Adapting to the modern consumer

Steven’s ‘secret sauce’

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The real driving force behind SM Supermalls’ shift, according to Steven, is a new generation of consumers: Gen Z and Gen Alpha.

He described them with mix of admiration and urgency. “They really crave experience,” he said. “They won't settle.”

He noted their discerning nature, saying “magaling talaga sila [they are truly good]” and that it is up to businesses to give them what they want because “they are the future.” The secret to future-proofing a business, he stated, is to “listen to them. Give them what they want. That’s the only secret sauce here.”

This pivot is not a new reaction for SM; it’s a proactive measure that has been in the works for decades. Tan credited Prime Holdings Chairman of the Executive Committee Hans Sy for his foresight.