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MANILA - Ayala Land Inc has teamed up with the Rustan group and two Japanese firms for the listed property firm’s foray into the convenience store business, bringing in a third player to the Philippine market.
In a statement issued late Monday, Ayala Land said SIAL CVS Retailers Inc signed a shareholders agreement with FamilyMart Co Ltd and Itochu Corp to develop and operate the FamilyMart convenience store in the Philippines.
FamilyMart is the second largest convenience store chain in the world with over 20,000 stores in Japan, Taiwan, South Korea, Thailand, China, the United States, Vietnam and Indonesia.
The partnership will allow Ayala Land to provide a retail format that will support its mixed-use communities, while growing its recurring income portfolio. At present, the Paternos' 7Eleven and the Gokongweis' MiniStop dominate the Philippine convenience store market.
A joint venture between Ayala Land unit Varejo Corp and Specialty Investments Inc of Tantoco-led Rustan group, SIAL was borne out of an agreement the two groups signed last May.
FamilyMart and Itochu, its largest shareholder, are both listed in the Tokyo Stock Exchange.
Itochu is one of the biggest Japanese trading conglomerates engaged in the businesses of food, logistics services, textile, machinery, information, and communications technology, among others.
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