Thailand – CP AXTRA, the operator of wholesaler-retailer Makro and Lotus’s, has signed a Memorandum of Cooperation (MoC) with Ayala Corporation to strengthen mall development and asset management across Makro stores in Thailand.
The collaboration brings together CP AXTRA and Ayala’s respective retail and property development arms, combining CP AXTRA’s large-scale wholesale and retail network in Southeast Asia with AyalaLand Malls’ experience in mall operations, leasing strategy and customer experience design. CP AXTRA operates more than 2,700 Makro and Lotus’s stores across the region and is expanding its multi-format retail and retail-tech capabilities.
AyalaLand Malls, Inc. (ALMI) manages 34 shopping centres in the Philippines and brings expertise in tenant mix planning, leasing, facility management and mixed-use development. Its parent company, Ayala Corporation, adds broader consumer and enterprise capabilities, while ACx Holdings contributes insights on retail formats, customer behaviour and partnerships.
Under the agreement, ACx and ALMI will exchange methodologies and best practices in mall asset operations, leasing strategy and project development, with the aim of improving operational efficiency, customer experience and the long-term value of CP AXTRA’s assets. The initial focus will be on seven Makro stores in Thailand.
The partnership will also explore potential investment opportunities in mall and asset development, including new site developments and the redevelopment of existing CP AXTRA properties across Thailand.
Mark Uy, Managing Director and Group Head of Strategy and Business Development at Ayala Corporation, 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.”
Uy added, “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.”
The MoC marks the third agreement between CP AXTRA and Ayala, following earlier collaborations to operate Makro stores in the Philippines and expand regional business 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.
“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,” shared Mariana Zobel de Ayala, Managing Director and Group Head of Leasing and Hospitality of Ayala Land.
She continued, “By combining CP AXTRA’s market knowledge with Ayala Malls’ experience in curating retail partners, improving customer journeys, and building community-orientated retail destinations, we believe these sites can become stronger platforms for shoppers, merchant partners, and long-term asset growth.”
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