Ayala Land Inc. (ALI) is moving into a more earnings-focused phase of its mall strategy, seeking to extract stronger returns from flagship properties after a major reinvestment cycle while selectively expanding its retail footprint.
The shift comes as ALI’s upgraded malls begin showing measurable gains. Its shopping center portfolio reached a 90-percent lease-out rate at end-June 2026, up from 87 percent a year earlier, while same-mall revenues rose 7 percent and visitor footfall increased 5 percent. Mall EBITDA margin remained at a healthy 61 percent.
The performance reflects higher occupancy, stronger merchant sales, and early returns from the reinvention of Glorietta, Greenbelt, Trinoma, and Ayala Center Cebu, where upgrades began in 2024.
With the physical transformation of these flagship assets substantially completed, ALI’s priority is shifting toward improving the economics of those properties, including sustaining occupancy, raising tenant productivity, and generating more value from enhanced retail spaces.
“As we complete the physical transformation of our flagship assets, our focus is on strengthening the overall customer experience, supporting our tenants, and ensuring that these properties continue to perform and create value over the long term,” ALI Head of Leasing and Hospitality Mariana Zobel de Ayala said.
The next wave of upgrades will extend to Ayala Malls Abreeza, Ayala Malls MarQuee, and Ayala Malls Cloverleaf, allowing ALI to apply its reinvention strategy beyond its flagship properties.
At the same time, the company continues to add capacity in growth markets. Following the launch of Ayala Malls Arca South, ALI plans to open Ayala Malls Gatewalk in Mandaue City, Cebu, in December.
ALI expects to deliver about 200,000 square meters of new retail gross leasable area this year, combining expansion with improvements to existing assets.
The strategy points to a more balanced retail capital allocation approach, with ALI using its established mall base to drive higher productivity while deploying new space in markets where demand can support further growth.
