As part of the continued partnership between the two firms.
Last Wednesday, May 27, Thailand-based CP AXTRA Public Company Limited, the operator of wholesaler-retailer Makro and Lotus’s, inked a Memorandum of Cooperation (MoC) with the Philippine conglomerate Ayala Corporation.
The said deal will see the strengthening of the mall development and asset management at Makro in Thailand through Ayala’s consumer retail and mall arms, ACX Holdings Corporation (ACX) and AyalaLand Malls, Inc. (ALMI).
Under the agreement, ACX and ALMI 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.
Initially, the tie up will only focus on seven key Makro stores, with the parties also going to be exploring 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 the Ayala group, as they formed the joint venture company CP AXTRA AC Corporation in 2025, which will operate Makro stores in the Philippines. Eventually, that was expanded to include a wider range of collaborative 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,” said Tanit Chearavanont, Group Chief Wholesale Business Officer, CP AXTRA Public Company Limited.
“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,” he added.
This new agreement also marks the first time Ayala will bring its mall development and leasing expertise directly to CP AXTRA’s operations in Thailand.
Thus, Mark Uy, Managing Director and Group Head of Strategy and Business Development, Ayala Corporation, called this a another milestone in their “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,” he told.
“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.”
Meanwhile, Mariana Zobel de Ayala, Managing Director and Group Head of Leasing and Hospitality of Ayala Land noted that 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,” she stated. “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.”
CP AXTRA is one of the leading wholesale and retail operators and is a regional leader in multi-format, omnichannel retail platforms in Southeast Asia, with more than 2,700 Makro and Lotus’s stores. The company said that it is also advancing toward the direction of being a “retail-tech company.”
AyalaLand Malls, Inc., also known as Ayala Malls, is one of the Philippines’ leading mall operators with 34 shopping centers throughout the country, including the likes of Greenbelt, Glorietta, and Trinoma, which are recognized for 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, ALMI is well positioned to support CP AXTRA in maximizing the value and potential of its Makro mall assets in Thailand,” CP AXTRA further noted.
Meanwhile, ACX, the consumer retail unit of the Ayala Corporation, will add perspective on evolving customer behavior, format innovation, and retail partnerships.
Later this year, the new Makro stores in the Philippines are set to open, marking the brand’s return after more than a decade, with one confirmed location at the Ayala Malls Arca South in Taguig City, which is slated to welcome shoppers by the fourth quarter of 2026.