Ayala unit partners with Puregold unit for mid-market supermarkets

A unit of Ayala Land Inc. has partnered with a newly-formed subsidiary of Puregold Price Club Inc. to develop and operate mid-market supermarkets for some of ALI's new integrated and mixed-use developments.

In an e-mailed statement Monday, ALI announced its subsidiary Varejo Corporation had entered into a Joint Venture Agreement (JVA) with Entenso Equities Inc., a wholly-owned subsidiary of Puregold.

"The joint venture further expands our previous tie-ups with the Puregold group in Harbor Point in Subic and Fairview Terraces in Quezon City," Antonino Aquino, president and CEO of ALI, said in a statement.

"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.

The mid-market supermarkets will be carried under a new brand to be developed by Varejo Corp. and Estenso Equities.

This is part of ALI's objective of establishing integrated, mixed-use communities across the country.

On July 3, Puregold announced it is putting up Estenso Equities for its equity investments in other retail businesses to strengthen its foothold in the supermarket industry.

Puregold is one of the largest supermarket operators in the Philippines, operating under different retail formats and store brands such as Puregold, S & R Membership Shopping, Parco supermarkets, Grocer E supermarts and Eunilane foodmarts. — Danessa O. Rivera/BM, GMA News