Philippines retailer Puregold Price Club has formed a joint venture with property firm Ayala Land to develop and operate mid-market supermarkets in the country.
The 50:50 venture will see Puregold’s newly-created unit, Entenso Equities, launch the supermarkets with Ayala’s subsidiary Varejo Corp, the companies said in a disclosure to the Philippines Stock Exchange.
The mid-market supermarkets will cater to the “ABC customer segments”, the firms said. It will be launched under a new brand to be developed by both Varejo and Entenso, which was not disclosed.
Puregold is one of the largest supermarket operators in the Philippines and operates under different retail formats and store banners, including Puregold Price Club and S&R Membership Shopping.