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Henry Sy

Henry Sy Sr. (1924–2019) was a Chinese-Filipino businessman and philanthropist renowned as the founder and longtime chairman of Corporation, the largest in the , which he built from a single shoe store into a diversified empire spanning retail, real estate, banking, and more. Born in 1924 in , province, , Sy immigrated to the at the age of 12 to join his father, initially helping sell basic goods like rice, sardines, and soap amid the challenges of and post-war recovery. In the late 1950s, he launched ShoeMart, a modest footwear retailer in downtown , which evolved into department stores and, inspired by U.S. models, the country's first shopping malls starting with SM City North EDSA in 1985, revolutionizing Philippine retail and urban development. Under his leadership, expanded into banking through , property via Holdings, and other sectors, amassing a fortune that made Sy the ' richest person for 11 consecutive years, with an estimated of $19 billion at the time of his death. Sy passed away peacefully in his sleep on January 19, 2019, at the age of 94, leaving a legacy of resilience, family-oriented succession—having groomed his six children to lead the group—and extensive in and .

Early Life

Birth and Childhood in China

Henry Sy was born Sy Chi Sieng on October 25, 1924, in , Province, southeastern , into a modest of Chinese immigrants' roots. His name, meaning "to attain ultimate success," reflected the aspirations of his parents amid the economic challenges of the era in . As the eldest of six children, Sy grew up in a household supported by his father's modest trading activities, which instilled early lessons in , hard work, and the value of good credit. During his childhood in , Sy experienced the hardships of a developing region marked by political instability and limited opportunities, common for many families in pre-war . His father had earlier ventured to the for better prospects, sending remittances back home, which sustained the family but highlighted their economic constraints. By age 11 or 12 in 1936, amid his father's encouragement and the family's hope for improved circumstances, Sy prepared to join him in the , leaving behind his mother, Tan O Sia, and siblings with only a small sum—reportedly 10 centavos—for the journey. This departure marked the end of his childhood in , shaped by familial duty and the pursuit of opportunity abroad.

Immigration and Early Hardships in the Philippines

Henry Sy immigrated to the in 1936 at the age of 12, arriving in from in Province, , aboard a boat with only 10 centavos to his name. He had joined his father, Sy Siu Tek (also known as Xiu Shi Sy), who had migrated earlier to seek better opportunities and established a small on Calle Echague (now Carlos Palanca Street) in Manila's district. The store, no larger than two square meters, served as both their living quarters and business space, where father and son slept on the counter amid the merchandise. As a young immigrant, Sy faced significant hardships, including a complete since he spoke neither English nor upon arrival, which isolated him in a foreign . To support the family, he immediately began working over 12 hours a day in the store, assisting his father in selling basic goods such as , sardines, , and household items sourced daily from the nearby market. His father often purchased inventory barefoot to save costs, instilling in Sy early lessons in , , and the importance of building good credit with suppliers. These grueling routines, combined with the cramped living conditions and economic pressures on immigrant families during the pre-war period, marked a period of relentless toil and adaptation for the young Sy. Despite these challenges, Sy pursued basic education at the nearby in Quiapo, completing grade school in an accelerated five years through diligent effort, which allowed him to balance studies with his store duties. His experiences in the honed his understanding of operations and needs, laying the groundwork for his future entrepreneurial pursuits amid the broader struggles of immigrant life in .

World War II Experiences

During the , which began in 1942, Henry Sy and his family faced severe economic and social hardships while operating their small sari-sari stores in . By 1941, the family had expanded to two stores, but the war disrupted normal trade, forcing Sy, then aged 17, to adapt quickly by acquiring a to transport goods and conduct buying and selling activities across the city. This resourcefulness allowed the family to sustain their business amid shortages and restrictions imposed by the occupiers. Sy later reflected on this period by stating, "In good times, I do my usual work. In bad times, I work harder," encapsulating his resilient approach to survival. The occupation brought further devastation in early 1942 when one of the family's stores was burned down and looted, compounding the challenges of wartime scarcity. Despite this, Sy continued trading essential goods to support his family, navigating the tense atmosphere where Chinese-Filipinos like himself were uncertain of their treatment under rule. The family's inability to return to left them committed to enduring the conflict in . The climax of their wartime ordeals came during the Battle of Manila in , a brutal urban conflict between Japanese forces and American-Filipino allies that reduced much of the city to ruins. In the chaos, the Sy family's remaining store was razed by fire, while the other was thoroughly looted, leaving them with minimal possessions. Following the war's end in the that year, Sy's father and brother chose to return to , but 20-year-old Henry opted to stay, determined to rebuild his life and future in the devastated country.

