Philippine property developer Ayala Land Inc (ALI) has allocated an additional $77M to refurbish four of its core shopping centres in the metro in a bid to improve foot traffic and sales.
The malls to undergo renovations are Ayala Malls Abreeza, Ayala Malls Cloverleaf, Ayala Malls Fairview Terraces and Marquee Mall. Last year, ALI invested $224M to revamp its flagship malls: Glorieta, Greenbelt, Trinoma and Ayala Center Cebu.
Mariana Zobel de Ayala, Head of Leasing and Hospitality for Ali, said the refurbishment projects will commence this year, with a phased reopening planned from next year until 2028. “We expect again that both combination of the physical reinvention and the merchant replacement will improve footfall and tenant sales, while, of course, creating an enjoyable retail experience for customers and tenants,” said Zobel.
She noted that the company aims to renovate 30,000sq m per year and anticipates that optimising the selection of merchants will boost sales across all malls. Ayala Center Cebu and Trinoma are expected to reopen in the second half of this year, while Greenbelt and Glorieta will be ready next year.
“Overall, we’re focused on bringing our existing assets to their full potential through building and merchant reinvention while ensuring that we define the personality and target market of each of our pipeline malls to adapt to new retail demands,” Zobel concluded.
