theceomagazine.com | 81“ It’s good to learn from
your mistakes, but it’s
much more prudent to
be learning from the
mistakes of others.”
On the LCC website, it says that LCC
sticks to ‘the Filipino entrepreneurial
spirit’. What does that mean?
It means that Filipinos have lots of creativity.
Another thing Filipinos are good at,
particularly when it comes to business, is
their willingness to learn new things. They’re
resourceful and serious when they need to
be, but easygoing as well. That’s what I think
the Filipino entrepreneurial spirit is all about.How has the retail industry changed
in your experience over the years?
Consumers today are really discriminatory in
their preferences. From time to time we also
try to improve and upgrade our product
line, because consumers’ buying habits
inevitably evolve.
For example, they’re now looking for
merchandise that is modern but may not
necessarily be very expensive. Especially
with fashion items, they prefer to change
the product often rather than use it for
a long time.Is that just in fashion or have you
found that customers have become
more fickle in other areas of retail
as well?
It’s not just fashion; with food items,
consumers are now choosing healthier
alternatives. They’re now more aware of
products that can give them the right
nutrients their body needs. Gone are the days
when unhealthy foods were tremendously
popular. I think a lot of it has to do with the
large increase in people’s disposable income.What are some major challenges that
the Filipino retail industry faces?
The Philippines has become much
more integrated with ASEAN over the
years. Industry players from the other
ASEAN countries are becoming more
competitive in the local market, which is
a major challenge. »Interview | INNOVATE