MAKATI CITY — Ayala Land, Inc. is beginning to reap the rewards of its flagship mall reinvention, with Glorietta and Greenbelt leading stronger operating results across the company's shopping center portfolio in the first half of 2026.
Makati Flagships Drive the Gains
The two Makati landmarks anchor Ayala Land's retail reinvention program, which began in 2024 with major upgrades at Glorietta, Greenbelt, Trinoma, and Ayala Center Cebu. With physical transformation substantially complete, the properties are now delivering higher occupancy and rising visitor traffic.
The portfolio reached a 90-percent lease-out rate by end-June, improving from 87 percent a year earlier. Same-mall revenues climbed seven percent, while visitor footfall grew five percent. Mall EBITDA margin stayed healthy, reflecting the productivity of upgraded retail spaces.
For Makati, the results reinforce the city's status as the country's premier commercial address. Glorietta and Greenbelt continue to draw local and international shoppers, supported by the broader Makati central business district ecosystem.
Reinvention Keeps Malls Relevant
Mariana Zobel de Ayala, Head of Leasing and Hospitality of Ayala Land, said the reinvention is about keeping the malls relevant as customer needs and retail continue to evolve. She noted the focus has shifted to strengthening customer experience and supporting tenants.
The company is now concentrating on sustaining high occupancy and improving merchant performance. This phase prioritizes productivity over construction, allowing the Makati flagships to operate at peak efficiency while generating recurring income for the company.
Next Wave of Upgrades Beyond Makati
The reinvention extends past the flagship portfolio. Ayala Land is preparing upgrades at Ayala Malls Abreeza, Ayala Malls MarQuee, and Ayala Malls Cloverleaf, each moving into the next reinvention phase.
This pipeline ensures the strategy continues across the country while Makati's Glorietta and Greenbelt serve as proven templates. The lessons learned from the flagship upgrades will inform how other properties are refreshed and repositioned.
New Retail Growth Across the Country
The strategy pairs reinvestment with expansion. Ayala Land recently launched Ayala Malls Arca South and will open Ayala Malls Gatewalk in Mandaue City, Cebu, in December. It expects to deliver approximately 200,000 square meters of new retail gross leasable area this year.
The combination gives Ayala Land multiple growth avenues. Established malls are being reinvented while newer estates introduce retail alongside residential communities and other uses.
A Long-Term Capital Strategy
For Ayala Land, mall reinvention forms part of a broader capital allocation strategy. The company invests in assets with long-term strategic value, improves their performance, and develops new destinations across its landbank.
Malls have become an increasingly important area of capital deployment, reflecting a deliberate focus on strengthening recurring income. This approach positions the Makati flagships and the wider retail portfolio for sustained growth.
