"We got it all for you!" - What's one thing this shopping mall chain can't offer to Filipino consumers?
Every Friday, I talk about topics related to wealth, health, and our overall well-being. My hope is that you’ll also find these articles compelling and helpful in both your personal life and career. Today, I’ll focus on one of the golden rules I live by to achieve genuine success, meaning, and happiness in life. Continue reading to know why it’s important to BE KIND to everyone regardless of your social status.
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"We got it all for you!" - What's one thing this shopping mall chain can't offer to Filipino consumers? SM Supermalls, more commonly known as SM, is a chain of shopping malls in the Philippines. As of October 2022, it has 82 branches across the country and 20 more are scheduled to open in the coming years. SM also has 7 malls in China, including SM Tianjin, which is the second largest mall in the world in terms of gross leasable area (GLA). Overall, the shopping mall chain has become one of the biggest mall operators in Southeast Asia, with a combined gross floor area (GFA) of 9.2 million square meters, 17,200+ tenants in the Philippines, and 1,800+ tenants in China.
The Humble Beginnings of SM and A Lesson on Being Kind I haven’t been to the Philippines yet but my friend and colleague, Professor Joel Litman, goes to the country from time to time to check in with his Filipino workforce at Valens Research and conduct training with them. One time, he mentioned something about SM being the largest mall operator in the Philippines. That made me curious and the next thing I did was look it up on the Internet to know more about the supermall chain. I was personally amazed at the level of success SM’s founder, Henry Sy, achieved! Who would’ve thought that the owner of a small shoe store in Quiapo, Manila in the late 1950s would eventually become the “Philippines’ Retail King” and the “#1 Billionaire in the Philippines” by Forbes Magazine in 2011? Then I thought to myself, “There’s definitely something about this man’s story that we all can learn from.” This leads me to my next question and main point in this article… Are you familiar with the urban legends surrounding SM’s establishment and why all SM Malls don’t have the Mercury Drugstore, the second oldest drugstore chain in the Philippines, in them? One story claims it all started when the young Sy opened a small shoe store in Quiapo in 1958 after experiencing failures from different types of businesses. Since attracting customers was a struggle for Sy’s startup “shoemart,” he thought of putting his shoe store inside a nearby Mercury Drugstore. After all, the pharmacy chain has been in business for many years, and lots of customers are coming in and out of the store. So, Sy went to the store’s owner and asked if he could rent a small space for his shoe business. Unfortunately, the owner declined his request and even embarrassed him despite his polite attitude. Another story states Sy was selling footwear in front of a Mercury Drugstore branch in Quiapo as a sidewalk vendor and was shooed away by the drug store’s security guards. As a result of either of these claims, Sy vowed to himself that once he became rich, he would not let the pharmacy chain step into his life and business, and embarrass him again. Thus, the reason why all SM Malls in the Philippines don’t have Mercury Drugstores in them. Sy was silent about the truthfulness of these urban legends. However, in 2002, his daughter Teresita Sy-Coson spoke up about the issue and said his father and Mariano Que, the founder of Mercury Drugstore, were good friends and this friendship extends to family members. Additionally, she said the two companies couldn’t agree on rental rates, and that’s the only reason why there are no Mercury Drugstores in SM Malls. Meanwhile, Mercury Drugstore also released an official statement saying it has “a high regard for Mr. Henry Sy and the SM Enterprise,” and they “respect each other’s business endeavors and maintain a friendly attitude towards each other.” — While we don’t know for sure what truly happened before Sy’s rise to fame and success, I believe we can still learn a few lessons from these urban legends, and one of them is about BEING KIND. Kindness is not only beneficial to its recipients but also to those who are exercising it. By being kind to others, you also tend to be kind to yourself, get what you give, and make the world a better place. In the case of Sy, SM Malls, and Mercury Drugstore, kindness would have resulted in different outcomes for both companies. Assuming the urban legends were true, and the owner of Mercury Drugstore allowed Sy to rent a small space in his store or didn’t shoo him away as a sidewalk vendor, would we see a strong partnership between the two companies? Would SM Malls have Mercury Drugstores in them instead of Watsons Pharmacies? Would both parties agree and meet halfway in terms of rental fees? Besides, kindness shouldn’t only be displayed because you’re expecting to receive something in return. As the Dalai Lama said: “Be kind whenever possible. It is always possible.” Who knows? By being kind to someone today, you are inspiring that person and helping him or her move closer towards achieving his or her dreams. I hope you’re also moved by today’s topic! Always remember that kindness isn’t a sign of weakness but a sign of strength. By treating others humanely, you not only do the right thing but also build truly important connections with your community and even yourself. Show acts of kindness to people today and every day! Follow us on LinkedIn. |
