Mr Tanit (centre right) and Mr Mark (centre left) display copies of the strategic partnership agreement for CP Axtra's mall development in Thailand.
CP Axtra Plc, the operator of wholesale and retail stores Makro and Lotus's, plans to strengthen Makro's mall development and asset management in Thailand under a memorandum of cooperation signed with Ayala Corporation, one of the Philippines' largest conglomerates.Under the agreement, the consumer retail and mall arms ACx Holdings Corporation (ACx) and AyalaLand Malls, Inc (ALMI) plan to share best practices in mall asset operations, leasing strategy and project development to improve operational efficiency, enhance customer experience and maximise the long-term value of CP Axtra's land and assets, initially focusing on seven Makro stores.
The parties will also explore future investment opportunities in mall and asset development, including collaborative initiatives to develop new sites and redevelop existing CP Axtra locations nationwide, according to the agreement.
This is the third agreement between CP Axtra and Ayala, following previous pacts to operate Makro in the Philippines and expand regional business opportunities.
"This agreement combines CP Axtra's deep understanding of the Thai retail market with Ayala's experience in developing and leasing shopping mall spaces, aiming to improve the retail environment for both shoppers and tenants while fostering sustainable long-term value for the asset and the surrounding community," said Tanit Chearavanont, group chief wholesale business officer at CP Axtra.
