Ayala Land Incorporated (ALI) reports a 10% surge in foot traffic across its malls in 2024, boosting its confidence in the retail sector. The company plans to expand its presence with new malls and renovations, totaling 700,000 square meters of space under development. ALI's newer malls, particularly One Ayala, have shown strong performance. Revenue for the first nine months of 2024 reached P125.2 billion, driven by consumer activity and resilient property demand. Renovations of flagship malls like Glorietta, Greenbelt 1, TriNoma, and Ayala Center Cebu are progressing well, aiming to enhance the customer experience with a focus on programming and tenant mix.
This is AI generated summarization, which may have errors. For context, always refer to the full article.'We have a lot of conviction in the Filipino consumer,' says Mariana Beatriz Zobel de Ayala, group head of leasing and hospitality of Ayala Land Ayala Land Incorporated saw a 10% increase in foot traffic across its malls in 2024.
Zobel noted that its newer malls — those either constructed right before the COVID-19 pandemic hit in 2020 or were launched right after — are doing well. The company’s revenues in the first nine months of 2024 was also buoyed by consumer activity, apart from resilient property demand. ALI scored a 27% increase to P125.2 billion in consolidated revenues from January to September.Meanwhile, the company said it is making good progress on renovating some of its flagship malls, some at around 40% to 60% complete. These malls include Glorietta and Greenbelt 1 in Makati City, TriNoma in Quezon City, and Ayala Center Cebu.
AYALA LAND RETAIL EXPANSION MALLS FOOT TRAFFIC CONSUMER DEMAND
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