Ayala Corp. (AC) is expanding into Thailand through a partnership with CP AXTRA Public Company Limited, targeting mall development, retail asset management, and potential investments linked to Makro sites nationwide.

Under a memorandum of cooperation, AC — through ACx Holdings Corp. and AyalaLand Malls, Inc. — will work with CP AXTRA to strengthen mall operations and retail property development across Makro locations in Thailand.

The agreement will initially cover seven key Makro stores, where the parties will collaborate on leasing strategy, customer experience, project development, and asset optimization. 

The partnership also opens opportunities for Ayala to participate in future mall and mixed-use developments in Thailand, including the redevelopment of existing CP AXTRA sites and the development of new locations nationwide.

“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,” said Mariana Zobel de Ayala, Managing Director and Group Head of Leasing and Hospitality of Ayala Land.

“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,” she added.

The agreement is the third signed between AC and CP AXTRA, following earlier partnerships involving Makro’s Philippine operations. 

Last year, the two groups formed CP AXTRA AC Corp. to operate Makro stores in the Philippines.

"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.

CP AXTRA operates more than 2,700 Makro and Lotus stores across Southeast Asia and is one of the region’s largest wholesale and retail operators. 

ALMI, on the other hand, manages 34 local shopping centers and specializes in leasing, mall operations, facility management, and mixed-use developments.