SM Investments vice chairperson Teresita Sy-Coson and SM Supermalls president Stephen Tan urged retailers to remain patient, adaptable and closely attuned to consumers as the industry faces rapid changes in technology, shopping habits and competition.

Speaking during a Philippine Retailers Association event, Sy-Coson said perseverance remains one of the most important qualities retailers must develop, particularly as younger entrepreneurs seek faster growth.

Perseverance

Said Sy-Coson, “You really have to persevere. There’s a lot of small, small things that you have to handle, and sometimes you question yourself, why are you doing those things?”

She urged younger retailers to gain exposure to business early and learn by observing how operations work before finding their own areas of interest.

For Tan, who was mentored by Sy-Coson’s father, the late, much-beloved SM founder Henry Sy Sr., understanding customers remains at the heart of retail.

He recalled how Sy would regularly visit SM malls and closely observe customer behavior, store locations and even the placement of restaurants.

Learnings from the founder

“Those are all learnings, really, I got from him. For me, it’s really putting your ears on the ground and really listening to what your customers want and what they need and giving them what they need,” Tan said.

The top SM executives also stressed the importance of learning from younger generations as digital platforms reshape the industry.

Sy-Coson said retailers must remain open to new ideas, even as Tan reported that SM has created a think tank composed of Gen Z employees to help leaders understand emerging trends.

“You have to be alert for the trends,” said Sy-Coson.

Tan added that retailers should not assume they always have the right answers, saying businesses need to learn from younger employees and other people around them.

Sy-Coson and Tan also highlighted the importance of studying local consumers, particularly where it concerns international brands entering the Philippines.

The SMIC vice chairperson said the country’s large population does not automatically guarantee success, as consumers differ across income groups and locations.

Different malls, different customers

“Different malls have different customers,” Sy-Coson said, emphasizing the need to understand local market preferences.

As consumers increasingly demand convenience, experiences, sustainability and affordability, she said retailers face the challenge of meeting these expectations while competing with low-priced online sellers.

“They want all of them, but they don’t want to pay very high,” said Sy-Coson. “You have to find that portion where you can fit in.”