Ayala Land Mall Renovations Drive Occupancy and Foot Traffic Gains

MANILA, Philippines — Ayala Land Inc. (ALI) is beginning to reap the benefits of its flagship mall upgrades, with occupancy and foot traffic improving as the property giant prepares another wave of renovations. On Friday, the Zobel-led developer said its shopping center portfolio reached a 90-percent lease-out rate as of end-June, up from 87 percent a year earlier. Same-mall revenues grew 7 percent, while visitor footfall increased 5 percent. Mall earnings before taxes, depreciation and amortization margin stood at 61 percent. ALI attributed the gains to higher occupancy, growing merchant sales and early returns from completed upgrades. The company began its flagship mall reinvention program in 2024, covering Glorietta, Greenbelt, Trinoma and Ayala Center Cebu. With the physical transformation of these malls substantially completed, ALI will focus on sustaining occupancy, supporting merchant performance and improving the productivity of upgraded retail spaces. “Our reinvention is about keeping our malls relevant as customer needs and retail continue to evolve,” said Mariana Zobel de Ayala, head of leasing and hospitality at ALI. “As we complete the physical transformation of our flagship assets, our focus is on strengthening the overall customer experience, supporting our tenants and ensuring that these properties continue to perform and create value over the long term,” Zobel said. ALI is also lining up Ayala Malls Abreeza, Ayala Malls Marquee and Ayala Malls Cloverleaf for the next phase of its mall reinvention program. Beyond renovating existing properties, the developer is expanding its retail footprint. ALI recently launched Ayala Malls Arca South and is set to open Ayala Malls Gatewalk in Mandaue City, Cebu, in December. The company expects to deliver about 200,000 square meters of new retail gross leasable area this year, combining upgrades of established malls with expansion into newer estates. INQ