Spinneys' premium retail entry strengthens mall monetization story

Upgrade to High-Speed Internet for only ₱1499/month!

Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.

Visit Suniway.ph to learn

Philstar.com

January 30, 2026 | 10:20am

From AB Capital's The Opening Bell: Three Moves

Event

Ayala Corp and Spinneys plan to open 12 premium grocery stores in Metro Manila starting 4Q, initially anchoring Ayala Malls sites. This marks Spinneys’ first expansion outside the Gulf, signaling confidence in Philippine premium consumption demand and retail traffic recovery.

View

We think premium grocery entry supports mall asset quality rather than immediate earnings step-up. Higher-income consumer recovery and tenant mix upgrading improve dwell time and rent sustainability. In our view, this reinforces structural resilience of prime malls amid rising e-commerce penetration risks.

Catalyst

Key catalysts include store rollout pace and same-store productivity over 2026. Upside comes from faster premium retail adoption and tourist recovery. Downside risks include slower discretionary spending.

Action

This supports ALI as premium anchors support rental reversions and occupancy defensiveness. Premium tenant mix upgrades support long-term mall earnings quality, even without near-term traffic spikes.

Disclaimer: The information, analyses, and views contained herein is based on sources which we, AB Capital Securities, believe are reliable, but is not guaranteed by us and is not to be considered all inclusive. It is not to be construed as an offer or solicitation of an offer to sell or buy the securities herein mentioned. AB Capital Securities and its Directors and Officers and/or members of their families may have a position in the securities herein mentioned and may make purchases and/or sales of the securities from time to time in the open-market and otherwise.