Education and Self-Development

Formal Schooling

Henry Sy immigrated to the from , , in 1936 at the age of 12, where he began his formal education shortly thereafter. Due to his late start and the demands of assisting in his family's small retail store, he entered elementary school at the in , scoring consistently above 90 percent to accelerate his progress and complete grade school in just five years. Sy continued his secondary education at in , a prominent institution for ethnic Chinese students, finishing high school amid the challenges of and family business responsibilities. In the late 1940s, after the war, Sy enrolled at in to pursue studies in , driven by a desire to deepen his understanding of business principles. He completed the two-year program, earning an Associate of Arts degree in Commercial Studies in 1950, but discontinued further coursework to devote himself fully to expanding the family enterprise.

Practical Learning and Influences

Henry Sy's practical learning commenced at the age of 12 upon immigrating to the , where he assisted in his father's in , gaining foundational knowledge in retailing, inventory management, and customer interaction through daily operations. This hands-on experience during his formative years, amid economic hardships, instilled in him a strong and an intuitive understanding of consumer needs, which he later applied to his entrepreneurial ventures. Sy's self-development was predominantly shaped by real-world immersion rather than extended classroom instruction following his . He supplemented this by saving earnings from his early jobs to fund his first , a small shoe store opened in , where trial-and-error methods honed his skills in and strategies. Sy often emphasized the irreplaceable value of , stating, "You have to have a dream, whether big or small. Then plan, focus, work hard and be very determined to achieve your goals. There is no substitute for hard work." In recognition of his achievements, Sy was conferred an honorary in Business Management by in 1999. Key influences on Sy's business approach included observations from trips to the in the 1950s, where he studied modern department stores and emerging mall concepts, adapting elements like air-conditioned environments and integrated experiences to the Philippine context. Additionally, his early role as a store manager for an American shoe company in the Philippines exposed him to efficient practices and Western business principles, which informed the expansion of his Shoemart into a full-scale empire. These external inspirations, combined with his family's emphasis on thrift and , formed the bedrock of his innovative yet pragmatic management style.

Business Career

Initial Retail Ventures

After , Henry Sy began his retail career by selling surplus goods, including American G.I. boots, in to capitalize on the economic recovery. This venture allowed him to accumulate initial capital through small-scale trading. By 1948, leveraging his experience in sales, Sy opened his first sole-proprietorship store in , marking his entry into the . The store focused on affordable , reflecting Sy's understanding of the local market's demand for accessible products. In the early 1950s, Sy expanded his operations by partnering with associates to open additional shoe stores in , including establishments named after popular department stores like Plaza and to attract customers. These partnerships helped distribute the financial risks and enabled faster growth amid the competitive landscape. However, by 1954, Sy dissolved a key partnership with Lao Kang, retaining control of the Shoe Store and a business, which allowed him to streamline his focus on . This period of strengthened his position in the local market. Sy's early stores emphasized quality shoes at low prices, pioneering techniques that differentiated them from traditional sari-sari stores. By saving profits from these ventures, he launched the first ShoeMart store in 1958 along Carriedo Street in downtown , a pivotal step that formalized his and introduced innovative concepts like displays. ShoeMart quickly gained popularity for its variety and affordability, setting the foundation for Sy's broader empire.

