Ayala Land Inc. has partnered with the Lucio Co-owned supermarket chain Puregold Price Club Inc. for the development and operation of mid-market supermarkets in ALI’s new and mixed-use property developments across the country.
Varejo Corp., a subsidiary of ALI, recently announced that it has entered into a joint venture agreement (JVA) with Entenso Equities Inc. (EEI), a wholly owned subsidiary of Puregold, to develop and operate mid-market supermarkets for some of ALI’s new integrated and mixed-use developments.
“The joint venture further expands our previous tie-ups with the Puregold group in Harbor Point in Subic and Fairview Terraces in Quezon City,” Tony Aquino, president and chief executive officer of ALI, said.
“This new supermarket product will further enhance our retail offerings, which have been recently expanded to include our other department store and convenience store JVs,” he added.
According to ALI, the mid-market supermarkets will be carried under a new brand to be developed by Varejo and EEI.
Puregold recently formed Estenso Equities to have a shelf-ready subsidiary for its food retail-related activities or investments.