Ayala enters supermarket business
Filipino property developer Ayala Land will be adding supermarkets to its properties.
Ayala Land has signed a joint venture agreement with Puregold Price Club to open supermarkets in new integrated and mixed-use developments.
“This new supermarket product will further enhance our retail offerings, which have been recently expanded to include our other department store and convenience store joint ventures,” said ALI president and CEO Antonino Aquino.
The supermarket business will be developed by the companies’ subsidiaries Varejo Corporation and Estenso Equities.
The first supermarket under the agreement is planned to open next year.
Earlier this year, Ayala, together with joint venture partners Itochu, Rustan’s Group and Japan’s FamilyMart, opened FamilyMart in the Philippines.