When pop diva Kuh Ledesma decided to grab the opportunity to record an album in the United States in 1989, she had only one person in mind to take over the care of her “baby,” Music Museum, the landmark theater and concert stage that was opened to great fanfare on Aug. 8, 1988 and quickly became an institution in the Philippines’ vibrant music scene.
That person is Precy M. Florentino, a fan, friend and colleague who was then working full time with the Alcantara group of companies, which she first joined as an executive assistant, before becoming head of exports and trading and eventually vice president for marketing.
Florentino, however, was reluctant to take on the challenge to take over the reins of Music Museum. While she loved music—she was a fan of Ledesma even before they became friends—Florentino did not know the first thing about running a venue, which at the time had successfully mounted 50 concerts and performances of some of the biggest names in the music industry such as Ledesma, Gary Valenciano and the Apo Hiking Society. This was the same reason why she did not take up Ledesma’s offer to be among the original investors in Music Museum.
But Ledesma was nothing if not persistent. In the face of such dogged determination, Florentino, who had tried to look for other buyers of Music Museum, surprised herself by relenting and saying ‘yes.’
She had no idea then that her ‘yes’ would lead to her permanently leaving the relative comfort of the corporate world, where she stayed and flourished for 32 years, and going full steam ahead into building another career as an entrepreneur with more than a little help from friends.
Florentino, who worked for five years at Maryknoll (now Miriam) College, also did not have any inkling that the fateful decision to take over Music Museum in March 1990 would result in the establishment of the ever-expanding Music Museum Group.
The group is involved not just in operating Music Museum, but also in developing new lifestyle spaces such as the Theater Mall, Promenade and Teatrino—all helping enhance the character of the Greenhills Shopping Center.
The road that the Business Administration graduate of Maryknoll College traveled on, however, was littered with daunting obstacles that would have caused entrepreneurs with less heart to turn back and look for another, more profitable path.
The 64-year-old Florentino tells BusinessMonday that running a concert and performance venue was definitely not as easy as it seemed when she and some partners bought it from Ledesma.
“I said to myself, Oh my God, what did I get myself into? At that time, I was still with the Alcantara group, so I would go to Music Museum every Friday evening from my office. I realized soon enough that I had to put more time into it,” says Florentino, who went into music production herself just to fill up the calendar of Music Museum and bring in some revenue.
And just when she was starting to get the hang of the operations, Music Museum was gutted by fire in May 1992.
“There goes my money,” Florentino remembers thinking, “I was still in the office around 7 p.m. when I got the call. I just got down on my knees and said, Lord, I will just leave my fate in your hands.”
Her immediate move was to give up on Music Museum—which she described as the biggest challenge she ever faced in her life—and just charge everything to bitter experience.
She offered the space to other retailers, and even talked to the Ortigas group about ending the lease agreement.
But nobody took her up on her offer, thus she was left with just the shell of what was once Museum Museum.
Fortunately, a closer inspection of the sprawling space that was left after the fire gave Florentino the bright idea that would change her fortunes.
And that was to redevelop part of the original space occupied by Music Museum into retail outlets, a move that was also prompted by the call of the Ortigas group to refresh the Shoppesville shopping arcade.
“On a piece of paper, my architect and I were able to put a plan together. I did not know anything about mix or tenancy, but the idea was already there to develop a mini-mall. That became Shoppesville Plus,” says Florentino.
Shoppesville Plus, which was opened in November 1993, was Florentino’s first major foray into retail development and it was an instant hit, allowing Florentino to raise part of the funds she needed to bring Music Museum back to life, like a phoenix rising from the ashes.
Florentino admits that she did consider walking away from Music Museum, since she was already busy with the retail outlets. But she quickly realized that she could not turn her back on such a unique concept that means so much to the music industry.
Both artists and fans had made it known that they wanted Music Museum back because the dire need for a venue—not as small as that of a hotel lobby or function room but also not as big as a major event place such as Araneta Coliseum—was still there.
Thus with the insurance money, income from her new ventures and contributions from Edith Alcantara, her friend since college, Music Museum was reborn in September 1994.
“Turned out that [the fire] was a blessing in disguise as it opened up more corridors to new possibilities,” says Florentino in a book commemorating the 25th anniversary of Music Museum.
Given the success of Shoppesville Plus and the rebirth of Music Museum, Florentino’s Music Museum Group was offered additional space for further development, and that became the Theater Mall that opened in 2002, featuring new kiosks, shops, food court, restaurants and two state-of-the-art cinemas.
This was followed by other developments such as Promenade that opened in 2005, the same year when Florentino finally retired from the Alcantara group, which she says taught practically everything that she knows about business, such as dealing with partners, customers, suppliers and, most importantly, employees with integrity.
“I owe them a lot because I learned from them how to run a business with very good ethics,” says Florentino. “I saw how business should be conducted, that it is not all math, not all money or profit, that there should be a purpose.”
And that purpose for her is to keep Music Museum the venue of choice for artists, either established or up-and-coming, along with putting her own stamp on leisure developments.
Promenade is in its latest development phase with the cinemas equipped with the Dolby Atmos system, considered the latest in movie technology, as the main attractions. At least 70 percent of the shops and dining establishments will be operational before Christmas this year.
Florentino also entered into yet another partnership with the Ortigas group to develop Paragon, a complex of leisure outlets and six cinemas at the Capitol Commons in Pasig City. She has also ventured into other real estate developments in Manila and Makati cities.
Florentino has indeed gone farther than she initially thought possible, and she says that all she has so far accomplished would not have come into being had she not decided to persevere with Music Museum, the brave little theater that started it all.