoming a retail technology company.

AyalaLand Malls, Inc is one of the leading mall operators in the Philippines, managing 34 shopping malls known for strong retail planning, good tenant selection, and better customer experiences. The company has strong expertise in mall leasing, operations, facility management, and mixed-use developments, which can help CP AXTRA improve the value and performance of its Makro mall properties in Thailand.

Ayala Corporation also brings a larger business and consumer network that can support CP AXTRA’s regional expansion plans. Meanwhile, ACx Holdings adds knowledge about changing customer behavior, retail innovation, and partnerships.

The new agreement builds on the partnership that started in 2025 when the two groups formed CP AXTRA AC CORPORATION to operate Makro stores in the Philippines. Since then, the partnership has expanded into other business opportunities. This latest agreement is especially important because it is the first time Ayala will directly bring its mall development and leasing expertise to CP AXTRA’s operations in Thailand.

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