Ayala Malls is undertaking a sweeping modernization of its core retail assets, backed by a P13-billion redevelopment of its flagship locations and an additional P4.5 billion set aside for enhancements across its broader portfolio, marking a bold pivot to redefine the Filipino mall experience in a post-pandemic, digitally integrated economy.
The ongoing transformation, which began in early 2024, covers premier properties including Glorietta, Greenbelt, Trinoma, Ayala Center Cebu, Abreeza, Cloverleaf, Fairview Terraces and MarQuee Mall.
The program aims to elevate the design, functionality and sustainability of Ayala’s malls as they evolve into “future-ready” spaces serving as key social and economic hubs.
In full stride
“This past year, Ayala Malls has been in full stride. We’ve been hard at work reimagining what our malls can and should be — transforming them into vibrant, future-ready malls,” Ayala Malls COO Paul Birkett said on Thursday, 17 July.
Ayala Land, the parent company, reported a 4-percent growth in shopping center revenues to P5.7 billion in the first quarter of 2025, driven by both core and emerging malls despite the temporary disruptions caused by ongoing renovations.
“This (four percent increase) is considering a renovation that we’re going through. Excluding those areas, our flagship and premium malls grew 14 percent quarter on quarter, driving an overall 11 percent uplift across its portfolio,” said Mariana Zobel de Ayala, senior vice president and head of Leasing at Ayala Land.
Improving conditions
The investment is being rolled out amid improving macroeconomic conditions. The first half of 2025 saw inflation average just 1.8 percent, well below the Bangko Sentral ng Pilipinas’ 2.4-percent forecast.
On the global front, the World Bank recently noted that the Philippines’ gross national income per capita reached $4,470 in 2024 — just $26 shy of crossing into upper middle-income status.
“This is hopeful and encouraging that our country will continue to progress forward and remain on an upward economic trajectory. With a resilient and expanding economy, we are confident in the long-term potential of the retail sector in the country,” Zobel de Ayala said.
She added: “We remain very optimistic about the future of retail and shopping in the Philippines, as we observe strong consumer fundamentals and a steadily growing and evolving middle class that continues to drive the bag.”
Looking ahead, Ayala Malls is also set to expand its presence nationwide by adding 700,000 square meters of gross leasable area over the next five years, focusing on high-growth regional centers.
“Our mission has always been clear: to build with purpose — developing spaces that drive economic activity, foster social connection, and create enduring value for generations,” Zobel de Ayala emphasized.
Essential parts of Filipino life
“Our malls are not just commercial centers — they are essential parts of our estates and of Filipino life.”
The redevelopment plan also puts sustainability at its core. Ayala Malls said it is integrating green open spaces, al fresco areas, and eco-friendly features such as energy-efficient designs and waste-reduction programs to enhance community well-being while supporting local entrepreneurs through inclusive retail programs.