Founding ShoeMart and Early Expansion

Henry Sy founded ShoeMart in 1958, establishing his first venture as a small shoe store located along Carriedo Street in downtown Manila's Quiapo district. Having immigrated to the as a child and worked various odd jobs, including selling surplus G.I. boots after , Sy saved enough capital to launch the business independently. The store emphasized affordable and innovative , such as fixed pricing and quality imports, which differentiated it from traditional market stalls. This modest beginning marked Sy's entry into , driven by his vision to provide accessible goods to everyday . In the early 1960s, ShoeMart began its expansion amid the Philippines' post-war economic recovery. Sy opened a second branch, ShoeMart Makati, in 1963 in the upscale Makati area, followed by ShoeMart Cubao in 1968 in Quezon City. These locations targeted growing urban middle-class consumers, introducing modern retail features like air-conditioned spaces and trained sales staff to enhance the shopping experience. By the late 1960s, the chain had grown to several stores across Metro Manila, solidifying its position as a leading footwear retailer and allowing Sy to build supplier networks for consistent inventory. The pivotal shift toward broader retail expansion occurred in 1972, when Sy transformed ShoeMart into a full with the opening of in —the first SM . This move, launched just months after President declared , diversified beyond shoes to include apparel, household goods, and groceries, capitalizing on rising consumer demand. The success of this integrated format spurred further growth, with additional s in and provincial areas by the mid-1970s, laying the groundwork for ShoeMart's evolution into a nationwide empire.

Development of SM Malls and Retail Empire

Henry Sy's retail ventures evolved significantly in the 1970s and 1980s, transitioning from standalone department stores to integrated complexes, inspired by the burgeoning mall culture during his business travels. In 1972, he converted the original ShoeMart in into the company's first full-fledged , expanding the product range beyond footwear to apparel and . This was followed by the transformation of SM Makati in 1975 into another , marking early steps toward a broader . By the early 1980s, amid economic challenges in the , Sy opened additional stores, including locations in Cubao, , and other areas between 1980 and 1984, which laid the groundwork for larger-scale developments. The pivotal shift to mall development occurred in 1985 with the opening of SM City North EDSA in , Sy's first supermall and a pioneering venture in Philippine at a time when the economy was contracting by 7.3 percent. Spanning initially 125,000 square meters, this four-level complex integrated department stores, supermarkets, cinemas, and diverse tenants, revolutionizing consumer shopping experiences by creating one-stop destinations that combined , entertainment, and dining. Construction had begun in 1983 on a site previously used for family picnics, reflecting Sy's vision for accessible, community-oriented spaces despite skepticism from contemporaries who viewed the project as risky during political and economic instability under the regime. SM North EDSA quickly became a benchmark, growing to become the largest mall in the with approximately 497,000 square meters of gross as of 2025. To formalize and accelerate this expansion, Sy founded in January 1994 as the dedicated property arm of his conglomerate, acquiring existing mall assets and land for new constructions from affiliated companies. The company went public later that year on the , raising capital to fuel aggressive growth. Under Sy's leadership as chairman until 2014, developed a strategy of locating malls in high-density urban and suburban areas, often incorporating residential, office, and entertainment components to foster integrated lifestyle hubs. Notable expansions included the opening of in 1991 (predating SM Prime but integrated into its portfolio) and the landmark in 2006, a 407,000-square-meter complex in City billed as one of the world's largest at the time, featuring an iconic seaside design and hosting major events like the 2008 pageant. By the mid-2000s, had established over a dozen malls across , , and , capitalizing on the ' population growth and rising middle class. In 2025, expansions continued with the opening of SM City Laoag in the and the ninth mall in , New City. The retail empire's international foray began in the 2000s, with entering in 2006 through a , opening its first mall in and eventually operating nine properties as of November 2025, adapting the model to local markets while maintaining core principles of accessibility and variety. Domestically, the pace intensified post-2010, with annual openings averaging several new sites, focusing on underserved provinces to drive . As of November 2025, operated 88 malls in the and nine in , encompassing 11.1 million square meters of gross leasable area and hosting over 25,000 tenants, underscoring the scale of Sy's vision in transforming retail from a modest shoe store in 1958 to Southeast Asia's largest mall operator. This growth not only generated significant revenue—contributing to Sy's status as the ' richest individual—but also created thousands of jobs and stimulated local economies through anchor tenants like ' own retail brands.

