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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The campaign underscores Makro’s effort to expand beyond its traditional wholesale focus, aiming to provide wider access to professional-grade products, pricing, and supply reliability. 

The company said the initiative is designed to support a growing segment of consumers who balance personal and entrepreneurial roles, including small business owners and household decision-makers. It focuses on the multifaceted lifestyle of every consumer, considering each one as a “micro-entrepreneur” managing responsibilities across their personal and professional lives. 

As part of the campaign rollout, Makro has also partnered with Thai artist MILLI as a brand ambassador. She contributed to the campaign’s theme song and appears in its official music video, which is aimed at increasing engagement among younger, digitally native audiences. The collaboration reflects the campaign’s focus on mindset, positioning “being a PRO” as an approach that applies across both work and daily life.

The campaign also includes promotional offers running from March 18 to April 30, 2026, such as free nationwide delivery for qualifying orders, discount vouchers, and point-based redemption deals, as Makro seeks to drive adoption of its Makro PRO e-commerce platform.

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The tournament will feature five events: Beyblade, Tamiya, card games, basketball, and Rubik’s Cube. Qualifying rounds will be held across selected Lotus’s branches nationwide, allowing participants from different regions to compete for a spot in the national championships. The total prize pool is expected to exceed THB 1m (USD 31.4k).

According to CP AXTRA, the competition also aims to provide pathways for participants to compete internationally. Champions from the Beyblade and Tamiya categories will go on to represent Thailand in global competitions in the United States and Hong Kong, respectively.

Benchawan Ongsri, chief mall officer of the Mall & Property Group at CP AXTRA, said, “Lotus’s is committed to creating spaces of opportunity for Thai youth through the Happy Mall concept, which connects people and communities together.”

Beyond the tournament, the company will also organise gaming and sports workshops for underprivileged youth. As part of the programme, equipment and toys will be donated to local schools.

“Lotus’s Tournament 2026 goes beyond being just a competition. It is a platform that enables young people to showcase their potential, develop skills, and pursue professional competitive paths,” Ongsri added.

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The Food Purveyor operates 50 supermarket outlets in Malaysia under the brands Village Grocer, B.I.G., BSC Fine Foods, OTK, and The Food Merchant. Upon completion of the transaction, CP AXTRA will expand its footprint in Malaysia’s retail sector, adding the 50 stores to its existing network of 70 Lotus’s outlets in the country, bringing the total to 120 stores nationwide.

According to CP AXTRA, the proposed acquisition will not have any material impact on the company’s financial position. The move forms part of its strategy to strengthen its presence in Malaysia, which it described as a strategic market supported by solid economic fundamentals and consumer purchasing power.

The acquisition also marks CP AXTRA’s entry into Malaysia’s premium supermarket segment, broadening its customer base across different income groups. The Food Purveyor’s portfolio includes outlets located in urban areas and high-income neighbourhoods, providing access to prime retail locations.

CP AXTRA said the combination would allow both businesses to leverage their respective strengths, with Lotus’s bringing experience in large-scale supermarket and hypermarket operations, while The Food Purveyor focuses on premium retail formats.

The transaction is expected to be completed within the fourth quarter of 2026, subject to regulatory approvals.

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The development adopts a pavilion concept built around a Lotus’s Go Fresh supermarket. The project targets middle- to upper-income residents in surrounding neighbourhoods, with the company citing a catchment area of more than 45,000 people.

The site brings together dining, services, and wellness operators alongside retail. The company said the mall is designed around three core lifestyle pillars: “eat well, live well, look good.”

In addition to food and beverage tenants, the mall features nail and eyelash salons, dental clinics, pharmacy consultations, fitness facilities, and pet care services.

The development also integrates omnichannel features, including drive-thru, click-and-collect, and electric vehicle charging stations.

Lotus’s said the project forms part of its strategy to strengthen its positioning in Bangkok’s competitive retail market, with plans to further develop the site into a fully built-out premium mall.

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The celebration is being hosted in collaboration with multiple partners, including the Ministry of Culture, the Tourism Authority of Thailand (TAT), KASIKORNBANK, CP AXTRA, Alipay+, and Tiger Balm. It forms part of ICONSIAM’s broader destination marketing strategy. Activities planned for the event include dragon and lion dances, street food markets, and designated shopping zones.

The event aligns with efforts to attract Chinese travellers following the easing of visa requirements for travel to Thailand, with the TAT targeting 6.7 million Chinese tourist arrivals this year.

Suma Wongphan, executive vice president of ICONSIAM, said, “This event reaffirms ICONSIAM’s role as a Global Experiential Destination that captivates visitors worldwide. Our ambition is not only to elevate Thailand’s tourism experience but also to celebrate the deep-rooted ties between Thailand and China.”

Key highlights from the event include a statue of Chinese historical figure Guan Yu and an interactive installation featuring the Eight Auspicious Horses. A cultural procession will also take place, led by a 32-metre-long dragon horse, with appearances by Chinese actor Wang Zhuo Cheng and Thai pop group BUS, reflecting a mix of traditional and contemporary culture.

“We have curated a landmark festival that seamlessly blends traditional beliefs with contemporary artistry, creating a special experience to attract global audiences to witness the most magnificent Chinese New Year celebration along the Chao Phraya River,” Wongphan added.

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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.).

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