Ayala, UAE’s Spinneys team up for PHL retail venture – BusinessWorld Online
LISTED Ayala Corp. and United Arab Emirates (UAE)-based supermarket chain Spinneys have entered into a partnership to open stores in the Philippines.
“We are honored to be the first partner of Spinneys as it ventures outside the GCC (Gulf Cooperation Council),” Ayala Corp. President and Chief Executive Officer Cezar P. Consing said in a statement on Wednesday.
Spinneys is owned by Al Seer Group, a UAE-based consumer holdings company with interests in food, retail, hospitality, shipyards, and construction across more than 20 countries.
Spinneys Chief Executive Officer Sunil Kumar said the Philippines offers long-term growth potential given its economic foundation, a rising number of affluent consumers, and increasing demand for quality products.
“Our partnership with Ayala combines their deep local knowledge with our operational expertise, providing a strong foundation to grow. As we enter this next phase, we’re delighted to be bringing our high-quality and fresh offering to a new region,” he added.
The partnership follows Ayala’s recent ventures with foreign retailers, including Thailand’s CP AXTRA for Makro stores and Australia’s Kmart for the Anko brand.
“We hope this investment will catalyze trade and investment between the Philippines and the GCC,” Mr. Consing said.
Shares in Ayala Corp. rose by 0.37% or P1.80 on Wednesday to close at P484.60 each. — Alexandria Grace C. Magno
