The eldest of six children of a traditional textile manufacturer, Walden left Manila as a Xavier grade schooler and came back fresh from a two-and-a-half year stint on Wall Street in 1998, just in time to help his beleaguered father mend the effects of the financial crisis on his textile business.
"In the blink of an eye, all the things he worked for in his lifetime were going to disappear," Walden recalls. "and I sensed my father really needed me."For almost two years, Walden wove a marketing web for his father both in Manila and Hong Kong. "It was a life-changing experience for me."
Surely, the good son and the nationalist in him made him realize that home was where he belonged. Raising money from friends, Walden built his first venture. "I worked so hard. There was no way I was gonna fail these investors who put faith in me. In a week’s time, people were falling in long lines to have a table at Banana Leaf Curry House.
Hard work, plus passion, plus innovation proved to be his recipe for success.
Philippine STAR: You finished Business at the University of Michigan. Like many Filipinos schooled in the US, you could have stayed to enjoy the challenges and comforts in a First World milieu. What made you decide to go back to your Third World country?
WALDEN CHU: My decision to leave a promising career at Ernst & Young in risk management was primarily prompted by a sense of duty to my father, as his business was adversely affected by the Asian financial crisis like many other industries in the Philippines.
Looking at the realities and the economic situation in the Philippines then, what dreams did you dream for your country?
My group’s underlying philosophy involves touching the lives of Filipinos by delivering innovative premium lifestyle experiences. Our concepts deliver excellent food – some of our loyal patrons who have never set foot on foreign soil have commented that they have traveled through our food – and represent new relaxation channels either by making time for oneself in a coffee shop, sipping a soothing Chai or simply losing oneself in a song. If Filipinos come out of a CBTL or a Red Box more closely knit, smiling, amid dire economic and political realities, then we would have done our part. As we open more stores, we hope to touch more Filipinos, one person at a time, one community at a time.
What made you choose to enter the food business?
I have had the privilege of having been raised in a family of foodies. My earliest recollection of Banana Leaf Curry House (BLCH) was of my father taking my family to the Hong Kong branch of BLCH and how I was fascinated with the spectacle of this Indian chef flipping the roti. Moreover, I had never tasted anything so lively in any one sitting. It was a melting pot of all these flavors that all came alive – the interplay of salty and sweet and spicy.
The concepts that we have brought in reflect the values and passions of the Filipino. In BLCH, it was celebrating Asian food and the family dining ritual. We are smack in the middle of Southeast Asia and there was very little knowledge about Asian food prior to BLCH. Four years later, Roti Canai and Hainanese Chicken are part and parcel of Filipino taste preferences.
What made you decide to open Red Box?
The love of singing is a very Filipino trait and the machine itself was invented by a Filipino. It saddened me that the karaoke experience in Hong Kong and that of the Philippines were a study in contrasts. In Hong Kong the karaoke experience embraced all lifestyles — children, professionals, families, which sadly does not manifest in the supposed purveyor of karaoke in Asia that is the Philippines. Red Box has bridged this gap, and has redefined the karaoke experience for the Filipino.
How about The Coffee Bean and Tea Leaf?
My lifelong affinity with coffee began as early as a young boy of eight when I would ask my father for sips of his coffee that my mom had forbidden me from drinking. Having worked and studied in North America and Asia has afforded me the privilege of sampling the best coffee and tea experiences that both continents have to offer. When the best coffee and tea experience that is CBTL presented itself to me, it was a call I could not walk away from. The concept reflected all that I stood for as an individual and a professional. The commitment to quality across all levels of the organization, from product to service to infrastructure and most importantly, its people, both those that work for CBTL and those they serve.
How would you describe the Filipinos’ behavior as consumers?
The success of specialty coffee and tea in the United States and the Philippines presents contrasting habits.
The Americans see coffee as a must-have in the morning, and they drink less of this at night. "I got to get my fix!" is the American work warrior’s morning battlecry, and is indicative of addictive behavior.
The Philippines, on the other hand, is the exact opposite of the US experience. Filipinos do drink coffee during the day, but they drink more of this at night.
Why have coffee shops become a part of the Filipino lifestyle?
Coffee shops have become the new social epicenter for informal personal and business affairs. They have become places for individuals to get away.
Home for Filipinos is not quite the same thing as for Americans. Many Pinoys live with their parents and extended families throughout their lives, so issues of privacy and nurturing one’s individual identity become an issue. Because of this, going home is not an effective way to recover from workday stress. While Americans are busy "cocooning" themselves, Filipinos are spending less time at home.
For sure, you have observed that the Filipinos quickly try what is new and what is trendy. And they quickly drop these as soon as new choices come in. How do you handle such a fickle, disloyal market ?
By anticipating and focusing on consumer priorities and values. Trends come and go but the commitment to deliver the best overall customer experience is what is going to keep us around for a long time.
For example, because we choose to build our CBTL stores with red oak instead of faux finishes — our stores will look the same way 10 years later as they do now. The Filipino consumer is too smart to be shortchanged.
Any fearless forecast?
With its superior health and relaxation benefits, tea consumption will match and then exceed brewed coffee in shops able to provide a truly premium tea experience.
Describe your work ethic.
I believe hard work and passion are non-negotiable values in life as they are in business. You cannot divorce one from the other. If we work without passion, we are no better than machines; passion without the structure of hard work represents wasted potential.
I work as hard as I do and am driven to succeed because of my investors, partners, and my team, who have all placed their faith in my vision. Their faith is sacred to me, and I cannot imagine giving them anything less.
What is the dream food place you want to build?
It is a work in progress.
How do you de-stress from all the tension?
Work is stressful? But seriously, I enjoy running and the exhilaration of post-exercise highs. I read several books at a time across several topics, particularly modern history and biographies, among others.
What is the best advice you have ever received? The best advice you can give young entrepreneurs?
In retrospect, I was creating rules as I was learning them. There was no one single piece of advice that guided me. Business life, particularly in the Philippines, has its peaks and valleys, and when trudging uphill, don’t be fazed because how you rise to the next level is what will define you. I know the breathtaking view will make the uphill climb worth it.