REASON WHY THERE’S NO MERCURY DRUGSTORE IN SM MALLS

According to myth, Sy promised to his self that once he succeeds. Mercury Drug would not enter his store (SM) after the drugstore rejected Sy’s proposal on renting a space.

Mercury Drug is a famous pharmacy chain in the Philippines. The company began on March 1, 1945, with a single drugstore owned by Mariano Que. He name it after Mercury, the messenger of the gods in Roman mythology. Whose caduceus is sometimes use as a symbol of medicine. The store began cutting packaged, bulk items into single pieces and selling them individually; this practice is colloquially calls tingí-tingì in Filipino way.

Upon the invitation of Ayala Corporation, Mercury Drug opened its second branch. On May 1963 at a developing commercial center in Makati now known as the Ayala Center. In 1965, Mercury Drug established its landmark branch by Plaza Miranda, Quiapo, Manila. Which is notable for its large outdoor LED screen.

 In 2001, then Trade Secretary Mar Roxas described Mercury drug as a “near monopoly”. Said it has 70 percent share of the domestic market. As of 2017, Mercury Drug has reportedly over 1000 branches across the country. Recently, it opened a new building, MDC100, located in Eastwood City, Quezon City.

 Most people don’t know or might be wondering, why is there no Mercury Drugstore in SM Malls in the Philippines. SM Supermalls, owned by SM Prime Holdings, is a chain of shopping malls in the Philippines that. As of 2017, has 67 malls located across the country, with about a dozen more scheduled to be open by 2018. It also has 7 malls in China, including SM Tianjin which is the second largest in the world.

 The Myth

Henry T. Sy Sr. is a Chinese-Filipino business magnate, investor, and philanthropist. He is involves in the industries of real estate, hospitality, banking, mining, education, and healthcare. Sy is responsible for the establishment of SM Malls, anchor by Shoemart Department Store and Supermarket. He is the founder of SM Prime Holdings. He holds corporation for all his business interests in his vast business empire. In 2015, Forbes magazine listed him as the richest man in the Philippines. Ahead of 11 other billionaires including John Gokongwei and Lucio Tan.

Henry Sy, one day, decided to approach the owner of Mercury Drugstore if he can rent a portion of the store’s area. However, owner refused to let Henry Sy rent a little space for his little shoe store. Mercury Drugstore has been in business for so many years already and has many loyal customers. For Henry, it was a big opportunity for him if he’s allow to rent a small place.

Upon getting rejected by Mercury Drugstore, Henry vow to never let Mercury enter his life again. In fact, he became rich and owns a lot of malls in the Philippines. He never allowed Mercury Drugstore to rent a space in his malls. Moreover, he also place Watson’s as a substitute for Mercury Drug.

What is The REAL Reason Why There’s No Mercury Drugstore In SM Malls?

According to PhilStar article in 2002: Shoemart Inc. head Teresita Sy-Coson writes that her father and Mercury Drug majority stockholder Mariano Que are “good friends. This friendship extends to family members.” In a letter dated Aug. 30, Tessie Sy-Coson writes:

“The only reason why there is no Mercury Drug in the SM malls is that we could not agree on the rental rates in the malls.”

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