BUSINESS

Ayala sets P13-B malls revamp kitty

People’s preferences, priorities and expectations have changed. This is the first time in our history that we will embark on renovating four flagship stores at once

Maria Bernadette Romero · Feb 16, 2024, 8:40 AM

Announcing the major buildup offensive for Ayala malls are (from left) Ayala Malls president Mariana Zobel de Ayala, Ayala Malls chief operating officer Paul Birkett, Ayala Malls vice president and Greenbelt area head AC Legarda and Makati area head Hamm Katipunan. — Photograph by Maria Romero for the Daily Tribune

Property developer Ayala Land Inc., or ALI, the real estate arm of Ayala Corp., is investing P13 billion to redevelop four of its flagship malls this year to reshape the experience for both tenants and customers.

At a press briefing on Thursday, Mariana Zobel de Ayala, senior vice president and head of leasing and hospitality at ALI, announced that the company will simultaneously start the redevelopment of Glorietta, Greenbelt 2, TriNoma and Ayala Center Cebu within the first quarter.

“People’s preferences, priorities and expectations have changed. This is the first time in our history that we will embark on renovating four flagship stores at once.

“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,” Zobel de Ayala, who also sits as president at Ayala Malls, told reporters.

The upcoming renovations aim to improve the mall’s appearance, providing a contemporary aesthetic, easy-to-follow signage, and a more cohesive shopping experience.

Ayala Malls’ signature feature, lush greenery and inviting outdoor spaces, will remain prominent, seamlessly blending with the mall’s dynamics through the integration of outdoor parks and alfresco areas.

Trinoma’s new look

Based on the timeline set by ALI, the TriNoma renovation is projected to be finished by early next year. Meanwhile, upgrades at Glorietta, Greenbelt 2 and Ayala Center Cebu are slated for completion by 2026.

The iconic Greenbelt 1, on the other hand, is scheduled to be torn down by April for a separate renovation, which is scheduled to be complete by 2028.

As mentioned by Zobel de Ayala, Greenbelt 1’s redevelopment expenditures alone are projected to exceed the combined budget for the four malls.

Despite anticipated disruptions, Ayala Malls chief operating officer Paul Birkett assured that regular business operations across all four establishments will be maintained by implementing a sequential construction approach in renovation.