MANILA - The SM shopping mall empire will withstand the shift to digital commerce, as physical stores cater to Filipinos' need to socialize, the eldest daughter of its founder, billionaire Henry Sy, said Monday.
Sy, the country's richest man according to Forbes Magazine, taught his children to be "contrarians," having built his business when the country was under political and economic turmoil, said Teresita Sy-Coson, vice chairperson of SM Investments.
"I know that some people are nervous for us because of digital advancement," Sy-Coson told the ASEAN Business and Investment Summit.
"All of us are social beings. We will always have to meet somewhere. I hope that you meet in our malls," she said.
Sy-Coson said SM would bring more restaurants to its malls, making it more conducive to socializing.
"I think in the future, there will be a fusion between digital and brick and mortar," she said.