Property giant Ayala Land, Inc. continues to expand its investments in the retail business by entering into a joint venture with Puregold Price Club, Inc. to develop and operate mid-market supermarkets.
In disclosures to the Philippine Stock Exchange, ALI and Puregold said ALI subsidiary Varejo Corporation is teaming up with Puregold's wholly-owned subsidiary Entenso Equities, Incorporated (EEI) to put up supermarkets for some of ALI's new integrated and mixed-use developments.
"The joint venture further expands our previous tie-ups with the Puregold group in Harbor Point in Subic and Fairview Terraces in Quezon City," said ALI president Antonino Tony Aquino.
He added that "this new supermarket product will further enhance our retail offerings which have been recently expanded to include our other department store and convenience store JVs."
ALI said the mid-market supermarkets will be carried under a new brand to be developed by Varejo and EEI and is part of ALI's growth strategy for its retailing business and in line with the objective of establishing integrated, mixed-use communities across the country.
Puregold said the mid-market supermarkets will cater to the ABC customer segments. Puregold is one of the largest supermarket operators in the Philippines, operating under different retail formats and store brands such as Puregold Price Club and S & R Membership Shopping.
ALI earlier teamed up with the Tantoco family's Store Specialists, Inc. (SSI) to venture into the convenience store business through a joint venture with FamilyMart Co., Ltd. and Itochu Corporation of Japan.
Through SIAL CVS Retailers, Inc. (SIAL), ALI and SSI signed a Shareholders Agreement with FamilyMart and Itochu for the development and operations of FamilyMart Convenience Stores in the Philippines.