The country’s oldest conglomerate, Ayala Corporation, is making a bold move: it’s bringing back the beloved wholesale chain Makro to the Philippines.
In a disclosure to the Philippine Stock Exchange, Ayala announced that its subsidiary ACX Holding Corp. has entered into a joint venture with Makro ROH Company Limited (MROH) of Thailand, a unit of CP Axtra Public Company Limited under the Charoen Pokphand Group.
Under the deal, ACX will hold 49.9% while MROH will have 50.1% ownership in a new entity called M&Co Corporation, which will operate Makro stores in the Philippines.
A Partnership for Growth
Mark Uy, head of Corporate Strategy and Business Development at Ayala, expressed excitement about the comeback.
“We are excited to partner with CP Axtra to bring Makro back. Together, we aim to deliver quality products at more affordable prices,” he said.
Uy added that this move is part of Ayala’s larger vision: working with world-class companies to expand consumer choices, raise retail standards, and ultimately help Filipinos thrive.
CP Axtra echoed this optimism. Tanit Chearavanont, its Group Chief Wholesale Business Officer, said the partnership blends Ayala’s trusted market presence and expertise in land and mall development with CP Axtra’s proven retail management.
“This aligns with our strategy to expand regionally while ensuring long-term growth and value creation,” he noted.
The Return of a Classic Brand
Makro holds a special place in the hearts of many Filipinos. First launched in the late 1990s, it became a go-to membership-only wholesale store through a partnership between SM Group, Ayala, and Dutch firm SHV Holdings.
But by 2004, Ayala sold its stake, and the SM Group eventually absorbed Makro, rebranding it into SaveMore and Hypermarket after the membership model lost its appeal.
Now, nearly two decades later, Makro is set to return—this time with a renewed vision, stronger partners, and the promise of giving Filipinos better access to wholesale savings.
For families, small business owners, and loyal fans who once filled Makro’s aisles, this comeback isn’t just about retail—it’s about bringing back a trusted name that helped shape the way Filipinos shop.