Diversification into Banking and Real Estate

In 1976, Henry Sy expanded the SM Group's portfolio into banking by acquiring Acme Savings Bank, a small thrift institution in Manila, for approximately ₱5 million. This move was driven by Sy's need for reliable financing to support his growing retail operations, as traditional banks were often reluctant to lend to expanding retailers during that era. Under SM Group's ownership, the bank was renamed Banco de Oro Savings and Mortgage Bank, marking the beginning of its transformation into a major financial player. Banco de Oro grew steadily through strategic expansions and mergers. In 1994, it converted into a , broadening its services to include commercial lending and . A pivotal milestone came in 2007 with the merger of and , creating , Inc., which solidified its position as the largest bank in the by total assets, reaching over ₱4 trillion by 2024. Today, serves more than 17 million customers through an extensive network of over 1,800 branches and digital platforms, reflecting Sy's vision of accessible integrated with retail ecosystems. Parallel to his banking ventures, Sy diversified into to complement his business, starting with the development of integrated shopping centers. The first SM Supermall, SM City North , opened on November 8, 1985, in , revolutionizing by combining department stores, supermarkets, and leisure spaces under one roof during a period of economic recovery in the . This marked the shift from standalone stores to large-scale property developments, with subsequent malls like in 1991 further expanding the model. In 1994, Sy formalized the arm by incorporating SM Prime Holdings, Inc., which went public that year and consolidated mall assets for efficient management and growth. SM Prime Holdings evolved into the ' largest mall operator and integrated property developer, operating 88 malls in the with a combined gross of approximately 10 million square meters as of November 2025. Beyond , the company diversified into spaces, residential condominiums via SM Development Corporation, and hotels, creating mixed-use cities that blend commerce, living, and entertainment. This strategic integration not only supported SM's dominance but also contributed significantly to urban development.

Philanthropy and Social Impact

Support for Education

Henry Sy demonstrated a profound commitment to throughout his life, viewing it as a vital equalizer for socioeconomic advancement in the . Through the SM Foundation, which he established in 1983, and the Henry Sy Foundation Inc. founded in 2008, he channeled significant resources into educational initiatives aimed at underserved communities and higher learning institutions. These efforts focused on providing access to quality , from primary schooling to university-level support, reflecting his belief that empowers individuals and contributes to national development. A cornerstone of Sy's was the SM Scholarship Program, launched in 1993 to support deserving students from low-income families in pursuing college degrees. The program has awarded scholarships to thousands of undergraduates across various disciplines, covering tuition, books, and allowances to ensure academic success and graduation. In alone, the foundation recognized 218 scholars who completed their studies in the 2023-2024 academic year, highlighting the program's ongoing impact on fostering future leaders. By prioritizing merit and financial need, these scholarships have enabled recipients to contribute meaningfully to their families and society. Sy's foundations also invested heavily in infrastructure to address shortages in public education. As of 2014, the SM Foundation had donated 67 public school buildings equipped with 196 fully furnished classrooms, including essential amenities like armchairs, fans, and blackboards, primarily in rural and urban poor areas. As of 2024, this initiative has resulted in 110 school buildings. These projects improved learning environments for thousands of elementary and high school students, reducing overcrowding and enhancing educational outcomes in underserved regions. The initiative continued post-2014, with ongoing renovations and new constructions to support basic education access. In , Sy made transformative donations to prominent universities, emphasizing facilities that advance teaching, research, and innovation. In 2012, he contributed PHP 300 million (approximately $7 million) to for the construction of the Henry Sy Sr. Centennial Hall, a state-of-the-art building featuring learning commons, laboratories, and eco-friendly design to support the institution's centennial celebrations. Similarly, the Henry Sy Foundation donated to the for a new sciences building, with a second tranche of funding in 2021 enabling 42 classrooms, simulation labs, and research spaces. In 2024, the unveiled the Henry Sy Sr. Hall, a simulation and research center funded by his foundations, which serves as a hub for and multidisciplinary collaboration in healthcare . These contributions not only expanded institutional capacity but also aligned with Sy's vision of elevating Philippine to global standards.

