BANGKOK, THAILAND - CP AXTRA Public Company Limited, the operator of Makro and Lotus's, has signed a Memorandum of Cooperation (MoC) with Ayala Corporation to strengthen mall development and asset management at Makro locations across Thailand. The partnership will initially focus on seven key Makro stores, with plans to explore future retail and mixed-use developments.
Partnership Details
Under the agreement, Ayala's consumer retail and mall arms, ACx Holdings Corporation and AyalaLand Malls, Inc., will share methodologies and best practices in mall asset operations, leasing strategy, and project development. The goal is to improve operational efficiency, enhance customer experience, and maximize long-term value of CP AXTRA's land and assets.
Strategic Collaboration
This is the third agreement between CP AXTRA and Ayala, following previous deals to operate Makro in the Philippines and expand regional business opportunities. The collaboration combines CP AXTRA's deep understanding of the Thai retail market with Ayala's decades of experience in shopping mall development and leasing.
Executive Comments
Tanit Chearavanont, Group Chief Wholesale Business Officer at CP AXTRA, stated: "This agreement 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. By applying proven methodologies to our Makro mall, we aim to elevate the standards of the retail environment we offer."
Mark Uy, Managing Director and Group Head of Strategy and Business Development at Ayala Corporation, said: "This 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 retail markets."
Mariana Zobel de Ayala, Managing Director and Group Head of Leasing and Hospitality of Ayala Land, added: "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."
Complementary Strengths
CP AXTRA operates over 2,700 Makro and Lotus stores across Southeast Asia and is advancing toward becoming a retail-tech company. AyalaLand Malls manages 34 shopping centers recognized for strong retail planning and curated tenant mix. Ayala Corporation also brings a broader consumer and enterprise ecosystem to complement CP AXTRA's regional expansion.
Future Outlook
The MoC builds on the existing strategic partnership formed in 2025 with the establishment of CP AXTRA AC Corporation to operate Makro in the Philippines. This new agreement deepens the partnership, marking the first time Ayala will bring its mall development expertise directly to CP AXTRA's operations in Thailand.
