MAKATI CITY — Ayala Land Inc. is forging ahead with its largest retail expansion in company history, adding over 200,000 square meters of new retail space in 2026. A significant portion of this capital expenditure is allocated to the major redevelopment of Makati’s iconic shopping destinations: Glorietta and Greenbelt. Despite global headwinds and higher interest rates, the property giant’s decision signals strong confidence in Makati’s consumer market and its ability to attract luxury brands.
Historic Expansion and Strategic Focus
The company is adding more retail space this year than in any previous single year. The redevelopment of Glorietta and Greenbelt is at the core of this expansion, transforming them into reimagined lifestyle hubs. Both malls are scheduled to welcome shoppers back in the first half of 2026, showcasing spaces designed for experiential retail and luxury shopping. The project includes expanded outdoor areas, al fresco dining, and park-like common spaces that respond to consumer demand for open, well-ventilated environments.
Attracting Luxury Brands and First-to-Market Concepts
Ayala Land is aggressively courting international luxury houses, positioning Makati as a primary regional destination for high-end retail. The developer is refining its tenant mix by introducing first-to-market brands that offer shoppers fresh, exclusive experiences. This premiumization strategy aims to elevate the shopping experience while increasing foot traffic from both local and international visitors. The redevelopment aligns with other major projects in the pipeline, including the return of Mandarin Oriental to Ayala Triangle Gardens, adding further desirability to the district.
Revenue Growth and Long-Term Value
Despite ongoing renovations, Ayala Malls have already posted a 5 percent revenue growth. Once the renovations are fully stabilized, the company projects a 15 to 20 percent uplift in rental rates. This anticipated increase reinforces the long-term value of these prime real estate assets in the Makati central business district. For real estate investors, the aggressive expansion and premiumization signal that Ayala Land remains confident in the resilience of the Filipino consumer and the enduring appeal of Makati as the country’s premier retail destination.
