MANILA — Local property giant Ayala Land Inc. and leading grocery chain operator Puregold Price Club is opening its first joint venture in Quezon City.
The first grocery chain will be under the brand “Merkado Supermarket” and will be opened at the UP Town Center on Friday.
The supermarket chain will be operated by the AyaGold Retailers Inc., a 50-50 percent joint venture between ALI Capital Corp. and Puregold unit Entenso Equities Inc.
“With the mall-based Merkado Supermarket, this will enable us to tap a broader market. In the case of UP Town Center, this could range from students to young professionals and young families,” said AyaGold president Anthony Sy.
The Supermarket will strengthen the existing partnership between the Ayala Land and Puregold.
“The name of the game is scale. Although we enjoy the relationship we have between us and the vendors and these relationships benefit the Merkado brand, we’ll come into the market to have a very competitive pricing,” he added.
Puregold is now serving as the anchor supermarket at Ayala Malls Harbor Point in Subic and Fairview Terraces in Quezon City.
“Merkado Supermarket plays a significant role in ALI’s business portfolio. Not only does this strengthen and expand our retailing business which started with our convenience and department stores joint ventures, but is also a testament to our commitment in delivering a holistic environment and experience to the mixed-use communities that we are developing,” Ayala Land vice president Cora Dizon said in a statement.