Healthcare and Community Initiatives

Henry Sy, through the SM Foundation he co-founded with his wife Felicidad T. Sy in 1983, prioritized healthcare access for underserved Filipinos as a core pillar of his . The foundation's health initiatives began with the launch of medical missions in 2001, providing free consultations, medicines, and treatments to thousands in remote and low-income communities across the . These missions, often conducted in partnership with local governments and medical professionals, targeted vulnerable groups such as the elderly, children, and populations, reflecting Sy's belief in "people helping people" to foster self-reliant communities. A program, the Felicidad Sy Centers—named after Sy's wife—were initiated in with the renovation of the first center, offering primary care services including check-ups, vaccinations, and maternal care near mall locations to maximize reach. By 2023, the foundation had established or upgraded 66 such centers and six specialized wards in public hospitals; as of 2024, this has expanded to over 120 and centers. The centers integrate innovative features like telemedicine and counseling to address chronic diseases and preventive care. This expansion underscored Sy's vision of leveraging his retail empire's infrastructure for social good, with centers often renovated at no cost to local health units. The medical missions served over 15,000 patients annually. Beyond healthcare, Sy's community initiatives emphasized resilience and empowerment, particularly through and livelihood programs. Following Typhoon Yolanda in 2013, the SM Foundation acted as a , distributing aid and constructing 1,000 typhoon-resistant homes by 2016 for survivors in hardest-hit areas like , in collaboration with international NGOs. These efforts extended to broader shelter programs, providing safe housing to families in informal settlements and promoting sustainable rebuilding practices. In livelihood development, the Kabalikat sa Kabuhayan (KSK) Farmers' Training Program, launched in 2007, trained over 30,000 farmers by 2025 in modern techniques like urban farming and , enabling increased yields and income generation. The program's first urban farming training in 2015 targeted urban poor communities, distributing seeds and tools to create community gardens that combat food insecurity. Sy's personal , the Henry Sy Foundation established in 2008, complemented these by supporting and projects alongside , though its primary focus remained youth empowerment; together, these initiatives embodied his commitment to holistic .

Personal Life

Marriage and Immediate Family

Henry Sy married Felicidad on March 30, 1950, after a that began when he spotted her as a 16-year-old shoelace in . Felicidad, born Tan Siong Ha in 1928 to immigrant parents, supported her family through her vending business before the . The union marked a pivotal personal milestone for Sy, blending his entrepreneurial ambitions with family life, as Felicidad became a steadfast partner known for her piety and humility. The couple raised six children together: Teresita (Tessie) Sy-Coson, Elizabeth Sy, Henry Sy Jr., Hans T. Sy, Herbert T. Sy, and Harley T. Sy. Their family emphasized strong values, with Felicidad playing a central role in instilling discipline and faith amid Sy's growing business pursuits.

Children and Family Business Involvement

Henry Sy Sr. had six children with his wife, Felicidad Tan-Sy: , Elizabeth Sy, Henry T. Sy Jr., Hans T. Sy, Herbert T. Sy, and Harley T. Sy. All six siblings hold executive positions across the Group's diversified portfolio, which includes , , banking, and , ensuring continuity of the family-led after their father's death in 2019. Teresita "Tessie" Sy-Coson, the eldest child, serves as co-vice chairperson of Corporation (SMIC), the group's holding company, and as chairperson of , Inc., the largest bank in the by assets. She also chairs , Inc., overseeing the family's extensive and operations. Elizabeth T. Sy, the second child, is president and chairperson of SM Hotels and Conventions Corporation (SMHCC), managing the group's portfolio of 10 hotels across the and , as of 2025. She also directs efforts through the SM Foundation and holds directorships in related subsidiaries like SM Land, Inc. Henry T. Sy Jr., the third child and eldest son, is vice chairperson of SMIC and chairperson of , the property arm responsible for developing and operating 88 malls in the and , as of late 2025. His leadership has driven the expansion of into one of Southeast Asia's largest real estate developers. Hans T. Sy, the fourth child, chairs the executive committee of SM Prime Holdings and previously served as its president from 2002 to 2016, during which the company grew its mall portfolio significantly. He is also an adviser to SMIC, chairperson of , and involved in education through . Herbert T. Sy, the fifth child, acts as an adviser to SMIC and a director of Holdings. He chairs Super Value, Inc., focusing on the group's supermarket segment, including SM Supermarket. Harley T. Sy, the youngest child, is executive director of SMIC and co-vice chairperson and treasurer of , Inc. He also serves as a of and holds advisory roles in other SM subsidiaries, contributing to strategic oversight in retail and . The siblings' collaborative emphasizes merit-based and , with the third generation—grandchildren of Henry Sy Sr.—increasingly taking operational roles, such as in property design and innovation at . This multi-generational involvement has sustained the SM Group's position as the ' largest by .

