• Emphasizing a Social Mission in Retaining Young Talent? Human Capital Management at GreenPrice

    At 25 years old, Terence Hon found himself spending most of his time thinking about how to retain the young staff in his company. As a second-year student at the University of Hong Kong, Terence had cofounded GreenPrice, Hong Kong's first sustainable supermarket, with teammates Allison Chan, Ben So, and Cherissa Hung. The venture had found its target customer base among middle-class consumers who were attracted to the concept of purchasing short-dated products at heavily discounted prices. Each GreenPrice store had 1,000 to 1,200 stock-keeping units (SKUs) at any given time, and the supermarket chain saved over 2.55 million items that were set to expire annually. While the eight stores in GreenPrice's retail network were profitable, the high turnover rate among the nearly 100 employees at GreenPrice was keeping Terence awake at night. Terence and his cofounders pondered whether they should have emphasized GreenPrice's social mission more in the recruitment and retainment of its staff, since the commitment to sustainability could be a means to attract young people. They needed to determine whether GreenPrice should favor those who were most capable but were not interested in sustainability or those who were less capable but cared deeply about the environment.
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  • At a Crossroads: Strategic Choices at Sustainable Supermarket GreenPrice

    At the height of the COVID-19 crisis, Terence Hon, cofounder of Hong Kong's first sustainable supermarket, GreenPrice, had the option of selling pandemic necessities that were in high demand in addition to his core business of selling short-dated products. Having founded the venture several years ago with teammates Allison Chan, Ben So, and Cherissa Hung when they were still university students, Terence and his cofounders pondered whether they should accept an offer that was tempting for its high margins, even as they needed to determine whether it contributed to their business objectives and their social mission as the first supermarket chain in Hong Kong that sold short-dated products that otherwise ended up in landfills. In addition, while GreenPrice had faced the challenge of high rents in the expensive, real estate-driven city, the ongoing health crisis caused vacancies in shopping malls to go up, resulting in a significant decrease in shop rental fees. Terence and his cofounders needed to make strategic choices on whether to enter the market for pandemic products while determining the optimal locations for expanding their retail network and the customer segments that they should target.
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