MANILA, Philippines - Property giant Ayala Land is spending P80 million next year to open 30 local stores of FamilyMart, a Japanese convenience store chain.
Ayala Land chief finance officer Jaime Ysmael says the amount could increase to P300 million when the store count reached 100 in the near term.
Ayala Land partnered with the Rustan's group and 2 Japanese companies for the deal with FamilyMart, which has 20,000 outlets in 7 Asian countries and the United States.
It is Ayala Land's first foray into the convenience store industry, which it said would match its residential and office projects.
Ayala Land is also teaming up for the development of a department store brand that will open in the new mall Fairview Terraces in Novaliches.
The department store in Fairview Terrances will have about 10,000 square meters. - With ANC