Makro Returns to the Philippines With Four Ayala Estate Locations

KEY TAKEAWAYS

·Makro will reopen in the Philippines with four Ayala Land estate locations in Quezon City, Taguig, Biñan, and Kawit, targeting Q4 2026 or Q1 2027 launches.
·The brand exited in 2009 when SM converted existing Makro stores into SM Hypermarkets, ending a thirteen-year run that began in 1996.
·The reentry is a joint venture between Ayala Corporation and Thai operator CP Axtra, which runs Makro and Lotus's grocery stores across Thailand.

A Second Entry Into Philippine Retail

Wholesale retailer Makro will reopen in the Philippines nearly two decades after disappearing from the local landscape, this time through a strategic partnership with one of the country's largest property developers. Ayala Land has finalized lease agreements for four locations across the Greater Manila Area, marking the brand's return to a market it first entered in 1996.

The four estates selected for the new stores reflect Ayala's approach to positioning retail within high-traffic commercial corridors and emerging business hubs. Cloverleaf in Balintawak, Quezon City sits at the intersection of EDSA and the North Luzon Expressway, functioning as a northern gateway. Arca South in Taguig City occupies a 74-hectare mixed-use development designed as a commercial and transport hub for southern Metro Manila. Broadfield in Biñan, Laguna represents Ayala Land's first business campus in that province, hosting manufacturing, logistics, and business services operations. Evo City in Kawit, Cavite extends the footprint into a rapidly urbanizing corridor south of the capital.

Timeline and Operational Rollout

ACX Holdings indicated in April that the first stores are targeted to open between Q4 2026 and Q1 2027. Cloverleaf and Arca South are expected to launch first, giving the brand visibility in both northern and southern Manila corridors before expanding to the Laguna and Cavite sites.

The Arca South location will operate inside Ayala Malls Arca South, embedding the wholesale format within an existing retail and residential ecosystem. The other three sites represent standalone or campus-adjacent configurations, catering to business customers and households in areas with growing demand for bulk purchasing options.

The Original Philippine Run

Makro first arrived in the Philippines in March 1996 through a joint venture involving Dutch firm SHV, Ayala, and the SM Group. The partnership brought the cash-and-carry model to a market where membership-based wholesale retail was still a relatively new concept. Ayala exited its stake in 2004, and by 2009, SM had taken full control of the operation. The existing Makro stores were subsequently converted into SM Hypermarkets, erasing the brand from the Philippine retail map for nearly seventeen years.

Some of those converted stores continue to operate under the SM banner today, serving as a reminder of Makro's first chapter in the country. The brand's reentry comes at a time when wholesale and membership retail formats are gaining traction among both small business owners and cost-conscious households.

The Thai Connection

While Makro originated in the Netherlands with the opening of the first cash-and-carry store in Amsterdam in 1968 by SHV, its strongest operational presence today is in Thailand. Siam Makro was established in 1988, with the first store opening in Ladprao, Bangkok, in 1989. Expansion followed quickly, including a branch in Rangsit north of Bangkok in 1994.

Makro in Thailand is now operated by CP Axtra, which also runs Lotus's, a widely recognized grocery chain across the country. The stores stock fresh and dry food, imported goods, and non-food essentials, serving a dual customer base of businesses and individual households. The format has proven resilient, adapting to shifts in consumer behavior and supply chain dynamics over three decades.

Joint Venture Structure

The Philippine reentry is structured as a joint venture between Ayala Corporation and CP Axtra. This pairing brings together Ayala's deep knowledge of local real estate and consumer behavior with CP Axtra's operational expertise in running large-format wholesale stores across Southeast Asia. The partnership mirrors the original 1996 setup in its reliance on local property development strength, but this time with a Thai operator rather than a Dutch one at the helm.

The choice of Ayala estates as anchor sites suggests a strategy focused on areas with high commercial density, logistics infrastructure, and proximity to both residential and business customers. Balintawak, Taguig, Biñan, and Kawit all sit along major transport arteries or within designated economic zones, giving Makro access to a broad customer base from day one.

What Comes Next

The rollout will test whether the wholesale membership model can gain traction in a market that has seen significant evolution since Makro's exit. The rise of e-commerce, the expansion of convenience store networks, and the growth of value retail chains have all reshaped how Filipinos shop for groceries and household goods. Makro's format, which emphasizes bulk purchases and business-to-business sales alongside household customers, will need to carve out a distinct position.

The staggered opening schedule, beginning with Cloverleaf and Arca South, will provide early signals on customer response and operational execution. If the initial two stores perform well, the Biñan and Kawit locations could open in quick succession, establishing Makro as a fixture across multiple corridors of Greater Manila within a year.

Asia's overnight moves, distilled into a five-minute read.

A Second Entry Into Philippine Retail

Timeline and Operational Rollout

The Original Philippine Run

The Thai Connection

Joint Venture Structure

What Comes Next

Robinsons Land Targets 80-20 Split Between Recurring and Development Revenue

Philippines Turns to Private Sector for Major Infrastructure After Government Building Failures

Sembcorp Eyes Clark Industrial Park as Singapore Model Expands to Philippines

Philippines Cuts Poverty Rate to Single Digits for First Time