HEARD IT THROUGH THE GRIPE-VINE
For two glorious days last week, the Philippine Retail Association (PRA) took over the second level of the SMX Convention Hall, and mounted their annual National Retail Conference and Expo (NRCE) 2024. It was simply a gathering of the best and brightest in Filipino retail, banding together to share best practices, forecasts, and life lessons. And I could feel the warmth, camaraderie, and enthusiasm to push the retail agenda forward, and explore new possibilities.
On the first day, Special Assistant to the President for Investment and Economic Affairs Frederick Go opened the conference with an address that supported the PRA’s proposal to implement VAT refunds for non-resident tourists, and pushing to fast-track the implementing of e-visas. The big idea is to promote the Philippines as a shopping hub, promoting it as a retail capital for the rest of the world. It’s an ambitious vision, but there’s no time to start like now, and this speech was met by much applause and approval by the audience gathered at the plenary hall.
Over at the expo halls, the booths present showcased the diversity of retail in our country, and how we aren’t lagging behind in terms of technology applications, advancing logistics, and filling the retail void as needed. There is intent and purpose in our retail landscape. SM Retail proudly took home the Best Booth prize, with a display that highlighted their brand and product range diversity, and how it segues with their message of being the dependable go-to for the Filipino consumer.
Back at the conference, one breakout panel discussion that caught my interest was the one that featured the young guns of Philippine retail. On the panel were Jerald Sze of Straightforward, hip restaurateur Lui Clavano, and Dominic Yu, co-founder of street fashion brand SKOOP. As PRA board member CJ Jesena was excited to explain, this year wasn’t going to be just about the old guard and well-established names. If there were exciting new “stories” in Philippine retail, the NRCE wanted in on this trend, and have these younger entrepreneurs analyze their fresh success, and discover why they’ve struck a responsive chord with the Filipino consumer - especially those of a younger demographic.
The second day opened with a real bang, as sharing the stage to discuss succession, were Hans Sy, SM Prime Holdings chairman of the executive committee; and his eldest son, Chico Sy, president at SM Engineering Design & Development (SMEDD). Anecdotal and light, there was light humor peppered throughout the illuminating and pithy discussion; and hands down, this was the talk most enjoyed by the gathering.
A note of appreciated levity was established right away as Hans mentioned that Friday was his regular golf day, but he had canceled that week to be with the PRA. Seated on a single seater lounge chair, Chico elicited laughter when he realized his father was by his lonesome on a two-seater sofa. He joined his father, making for a snug fit on the couch.
While reminiscing about his father, SM Founder Henry “Tatang” Sy, Sr., Hans referred to the underlying principle behind the Sy family, and how roles and succession are defined, “We were never forced, but we had no choice!” To which Chico readily concurred, saying that’s a family value that’s also written in stone as far as the third generation is concerned. And the audience was enjoying this exchange, nodding their heads in recognition of how this contradiction in terms is so true in the Philippine scenario.
Hans Sy recalled how at the age of 13, he got all spruced up for that first day at work, of “helping dad.” When he got to the SM branch, he was assigned taking out the garbage and assisting the cash clerk. This was a rite of passage for all the children, to start from the bottom, understand what the rank and file go through on a daily basis, and cover all facets of the operation. In turn, Chico mentioned how he has a memory of being taken to the SM North EDSA construction site when he was just a young boy; and laughing, declared that really had to be a different era and time, as there was no way a child could be brought to a construction site for a stroll nowadays. That would be violating so many rules of the Building Code; and he would know as head of SMEDD.
With the massive legacy that Tatang left behind, and as segment leader, Hans and Chico concurred that Henry Sy would always remind them to stay focussed, stay hungry, and be humble. Hans added that Tatang would always emphasize that it was just as important to have “malasakit” - being mindful of others. That the market share, expansion targets, and dominant role in the industry, would mean nothing if not accompanied by this heart of “malasakit.” The same applies to being resilient and innovative - for it’s what gives higher purpose, and the true sense of accomplishment. Wise words for all retailers to heed.