Filipino property developer Ayala Land is to increase its focus on its retail business.
AL’s target is to open as much as 10 supermarkets and department stores over the next five years.
“The department stores and supermarkets will definitely be our anchors so they will be in step with our shopping malls expansion program,” said CFO Jaime Ysmael.
“They will follow the opening of the malls that takes two years to construct depending the size,” adds Ysmael.
Its supermarket business is a joint venture with Estenso Equities, a subsidiary of supermarket operator Puregold Price Club, while its department store business is an alliance with specialty retail company Rustan’s Group.
AL earmarked 65.5 billion pesos ($1.5 billion) this year for the completion of ongoing developments and new project launches.