Billionaire in 3 Minutes
Bienvenido Tantoco, Sr is the owner of Rustans, which he co-founded with his wife, the late Gliceria Rustia in 1951. He also served as the Philippine Ambassador to Vatican. In 2010, Forbes listed him as the 34th richest Filipino with a networth of USD95 million.
Career
The husband and wife combined the first syllables of their last name and came up with, “Rustans”. In 1971, he opened the first Rustan’s Supermarket in Highway 54.
Tantoco established several companies under the Rustan’s brand. Among them:
Rustan’s Supercenters, Inc.
Shopwise
Store Specialist Inc.
Rustan’s Marketing Corporation
Rustan’s Marketing Specialists, Inc.
Rustan Coffee
Recently, Tantoco sold over one-third stake in subsidiary Rustan Supercenters, Inc. (RSCI) which operates group's supermarket chains, to Dairy Farm, retailing unit of Hong Kong's Jardine Matheson, for an undisclosed amount.
Over the last six decades, the families have grown into two of the largest retailers in the nation. And yet those in the industry admit the retail landscape is changing. “It’s really a big challenge to be in retail nowadays,” says Nedy. “As a family and as a group of managers, we are looking towards the future. How to be relevant to whatever customers are looking forward to today. It’s different. It’s no longer the same. We have to change, of course. We’re looking for ways to keep relevant to our customers. That’s what the Rustan’s Group is focused on right now.”
Today, Rustan's Department Store has five branches, Rustan's Supermarket has 26. Other companies in the group include Store Specialists, Inc., the nation's largest luxury retailer with over 100 international brands and over 500 specialty stores; Rustan's Marketing which distributes an array of fashion and beauty brands; Royal Duty Free in Subic; Starbucks Coffee; Rustan’s Supercenters; Shopwise; and Sta. Elena Golf and Country Estate.
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