The malls operated by the country’s oldest conglomerate are being reimagined — and a woman is leading the transformation.
Last year, Mariana Zobel de Ayala stepped into her role as senior vice president and head of Leasing and Hospitality at Ayala Land Inc. (ALI), taking charge of a sweeping overhaul of the group’s retail, office and hospitality spaces.
Her mandate is as ambitious as it is unprecedented: a P13-billion simultaneous redevelopment of four flagship malls — Glorietta, Greenbelt 2, TriNoma and Ayala Center Cebu. At the same time, ALI is advancing enhancements at Greenbelt 5, reinforcing its status as the group’s most iconic and premium retail destination.
“People’s preferences, priorities, and expectations have changed. This is the first time in our history that we will undertake renovations to four flagship stores simultaneously. We are investing P13 billion for these enhancements. We want to get ahead of the new and growing market with a keen understanding of who our market is,” Mariana said in a previous interview with reporters.
The upgrades go beyond cosmetic changes. ALI is blending its signature lush greenery with contemporary design, more precise wayfinding, and expanded outdoor spaces to create shopping environments that feel cohesive, intuitive, and unmistakably modern.
TriNoma reopened last year, while Glorietta, Greenbelt 2, and Ayala Center Cebu are set to welcome shoppers this year. Greenbelt 1, meanwhile, is on a separate track. It was torn down in April last year, with redevelopment costs exceeding the combined budget of the other four malls and a completion target set for 2028.
But renovations are only part of the story. Last year alone, ALI added 78,000 square meters of new retail space, including Vermosa in Imus City, Park Triangle in Bonifacio Global City, and the first phases of Solenad 4 and Arca South.
“We started last year talking a lot about a very ambitious redevelopment program for our flagship malls. We have a strong conviction in the market. We have a strong conviction in the Filipino consumer. And part of that is because we were very excited by the growth we saw in foot traffic,” she said.
To help bankroll this next phase of expansion, ALI recently sold its 50 percent stake in Alabang Commercial Center Corp., raising P13.5 billion from the mature Alabang Town Center asset. The company said the proceeds will be used to accelerate its nationwide leasing pipeline, which includes nearly 700,000 square meters of new gross leasable area over the next five years.
ALI was quick to stress that the divestment does not signal a pullback from Southern Metro Manila. The company continues to invest in the region through master-planned estates such as Arca South, Vermosa, Evo City, and the ongoing 6.6-hectare Cerca Estate in Alabang.
Mariana’s influence, however, extends far beyond retail floors. She is an executive director at Ayala Corp., chair of AyalaLand Malls, and a board director of both ALI and its REIT subsidiary, AREIT.
She also chairs multiple subsidiaries across offices, hotels, and leisure, and joined the board of BPI in April 2025, serving on its Personnel and Compensation Committee. From J.P. Morgan in New York to academic stints at Harvard and INSEAD, her career reflects a blend of global exposure and local grounding.
Mariana’s leadership blends vision with precision. She is transforming malls into vibrant, future-ready spaces while preserving the understated elegance that defines Ayala. It is this careful balancing act that earned her a spot among the Daily Tribune’s Filipino of the Year contenders.
With hundreds of thousands of square meters of retail space either planned or under construction, she is showing that the next generation of Ayalas does not simply inherit a legacy — they reshape it.
From billion-peso redevelopments to nationwide expansion, Mariana Zobel de Ayala is redefining what it means to shop, work and relax in the Philippines while keeping the heart of Ayala Corp. firmly intact.
