Henry Sy: From Humble Beginnings to Retail Empire – The Legacy of SM

Henry Sy was a Chinese-Filipino businessman who founded Shoe Mart, better known as SM, which has become one of the Philippines’ largest retail chains and mall developers. Born in Jinjiang, Xiamen, China, in a poor household, Henry Sy and his family moved to the Philippines in 1936 to escape the difficult conditions in China. They opened a small convenience store in Manila. However, World War II disrupted their business, leading Sy to find alternative ways to make a living.

Despite these challenges, Henry Sy’s entrepreneurial spirit never faltered. He began selling used military combat boots and other goods to American soldiers stationed in the Philippines. He saw an opportunity in the footwear market, and in 1958, he opened his first shoe store, Shoe Mart, which was Manila’s first store specializing in shoes. This modest venture would grow into the retail giant we now know as SM.

Over the years, Shoe Mart evolved from being solely a shoe store into a full-fledged department store, eventually transforming into SM malls, offering a wide range of services such as shopping, entertainment, dining, ice skating, and more. SM has become a beloved institution in the Philippines, a place where families create memories, celebrate special occasions, and enjoy leisure activities. Sy’s determination and innovative approach helped him build a business empire that includes not just malls, but also banks, real estate, and hotels.

Henry Sy passed away in 2019 at the age of 94, leaving behind a vast legacy through his SM malls and other business ventures. At the time of his death, he was one of the wealthiest individuals in the world. Today, SM continues to dominate the retail landscape of the Philippines, and his family maintains control of the business empire he built.

Sy’s journey from humble beginnings to a titan of industry serves as an inspiring example of perseverance and vision in the face of adversity.

References – The Story of Henry Sy: The Father of Philippine Retail – Philippine Primer