Spinneys Expands Into Southeast Asia: Partners With Ayala For Philippine Supermarket Venture

Core Insights - Spinneys has entered the Southeast Asian market by partnering with Ayala Corporation to open new stores in the Philippines, marking its first venture into the region [1][3] - Ayala Corporation will hold a 60% majority stake in the joint venture, while Spinneys will retain a 40% stake [1][5] - The rollout of the new stores will occur in two stages, with Spinneys initially managing operations before full control transitions to the joint venture [2] Market Potential - The Philippines is seen as a promising market due to its strong economic fundamentals, a growing affluent population, and increasing demand for high-quality food retail [3][6] - The partnership aims to leverage Ayala's local knowledge and Spinneys' operational expertise to establish a solid foundation for growth in the region [4] Company Expansion - Spinneys has been actively expanding its footprint, having opened 10 new stores in the UAE this year and planning to enter the Kuwaiti market [4]