Ayala Land expects holiday mall boost from 250 new stores

November 6, 2026

Ayala Land Inc. (ALI) is counting on more than 250 new store openings in the fourth quarter to sustain mall leasing growth and capture stronger holiday spending, building on a 10-percent increase in revenue across its shopping center portfolio in the first nine months of 2026.
Same-mall revenue grew 8 percent, while flagship and premier malls posted 10-percent growth, underscoring the strength of established retail destinations even as newer developments continue to build occupancy and tenant sales.
ALI Group Head for Leasing and Hospitality Mariana Zobel said existing malls, rather than newly completed developments, accounted for most of the increase in leasing revenue during the January-to-September period.
“The drivers really are higher rent per square, better occupancy, and stronger income from ancillaries such as venue rentals, advertising, and also our cinema business,” Zobel said.
Newly opened gross leasable areas, meanwhile, were still in the process of building occupancy and tenant sales, and had yet to make a significant contribution to overall growth.
ALI is looking to new retail offerings in Nuvali, Evo City, Gatewalk in Cebu and Greenbelt to attract more shoppers and broaden its tenant mix.
Among the recent additions are Din Tai Fung in Glorietta and Bacha, with IKEA set to open at Gatewalk in Mandaue. Other anticipated openings include the return of Marks & Spencer and the arrival of sportswear brand On Running.
“We’ve seen footfall already start to go up,” Zobel said, pointing to improving shopper activity ahead of the holiday season.
The pipeline of store openings could help sustain leasing growth into 2027 as newer retail developments mature and contribute more meaningfully to rental income.
ALI’s results underscore the importance of its established malls, where higher rents, better occupancy and non-rental income streams are delivering growth even as newer retail spaces build their customer and tenant base.