Stories of Filipino Success: Lucio and Susan Co

Business tycoons usually don’t come in pairs, and they certainly don’t come in a husband-and-wife tandem. However, we believe there is an exception for everything, and that includes business moguls. Take the husband-and-wife tandem of Lucio and Susan Co, owners of Puregold Price Club.

Lucio and Susan Co’s names never really took off early in their careers. Lucio Co is the owner and chairman Cosco Capital, Inc., a publicly listed company that started out as an oil and mineral exploration and development corporation called Alcorn Gold Resources Corporation, which later changed its name to Alcorn Petroleum and Minerals Corporation.

Puregold Price Club, however, was the name that brought the Cos out into the open, and it all stemmed from a need to fill a certain void during a tumultuous year in the Philippines.

It was 1997, and the Asian financial crisis was at its peak. The Philippine Peso weakened, and prices for basic goods started to rise. The crisis hit everyone in the country, including employees of Cosco.

Lucio and Susan Co, out of genuine care for their employees, risked it all and ventured into the retail industry, something which, until that day, only SM seemed to have a good handle on. They opened up the first branch of Puregold Price Club along Shaw Boulevard in Mandaluyong City on December 12, 1998 and they’ve never looked back since.

Puregold started to thrive thanks to its hypermarket concept (having all products in one floor instead of multiple floors) and Lucio and Susan Co’s combined expertise in handling their business. They eventually went out of merely selling basic commodities and started supporting the humble sari-sari store owners through their Tindahan ni Aling Puring (TNAP) program.

Expansions have been the name of the game ever since for Puregold, acquiring regional supermarkets, the popular S&R Membership shopping chain, and even collaborating with Ayala Land to open up a mall-based supermarket called Merkado, an upscale yet still affordable version of Puregold (compared to places like Rustan’s Supermarket).

Cosco Capital, Inc., the holding company of Puregold Price Club and S&R Membership Shopping, also has stakes in specialty retail (the Cos own Liquigaz and Office Warehouse), liquor distribution (ever heard of Premier Wine and Spirits, Inc.?), real estate, and oil & minerals under Lucio Co’s first business corporation, Alcorn.

Keys to success

The Cos may be low-profile, but they are quite good at what they do. They may not have landed on this year’s Forbes list, but at a net worth of US$1.82 billion as of April 26, they ought to be on the list. Their success hinges on these factors:

• Good strategic business sense
• Hard work
• Knowledge of business
• Intimate understanding of the market
• Fast decision making
• Hands-on management
• Long-term vision
• Low price strategy
• Compassionate management
• Giving importance to employees

Socorro Ramos: The Woman Behind National Bookstore

National Bookstore is probably one of the most visited shops in the Philippines. From its humble beginnings as a school supplies and textbook store in Escolta, to its over 150 branches nationwide today – National Bookstore is clearly a part of every Filipino household. All thanks to the hardwork and perseverance of Socorro Ramos, also known as Nanay Coring.

Nanay Coring has always been in the retail industry. As a young girl, she helped her grandmother sell fruits at the local market in their home province. Life was hard and her mother decided to move to Manila to find better opportunities. She attended a public school and took on many jobs during summer vacation – from wrapping bubble gum to sewing buttons on shirts. After finishing high school, her family did not have enough money to send her to college. She then worked as a salesgirl at a bookstore. It was there where she met her would be husband, Jose.

They opened a stall shop in Escolta. They named it National Bookstore, after their cash register. But things did not go uphill from there. In the 1940s, a strict censorship on books was implemented. Nanay Coring had to put the books away and resort to selling soap, candies, and slippers. After the war, the whole of Escolta was burned down. This did not dampen Nanay Coring and Jose’s souls. They opened another small store. This time, they sold the books they had previously put away and whisky.

Gathering their earnings, the couple bought more school supplies and books. They slowly rebuilt National Bookstore. They ventured into postcards and greeting cards. They also partnered with international publishing houses and reprinted books at lower prices. Aside from selling products of well-known brands, National Bookstore also now manufactures its own school supplies – Best Buy. Keeping up with the times, they have teamed up with Kobo, a Canadian based e-book seller. National Bookstore is also visible on social media and customers can even shop online via their website. Students, office workers, and everyone else will find what they are looking for at National Bookstore.

In the words of Nanay Coring, “Work hard, very hard. There is no express elevator to success – you have to climb the stairs.”

QUESTIONS: Analysis and Reading Comprehension Test.

1. How do you find the two stories? Which of the two stories inspire you most?
2. Who do you think struggled the most before they became successful? Why? (You can research for a full story of them and read more)
3. Will you ambition to be Lucio & Susan Co or Socorro Ramos or you might rather dream to be with your own story of success? Why?
4. What do you think have been their strategies for becoming one of the successful entrepreneurs and one of the richest individuals in the country?
5. In your own observations and experiences, what qualities do Puregold and National Bookstore possessed? You can illustrate and enumerate their total qualities by putting it in two boxes. One box for Puregold and one box for National Book Store. Note that total qualities do not only mean the characteristics of their product alone but the totality including their management, techniques, ambiance, environment, strengths, and many more.

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