GEORGE LORENZANA
Business: Office Warehouse Inc.
Category: The Young Millionaires
"Nowadays consumers are not so conscious of the quality of service they get. What they want is a wider selection of goods at the right prices."
George and his brother thought of going into office supplies retailing while taking up their MBA at Columbia University in New York, and so in 1998 they opened their first Office Warehouse store along Vito Cruz Extension in Makati City. Which was basically a family corporation wherein their parents and siblings were all stockholders.
They opened Office warehouse at the worst time, the start of the Asian Financial Crisis. Suppliers were hesitant to extend any credit to them because they were new and unfamiliar with the retail business. They persisted despite the difficulties. They studied the retail setup and eventually learned the ropes about managing inventory. Office Warehouse became a big hit because they learned to carry the right inventory and sold them at the right price.
"Going to Office Warehouse is like going to the supermarket; we offer a wide selection of products at very good prices. And being able to put up a one stop shop for office supplies is our contribution to the industry."
They introduced business centers by offering copying, binding, lamination and printing services.
"What is constant in our stores is our wide selection of products, which we will continue to expand. And our quality customer service which we take pride in, will get even better in the near future."
GOLDEN RULE:
"Be careful with your overhead. The success of a company depends on keeping your costs down."
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