Ayala Land allots P300-M for FamilyMart convenience stores
MANILA, Philippines - Real estate giant Ayala Land Inc. (ALI) has earmarked P300 million for the rollout of 100 outlets of Japanese convenience store chain, FamilyMart.
ALI Chief Finance Officer Jaime Ysmael told reporters that the amount includes the P80 million they are eyeing to spend for around 30 FamilyMart stores they will open next year.
ALI is debuting into the convenience store business in partnership with Rustan's group and Japanese conglomerate Itochu, to rival the top two 24/7 chains in the country -- 7-Eleven and Mini Stop.
The local 7-Eleven chain is owned by Philippine Seven Corp., while Mini Stop is run by the Gokongwei group.
FamilyMart is the second-largest convenience store chain in the world, with over 20,000 stores in 8 countries, including:
- South Korea
Aside from FamilyMart, Ysmael said Ayala Land also tied up with Rustan's to open a department store in Fairview Terraces.
Fairview Terrances is Ayala Land’s second shopping center in Quezon City located along Quirino Avenue in Novaliches.
Ysmael said the department store will occupy about 10,000 square meters of the whole shopping center.
Rustan's is one of the largest retail companies in the country. It has exclusive rights to sell and distribute a range of luxury and upmarket brands such as Zara, Calvin Klein Jeans, Cartier, Gucci, Gap, Burberry, Marks & Spencer, Lacoste, Prada and Nine West.
Ayala Land earlier reported a 27% hike in its 9-month net income to P6.62 billion on the back of the strong performance of the company’s major business units.
Consolidated revenues for the period reached P39 billion, up 20% year-on-year, with revenues from real estate and hotels accounting for the bulk of the amount - Rappler.com