Manila, Philippines – Makro, a popular warehouse club, is set to make a comeback to the Philippines following a new agreement by Ayala Corporation and Thailand’s CX AXTRA. The latter is the leading operator of wholesale and retail businesses Makro and Lotus’s in Asia.
In a stock disclosure statement, Ayala said that the new entity, M&Co Corporation, is a partnership between ACX Holdings Corporation, a wholly-owned subsidiary of Ayala Corporation, and Makro ROH Company Limited, a subsidiary of CP AXTRA.
The company will focus on operating Makro stores in the Philippines, offering a modern shopping experience with a wide range of food and non-food products at accessible prices for both consumers and small business operators.
Mark Uy, head of corporate strategy and business development at Ayala Corporation, said, “We are excited to partner with CP AXTRA to bring Makro back to the Philippines. Together, we seek to build on CP AXTRA’s proven success in delivering quality products at more affordable prices through the Makro format. This partnership is in line with Ayala’s strategy of working with world-class companies to expand consumer choices, raise retail standards, and help Filipinos thrive.”
Meanwhile, Tanit Chearavanont, group chief wholesale business officer at CP AXTRA Public Company Limited, commented, “The Philippines represents one of the most dynamic and fast-growing markets in Southeast Asia. Through this partnership, CP AXTRA’s expertise in wholesale and retail management is combined with Ayala Corporation, a trusted local partner with strong market presence, established customer base, and extensive land and mall development expertise.”
Tanit added, “This new partnership aligns with CP AXTRA’s strategy to expand our regional footprint, while positioning the company for sustainable long-term growth and value creation.”
Makro first entered the Philippines in 1996, when SHV Holdings (a Netherlands-based wholesaler) partnered with SM Investments Corporation (owned by the Sy family) and Ayala Land.
In 2004, Ayala Land sold its 28% stake in Pilipinas Makro Inc. for about ₱1.019 billion, to its joint-venture partners (SM Investments and SHV). Over time, SM Investments increased its ownership. In 2007, SM Investments became majority owner (60%). Then by 2009, it acquired the remaining shares (i.e. full control) of Makro in the Philippines.
By around 2008-2009, SM started converting Makro branches into SM Hypermarkets. Some stores were found to be “ill-suited” for the wholesale-only model and were reworked to appeal more broadly. The gradual conversion and branding change meant that by about 2012, the Makro brand had largely disappeared from the Philippine retail landscape. All remaining Makro stores were folded into SM’s retail brands (Hypermarket / Savemore etc.).
