Realty By JM

Salt and Light of Philippine Realty

Ayala Land-Rustan venture to spend P80M to start FamilyMart chain

THE JOINT VENTURE of Ayala Land, Inc. and the Rustan Group plans to spend about P80 million to build around 30 FamilyMart convenience stores by the end of next year, an official said on Friday.

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“For the first year, next year, we’re aiming for an initial 30 [FamilyMart] stores. We’re still in the process of setting up the structures, and this is something that we feel is essential to enable us to develop more our mixed-use developments,” Jaime E. Ysmael, Ayala Land chief finance officer, told reporters following a public dialogue on foreign ownership restrictions at the Securities and Exchange Commission building in Mandaluyong City.

Last Tuesday, SIAL CVS Retailers, Inc. — a partnership between Varejo Corp. and Specialty Investments, Inc., wholly owned units of Ayala Land and Rustan-led Store Specialists, respectively — signed a shareholders agreement with Japanese firms FamilyMart Co., Ltd. and Itochu Corp. for the development and operation of FamilyMart stores in the country.

Taken from:

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