ShoeMart began as a modest retail venture in Quiapo, Manila, during 1958, eventually evolving into SM Investments. This conglomerate grew to oversee 49 malls across the Philippines and China, 62 department stores, and 56 supermarkets. By the time of his death in 2019, the founder had transformed a single shoe shop into a dominant national enterprise.
Early Development and Education
Born in Jinjiang, Fujian, in 1924, Henry Sy moved to the Philippines at age 12 during the American colonial period. He initially assisted his father in a shop selling household goods, rice, and sardines. After the destruction caused by World War II, his family returned to China, but he remained in Manila. He finished secondary schooling at Chiang Kai Shek College and obtained an Associate of Arts degree in commercial studies from Far Eastern University in 1950.
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In 1948, Sy opened his first independent store in Quiapo. His strategy focused on the footwear market, leveraging the demand for shoes following the war. He sold surplus G.I. boots and secured credit to expand, eventually opening multiple shoe stores in the Carriedo area. This retail foundation allowed him to launch Shoemart in 1958. In 1972, he inaugurated SM Quiapo, the first standalone department store, while his first SM Supermall, SM City North EDSA, followed on November 8, 1985.
Banking and Financial Expansion
Sy diversified his interests into finance by acquiring Acme Savings Bank in 1967, which was later renamed Banco de Oro. His influence in the sector grew significantly through the acquisition of Equitable PCI Bank in 2006, which he merged into BDO the subsequent year. This consolidation established BDO as one of the largest financial institutions in the country. Additionally, he held interests in Chinabank and the San Miguel Corporation.
Wealth and Later Years
Forbes consistently ranked Sy as the richest person in the Philippines for 11 consecutive years leading up to 2019. At the time of his passing, his net worth was estimated at US$19 billion. In 2017, he resigned as chairman of SM Investments, receiving the title of Chairman Emeritus. He died in his sleep at his residence in Makati on January 19, 2019, at age 94.
Fast facts
- Born: 1924, Xiamen
- Died: 2019, Manila
- Education: Far Eastern University, 1950
- Key Role: Chief Operating Officer (1958-2017)
- Notable Business: SM Investments
- Notable Bank: Banco de Oro
- Final Net Worth: US$19 billion
Questions readers ask
What was the core of Henry Sy's business?
He built SM Investments, a conglomerate spanning retail shopping malls, supermarkets, department stores, and financial services like BDO.
How long was he the richest person in the Philippines?
Forbes named him the richest person in the country for eleven consecutive years until his death in 2019.
Achievements
- Holdings: SM Megamall, SM Mall of Asia and SM Aura
- Educated at Far Eastern University
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