One of the Philippines’ retail tycoons: LUCIO CO
ONE OF THE PHILIPPINE’S RETAIL TYCOONS, MR. LUCIO CO. Image grabbed from Business World.
Success doesn’t happen overnight. It takes commitment, a lot of sweat and failures to be on top – and these for sure were the things that Lucio Co – topbilled as one of the Philippines’ retail tycoons, went through to be ranked as number 11th on Forbes richest in the Philippines.
Mr. Lucio Co serves as the Chairman, Chief Executive Officer and President of Liquigaz Philippines Corporation. He is also the Chairman and President of INVESCAP, Owner and Director at VFC Land Resources, Director at Kareila Management Corporation, President of Belllagio Holdings Inc., Ellimac Prime Holdings Inc., Cosco Prime Holdings Inc., Forbes Corporation, LCCK Sons Realty Corporation, Patron Supermarket Inc., and the most famous Puregold Junior Supermarket.
Puregold—contrary to what its name suggest, offers cheap merchandise for the middle-class shoppers, and owners of neighbourhood convenience stores. According to an article from Forbes, Puregold’s meteoric rise is linked to a domestic consumption boom that has been the mainstay of the Philippines’ growth story. If consumer confidence remains upbeat, the retail market is expected to grow $75 billion this 2017.
Lucio and wife Susan’s business started off as a hypermarket in 1988, then later on, owning nearly 300 branches of Puregold supermarket, making it the second largest retailer in the Philippines, next to SM Group. The couple also has interests in gaming, hotels, and wine distribution.