Mercury Drug

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Mercury Drug
Type Private
Mercury Drug
Industry Retail
FoundedFebruary 1, 1945;78 years ago (1945-02-01) [1] [2] in Bambang Street, Santa Cruz, Manila, Philippines
Founder Mariano Que
HeadquartersBagumbayan, Quezon City, Philippines
Number of locations
1,200
Area served
Philippines
Key people
Vivian Que-Ascona (President)
Products Drug and other pharmaceutical products. [3]
Revenue ₱132.73 billion (2017) [4]
Number of employees
15,000
Parent Mercury Group of Companies, Inc.
Website mercurydrug.com

The Mercury Drug Corporation, better known as Mercury Drug, is a Filipino pharmacy chain. A subsidiary of the Mercury Group of Companies, it is headquartered in Bagumbayan, Quezon City. [5] The chain was founded in Santa Cruz, Manila in 1945, [1] making it the second oldest drugstore chain in the Philippines after Southstar Drug by eight years. As of 2017, Mercury Drug has over 1,000 branches nationwide [6] and over 50 percent of the Philippine pharmaceutical retail market. [7]

Contents

History

A blister pack sold by the piece (tingi-tingi). Predni.jpg
A blister pack sold by the piece (tingí-tingî).

The company began on March 1, 1945, [1] with a single drugstore along Bambang Street, Santa Cruz, Manila owned by Mariano Que (d.April 15, 2017). [2] [8] He named it after Mercury, the messenger of the gods in Roman mythology, whose caduceus wand is sometimes used as a symbol of medicine, as well as the element of the same name and the closest planet to the Sun in the Solar System. The logo was designed by Alfredo Medinaceli Cabrera. By 1948, the company has established a delivery system. [9]

The store began cutting packaged, bulk items into single pieces and selling them individually; this retail practice is colloquially called tingí-tingî in Filipino. It is the second oldest operating drugstore chain in the country after Southstar Drug, which was established eight years earlier.

Upon the invitation of Ayala Corporation, Mercury Drug opened its second branch in May 1963 at the Corporation's developing commercial center in Makati now known as the Ayala Center. [9] The self-service concept was introduced at that branch, making it today's model for all branches. [1]

In 1965, Mercury Drug established its landmark branch at Plaza Miranda, Quiapo, Manila opposite Quiapo Church, which is currently noted for its large, outdoor LED screen. [10] The company also established 24-hour store schedules in the same year. [9] It was later expanded to Visayas and Mindanao, starting operations there in 1976.

Mercury Drug Corporation head office in Quezon City 03499jfBagumbayan Libis Eastwood Quezon City Buildingsfvf 19.jpg
Mercury Drug Corporation head office in Quezon City

In 1981, Mercury Drug's new spacious warehouse was inaugurated. The following year, it inaugurated its new head office in Quezon City. [1]

In 2001, Trade and Industry Secretary Mar Roxas described Mercury drug as a "near monopoly" and said it has 70 percent share of the domestic market though it faces competition from the above-mentioned Southstar Drug (later acquired by Robinsons Retail in 2012), Rose Pharmacy (partnered with Robinsons in 2020), and the SM-owned Watsons Philippine franchise. [11]

As of 2010, the company has an estimated 50 percent share of the local pharmaceutical retail market. [12] By 2012, Mercury Drug Stores have made drive-thru pharmacies. [9] By 2015, the company's share in retail increased from 50 percent with competitors such as Watsons getting a 6 percent share of the market. [7]

As of 2017, Mercury Drug has reportedly over 1,000 branches across the country. [6] In the early 2010s, it opened a new building, MDC100, located in Eastwood City, Quezon City. [13]

Urban legends

There are urban legends about why Mercury Drug stores are non-existent inside SM Malls. [14] One story claims that Henry Sy, a businessman selling footwear who would eventually establish SM Supermalls, was rejected a rental space to sell shoes at Mercury Drug, while also claiming that Sy remembered this and as a result, secured Watsons as the pharmacy in his malls. [14] Another story claims that Sy was selling footwear in front of Mercury Drug as a sidewalk vendor and then was shooed away by drugstore's security guards. [14] The story also adds that after years have passed, Mercury Drug had allegedly asked to rent a space at SM malls but was "rejected" and "banned" because Sy had remembered the incident of being driven off by guards. [14]

