Politics

Ayala Land: Four malls to undergo phased renovations

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LISTED property developer Ayala Land, Inc. (ALI) announced on Tuesday a two-year renovation plan for four of its malls: Glorietta, Greenbelt, TriNoma, and Ayala Center Cebu.

“We have four major flagship projects this year, which are renovations,” Mariana Beatriz Zobel de Ayala, ALI executive director and senior vice-president for leasing and hospitality, told reporters.

“The malls will undergo renovations in phases to avoid a complete halt, with most of them planned over a two-year project,” she added.

The renovation aims to create additional leasable areas and enhance open and common spaces, she noted.

“We’ve taken a step back to really understand our target market, what their needs are, what they’re looking for, how we might be able to excite and surprise them in a different way,” Ms. Zobel said.

Themes for the renovation include refreshing the look, improving navigation, and integrating outdoor spaces for better usability, she added.

“We’re using those learnings to rethink the physical experience, which is again, things like the facade, navigation through the mall, but then also the soft side of the experience like the stores, and also how we engage with the customer,” Ms. Zobel said.

For the first nine months, ALI saw a 38% increase in its attributable net income to P18.4 billion on the back of a 15% jump in revenues to P98.9 billion.  

Shares of ALI dropped by 35 centavos or 1.01% to P34.15 apiece on Thursday. — Revin Mikhael D. Ochave