By The Manila Times
Ayala Land Inc. announced a P12.7-billion retail expansion and modernization program for its Cebu shopping centers from 2025 to 2028.
ALI’s retail unit, Ayala Malls, will allocate P10.5 billion for the redevelopment of Ayala Center Cebu and the construction of Ayala Malls Gatewalk in Mandaue.
The remaining P2.2 billion will be spent on the “reimagining” of Ayala Center Cebu and Ayala Malls Central Bloc.
The investments are part of a P17.5-billion nationwide program to upgrade flagship and core malls through phased rollouts.
Ayala Malls chief operating officer Paul Birkett said Cebu’s growing middle class makes it one of the country’s strongest retail markets.
“Cebu is the fastest-growing GDP (gross domestic product) area in the country with high employment and disposable income. We need to deliver products worthy of that market,” he noted, adding that the country’s Queen City of the South should draw investments comparable to global destinations such as Bangkok, Dubai, and London.
The renovation of Ayala Center Cebu, at 75-80 percent complete, is expected to finish by yearend.
An adjacent expansion of the former Seda Hotel pool and UCC Coffee shop, which will add 18,000 square meters of leasable space for flagship stores and larger-format “bridge brands,” will be completed by 2027.
“We shouldn’t just give you second-rate versions of a store. You should be having big, two-level stores, great, big glass runs, and that’s one of the reasons we’ve had to build the expansion,” Birkett said.
The redevelopment also aims to position the malls as “third spaces” for social interaction, with entertainment and leisure areas expanded fivefold.
Planned features include gaming, VR and AR attractions, active play zones, and lifestyle facilities beyond traditional cinemas and gyms.
Ayala Malls will bring first-in-Cebu and first-in-VisMin brands such as Bangkok-based fashion retailer Pomelo and Manila’s Issy & Co., alongside homegrown Cebu concepts that could later be rolled out nationwide.
READ the full story HERE.