Sy was silent about the truthfulness of these urban legends. [14] In 2002, his daughter, Teresita Sy-Coson, wrote The Philippine Star and stated that his father and Mariano Que were "good friends and this friendship extends to family members." [15] Furthermore, she said that the two companies could not agree on rental rates, which is the "only reason" why there is no Mercury Drug store in SM malls. [15] Likewise, Mercury Drug said in an official statement that they have "a high regard for Mr. Henry Sy and the SM Enterprise" and they "respect each other's business endeavors and maintain a friendly attitude toward each other." [14]

Subsidiaries

Tropical Hut

Mercury Drug is also the owner of the popular food chain Tropical Hut. It was the biggest fastfood chain for hamburgers in the country from the 1960s to 1970s. President Benigno Aquino III considered hamburgers his comfort food and usually visited its branch at Jaka Plaza along Sucat Road in Parañaque as it was his favorite restaurant. [16] [17]

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References

  1. 1 2 3 4 5 "Corporate Information". Mercury Drug Store. Retrieved July 26, 2017.
  2. 1 2 "Mercury Drug founder Mariano Que dies". ABS-CBNnews.com. April 15, 2017. Retrieved July 26, 2019.
  3. ↑ Carr, J. (December 6, 2012). Major Companies of The Far East and Australasia 1990/91: Volume 1: South East Asia. Springer Science & Business Media. p. 159. ISBN   978-94-009-0805-5 . Retrieved July 29, 2022.
  4. ↑ Uy, Leo Jaymar (November 28, 2018). "Philippines' top 1000 firms ride robust economic growth in 2017". BusinessWorld. Retrieved November 17, 2020.
  5. ↑ "Mercury Drug Corporation". www.mercurydrug.com. Retrieved August 14, 2022.
  6. 1 2 "Mercury Drug founder Mariano Que dies". ABS-CBN News and Current Affairs. April 15, 2017. Retrieved April 15, 2017.
  7. 1 2 The Report: Philippines 2015. Oxford Business Group. April 6, 2015. p. 227. ISBN   978-1-910068-26-7 . Retrieved July 29, 2022.
  8. ↑ Barahan, Ed Margareth (April 15, 2017). "Mercury Drug founder Mariano Que dies at 96". Philippine Daily Inquirer . Retrieved April 15, 2017.
  9. 1 2 3 4 Roll, M. (February 11, 2016). Asian Brand Strategy (Revised and Updated): Building and Sustaining Strong Global Brands in Asia. Springer. p. 241. ISBN   978-1-137-35917-9 . Retrieved July 29, 2022.
  10. ↑ "Newsletter and Articles: Quiapo Plaza Miranda - A Sight To See". Mercury Drug. Archived from the original on January 12, 2012. Retrieved January 1, 2012.
  11. ↑ Austria, Jenniffer (December 3, 2001). "SM's Watson's to end Mercury Drug's stranglehold". Manila Standard. Retrieved December 13, 2015.
  12. ↑ The Report: The Philippines 2010. Oxford Business Group. p. 88. ISBN   978-1-907065-11-8 . Retrieved July 29, 2022.
  13. ↑ Tan, Yvette (January 19, 2014). "100 Revolving Restaurant serves haute cuisine at high altitude". GMA News Online . Retrieved July 26, 2019.
  14. 1 2 3 4 5 6 "Tales of SM: Fact or Fiction?" . The Manila Times . May 24, 2018. Retrieved July 29, 2022.
  15. 1 2 Jao-Grey, Margaret (September 7, 2002). "Such a crybaby". The Philippine Star. Retrieved July 29, 2022.
  16. ↑ Madarang, Catalina Ricci S. (June 25, 2022). "Old photo of Noynoy Aquino dining at Tropical Hut resurfaces on his 1st death anniversary".
  17. ↑ "PNoy and his hamburger". BusinessWorld . June 4, 2021.
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