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Henry Sy
Henry Tan Sy Sr. (/siː/; Chinese: 施至成; Pe̍h-ōe-jī: Si Chì-sêng; pinyin: Shī Zhìchéng; Zhuyin Fuhao: ㄕ ㄓˋ ㄔㄥˊ; October 15, 1924 – January 19, 2019) was a Filipino businessman.
Born in Fujian, he moved with his family to the Philippines at age 12. His family would later return to China, with Henry staying behind to establish ShoeMart, a small Manila shoe store, in 1958. Over the decades he developed ShoeMart into SM Investments, one of the largest conglomerates in the Philippines, including 49 SM malls in the Philippines and China, 62 department stores, 56 supermarkets and over 200 grocery stores. SM also owns Banco de Oro, the largest bank in the Philippines, as well as real estate holdings.
For eleven straight years until his death, Sy was named by Forbes as the richest person in the Philippines. When he died, his net worth was estimated at US$19 billion.
Henry Sy, also known as Sy Chi Sieng in Philippine Hokkien (Shī Zhìchéng in Mandarin), was born in Jinjiang in Fujian, then still under the Republic of China (ROC), on October 15, 1924. At age 12, he and his family moved to the Philippines during the Commonwealth Era under American colonial period, where his father set up a shop that sold various household items. At his father's store, Sy helped his father sell rice, sardines and other items. Following World War II, the store was obliterated along with the rest of Manila. His family decided to return to China, but Sy stayed in the Philippines, where he completed his secondary education at an institution now known as the Chiang Kai Shek College in Tondo, Manila and earned his Associate of Arts degree in commercial studies at Far Eastern University in 1950. At school, he learned English and Filipino (Tagalog).
In his twenties, Sy became a store manager working for an American business involved in the local shoe industry in the Philippines; he opened his first sole-proprietorship store in Quiapo, Manila in 1948. He opened at least three shoe stores in the Carriedo area which was then known for its heavy pedestrian traffic. His decision to sell shoes was due to the losses his family experienced in World War II thinking that everyone would need shoes following the aftermath of the war.
He sold surplus G.I. boots, bankrolled the profits and was able to secure credit (like Php 1 million/US$500,000 from Chinabank in 1949 (US$=2PHP), roughly equivalent to PHP 385.17 million in 2024(US$=~56.91PHP) when adjusted for inflation [of the US Dollar]) prior to establishing Shoemart in 1958, his own small shoe store in Quiapo, which then marked the beginning of SM Prime. He later encountered difficulties in sourcing shoes locally and decided to import shoes from outside the country.
Sy became involved in the Filipino banking industry when he acquired Acme Savings Bank (later renamed Banco de Oro or BDO) in 1967.
In November 1972, he opened SM Quiapo, SM's first stand alone department store, and entrusted his 22-year-old daughter Teresita to run the store. On November 8, 1985, he established his first SM Supermall, SM City North EDSA. In the early 1990s, SM started opening more shopping malls with the setting up of two malls in Metro Manila and a solitary mall in Cebu City. SM Prime Holdings was incorporated in 1994 and went public.
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Henry Sy
Henry Tan Sy Sr. (/siː/; Chinese: 施至成; Pe̍h-ōe-jī: Si Chì-sêng; pinyin: Shī Zhìchéng; Zhuyin Fuhao: ㄕ ㄓˋ ㄔㄥˊ; October 15, 1924 – January 19, 2019) was a Filipino businessman.
Born in Fujian, he moved with his family to the Philippines at age 12. His family would later return to China, with Henry staying behind to establish ShoeMart, a small Manila shoe store, in 1958. Over the decades he developed ShoeMart into SM Investments, one of the largest conglomerates in the Philippines, including 49 SM malls in the Philippines and China, 62 department stores, 56 supermarkets and over 200 grocery stores. SM also owns Banco de Oro, the largest bank in the Philippines, as well as real estate holdings.
For eleven straight years until his death, Sy was named by Forbes as the richest person in the Philippines. When he died, his net worth was estimated at US$19 billion.
Henry Sy, also known as Sy Chi Sieng in Philippine Hokkien (Shī Zhìchéng in Mandarin), was born in Jinjiang in Fujian, then still under the Republic of China (ROC), on October 15, 1924. At age 12, he and his family moved to the Philippines during the Commonwealth Era under American colonial period, where his father set up a shop that sold various household items. At his father's store, Sy helped his father sell rice, sardines and other items. Following World War II, the store was obliterated along with the rest of Manila. His family decided to return to China, but Sy stayed in the Philippines, where he completed his secondary education at an institution now known as the Chiang Kai Shek College in Tondo, Manila and earned his Associate of Arts degree in commercial studies at Far Eastern University in 1950. At school, he learned English and Filipino (Tagalog).
In his twenties, Sy became a store manager working for an American business involved in the local shoe industry in the Philippines; he opened his first sole-proprietorship store in Quiapo, Manila in 1948. He opened at least three shoe stores in the Carriedo area which was then known for its heavy pedestrian traffic. His decision to sell shoes was due to the losses his family experienced in World War II thinking that everyone would need shoes following the aftermath of the war.
He sold surplus G.I. boots, bankrolled the profits and was able to secure credit (like Php 1 million/US$500,000 from Chinabank in 1949 (US$=2PHP), roughly equivalent to PHP 385.17 million in 2024(US$=~56.91PHP) when adjusted for inflation [of the US Dollar]) prior to establishing Shoemart in 1958, his own small shoe store in Quiapo, which then marked the beginning of SM Prime. He later encountered difficulties in sourcing shoes locally and decided to import shoes from outside the country.
Sy became involved in the Filipino banking industry when he acquired Acme Savings Bank (later renamed Banco de Oro or BDO) in 1967.
In November 1972, he opened SM Quiapo, SM's first stand alone department store, and entrusted his 22-year-old daughter Teresita to run the store. On November 8, 1985, he established his first SM Supermall, SM City North EDSA. In the early 1990s, SM started opening more shopping malls with the setting up of two malls in Metro Manila and a solitary mall in Cebu City. SM Prime Holdings was incorporated in 1994 and went public.
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