Death and Legacy

Final Years and Passing

In 2017, Henry Sy stepped down as chairman of SM Investments Corporation, the flagship of his business empire, and was conferred the honorary title of Chairman Emeritus in acknowledgment of his foundational contributions to the conglomerate. This transition allowed his children and trusted executives to assume greater operational leadership while Sy maintained an advisory presence. Sy remained active in international recognition during his later years, receiving the "Outstanding Contributors for Promoting ASEAN-China Economic and Trade Cooperation" award from the China-ASEAN Expo Secretariat on January 23, , in , , for his role in fostering bilateral business ties through Group's expansions. magazine continued to rank him as the wealthiest individual in the for the 11th consecutive year in , estimating his at $18.3 billion, underscoring the enduring scale of his retail, banking, and ventures. On January 19, 2019, Sy passed away peacefully in his sleep at his residence in , at the age of 94. The SM Group confirmed the news in a statement, describing the event as serene with no additional details provided at the time. His death marked the end of an era for Philippine business, with tributes from national leaders, including President , who attended the wake to honor Sy's transformative impact on the economy.

Enduring Influence and Succession

Henry Sy's enduring influence on the Philippine economy and consumer landscape remains profound, as evidenced by the continued expansion and dominance of the SM Group in , , banking, and beyond. Founded on his vision of accessible, one-stop shopping destinations, have grown to over 90 locations across the and internationally, transforming urban development and daily life for millions. This legacy is reflected in the group's sustained growth, with Corporation reporting robust revenues and market leadership in 2024, underscoring Sy's principles of customer-centric innovation and resilience amid economic challenges. Sy's emphasis on hard work, , and continues to guide the conglomerate's operations, with his teachings on trustworthiness and long-term cited by family members as core to ongoing . For instance, the SM Group's diversification into emerging sectors like spaces and post-2019 has professionalized operations while honoring his foundational ethos of adaptability and . In 2025, SM Holdings allocated approximately $1.7 billion for property expansions, demonstrating the scalability of Sy's model in fostering economic opportunities. Succession within the Sy family has been meticulously planned to ensure seamless continuity, drawing from Sy's deliberate grooming of his six children—Teresita , Elizabeth Sy, Henry Sy Jr., Hans Sy, Herbert Sy, and Harley Sy—over decades. Collective leadership prevails, with weekly family board meetings facilitating unified decision-making, as implemented since the early 2000s. serves as vice chairperson of , while Henry Sy Jr. holds the same role alongside chairmanship of SM Prime Holdings; Hans Sy acts as co-vice chairman of and director of , emphasizing merit-based appointments where "only the most qualified person gets the job." This approach has enabled the siblings to maintain the family's status as the ' richest in 2025, with a collective of $11.8 billion. The transition has also incorporated professionalization by opening key executive roles to non-family members, a strategic evolution initiated before Sy's passing to blend familial oversight with external expertise in banking, retail, and property arms like and . This meritocratic shift, described as a "natural evolution," has supported innovations such as digital retail integrations and sustainable developments, ensuring the empire's adaptability. Looking to the third generation, grandchildren like Jica Sy-Bell (executive at ) and Christopher "Chico" Sy (involved in property ventures) are being groomed for leadership, particularly in , perpetuating Sy's intergenerational vision of qualified stewardship and expansion. Hans and Chico Sy have shared that their father's lessons on and customer focus remain central, as seen in recent interviews highlighting family-driven growth amid post-pandemic recovery.

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