Photo Credit: Bangkok Post
CP Axtra Plc has entered into a strategic collaboration with Ayala Corporation to strengthen mall development and asset management capabilities for its Makro network in Thailand.
The agreement, formalised through a memorandum of cooperation, brings together Ayala’s retail and property expertise via ACx Holdings Corporation and AyalaLand Malls Inc. The partnership will focus on sharing best practices in mall operations, leasing strategies, and project development, with the goal of improving efficiency, enhancing customer experience, and unlocking long-term asset value. Initial efforts will centre on seven Makro locations.
Beyond operational improvements, both groups will explore broader investment opportunities, including the development of new retail sites and the redevelopment of existing Makro properties across Thailand.
This marks the third collaboration between CP Axtra and Ayala, following earlier agreements to introduce Makro operations in the Philippines and expand regional business initiatives.
Tanit Chearavanont, Group Chief Wholesale Business Officer at CP Axtra, said the partnership combines CP Axtra’s deep local market expertise with Ayala’s proven track record in mall development and leasing, aiming to elevate the retail environment for both consumers and tenants while supporting sustainable, long-term community value.
From Ayala’s side, Mark Uy, Managing Director and Head of Strategy and Business Development, described the agreement as a milestone that strengthens ties with the CP Group and signals Ayala’s entry into the Thai market. He noted the collaboration will leverage complementary strengths to deliver world-class retail and real estate developments, while enabling knowledge exchange between two dynamic Southeast Asian markets.
Mariana Zobel de Ayala, Managing Director and Head of Leasing and Hospitality at Ayala Land, highlighted the potential to transform Makro’s nationwide footprint into vibrant, community-focused destinations. By combining CP Axtra’s local insight with Ayala Malls’ expertise in tenant curation and customer experience, she said the sites could evolve into stronger platforms for shoppers, business partners, and long-term growth.
CP Axtra currently operates more than 2,700 Makro and Lotus’s stores and continues to expand its multi-format, omni-channel retail presence across Southeast Asia, with ambitions to evolve into a retail technology-driven company.
Meanwhile, AyalaLand Malls manages 34 shopping centres across the region, known for strong retail planning, curated tenant mixes, and enhanced customer engagement. Its capabilities in leasing, mall operations, and mixed-use development position it as a key partner in maximising the value of CP Axtra’s retail assets in Thailand.
The broader Ayala ecosystem, including its consumer-focused division ACx, is expected to contribute insights into evolving consumer behaviour, retail innovation, and strategic partnerships—further supporting CP Axtra’s regional growth ambitions.