Why there's no mercury drugstore in giant SM malls?
@toxic_lifestyle (1213)
Philippines
September 23, 2012 8:58am CST
Henry Sy is not rich a few years back. He tried many businesses to earn enough income. Then one day, he had the money to build a small Shoe Store. He thought on how he could get customers and an idea popped out in his head. He saw Mercury Drug as an authentic drug store for many years and many customers buy there. Then he asked if he can place his small shoe store there even on a very small portion of space but he was not allowed and got embarrassed even though he asked politely. He promised to himself that Mercury Drug will never step on his life again when he gets rich. Now, see how rich Henry Sy is because of his own will and determination. He never let Mercury Drug Store in his malls like SM. So he franchised a drug store called WATSONS to be the substitute for Mercury Drug.
2 people like this
1 response
@knicnax (2233)
• Philippines
24 Sep 12
This is the story I heard too.
Henry Sy is very far from his humble beginnings now. SM is actually a pain in the ***. Since SM is the largest mall chain, SM thinks it can get away with anything. Notice how Save More supermarkets have no Colgate products, that's because Colgate wouldn't take cr*p from SM.
@rajaiv0810 (1012)
• Philippines
24 Sep 12
That is true. I used to be a sales representative not from Colgate though. I've talked with one of their sales rep before and asked him that question, because it was very recent at that time the pull out of Colgate from SM. He told me that their CEO pulled out from SM because their profits would go so much on the fees that SM requires. Before you can place your products at any SM outlet you gotta pay millions for each SKU of your product. Then every month you pay for the space and for your merchandisers. In other words, SM got richer and richer everyday not only for the sales that they get but for all the rentals etc,
1 person likes this
@knicnax (2233)
• Philippines
25 Sep 12
SM supermarkets earn because of the "sponsorships" and the promo booths inside their supermarkets.
SM really does make a profit of entrepreneurs. That's why he's rich
