Henry Sy

Henry Sy – Life, Career, and Inspirational Legacy

Discover the story of Henry Sy (1924–2019), Chinese-Filipino business magnate who built the SM empire. Learn about his humble origins, business philosophy, quotes, and lasting impact in retail, banking, and philanthropy.

Introduction

Henry Tan Chi Sieng Sy Sr. (often known simply as Henry Sy) is celebrated as one of the foremost business figures in Southeast Asia. Though born in China, he made his fortune in the Philippines, founding the SM Group—a sprawling empire spanning retail, real estate, banking, and more. His journey from a modest immigrant youth to a billionaire philanthropist embodies resilience, vision, and a deep sense of purpose.

Early Life and Family

Henry Sy was born in Jinjiang, Fujian, China, in 1924. sari-sari (neighborhood) store.

In his youth, Henry helped his father in the store—selling rice, sardines, and other goods.

To support himself, he sold surplus shoes (especially G.I. boots) and saved diligently. Through these small efforts, he laid the groundwork for his later business ventures.

Education & early entrepreneurial steps

Sy completed his secondary education in Manila at what is now Chiang Kai Shek College. Far Eastern University, earning an Associate of Arts in commercial (business) studies around 1950.

While studying, he continued working—selling shoes and building relationships with suppliers. ShoeMart (later SM) in Quiapo.

His model was modest at first: air-conditioned, display-oriented shoe shop, presenting products in attractive settings. The success of ShoeMart validated his instincts in retail and customer experience.

Building SM & Business Expansion

From shoes to department stores

After the success of his shoe store(s), Sy expanded into broader retail. In 1972, he opened the first SM Department Store, leveraging the infrastructure and customer base of his ShoeMart operations. Over time, SM became not just a chain of stores, but a full retail ecosystem—department stores, supermarkets, and eventually malls.

The mall revolution

A turning point came in 1985 with SM City North EDSA, the first large-scale SM mall.

SM Holdings diversified into real estate, banking, and property development. Sy acquired banking interests (notablyBanco de Oro, BDO) and merged institutions (e.g. acquiring Equitable PCI Bank) to strengthen financial diversification.

By the 1990s and 2000s, SM Investments became a conglomerate: retail, malls, banking, property, tourism.

Leadership & succession

Sy led SM as chairman until around 2017, when he stepped back and was named Chairman Emeritus.

Character, Values & Philosophy

Henry Sy was known not just for his business success, but for his modesty, work ethic, and philanthropic heart.

He believed in incremental progress and consistent effort. One of his quoted lines is:

“There is no such thing as overnight success or easy money. If you fail, do not be discouraged; try again.”

He also emphasized integrity and trust in relationships:

“In life and in business, you need to be good-hearted and trustworthy, and to have integrity.”

Another guiding principle: focusing on synergy across his business arms—retail, malls, property, tourism, and banking should complement one another.

He viewed crises as opportunities to push harder:

“In good times, I do my usual work. But in bad times, I work harder.”

Moreover, he saw that success cannot be taken for granted:

“Success is not just good luck: it is a combination of hard work, good credit standing, opportunity, readiness and timing. Success will not last if you do not take care of it.”

And he urged others to dream, plan, and work hard:

“You have to have a dream, whether big or small. Then plan, focus, work hard and be very determined to achieve your goals.”

Finally, he linked business success and social responsibility:

“If you do well, we must also do something to help others in society.”

Legacy & Influence

Henry Sy’s impact is vast and multi-dimensional:

1. Economic transformation: He helped reshape the retail landscape in the Philippines, pioneering the mall culture and integrated shopping ecosystems.

2. Conglomerate model: SM became a template for diversification—integrating retail, banking, real estate, tourism under unified strategy.

3. Employment & development: His enterprises employed tens of thousands and spurred urban development around mall hubs.

4. Philanthropy & education: The SM Foundation and other charitable initiatives supported scholarships, health, community projects, and more.

5. Inspirational story: His “rags to riches” narrative, perseverance through adversity, and disciplined approach inspires entrepreneurs across Asia and beyond.

In recognition, even after his passing (January 19, 2019) at age 94, institutions continue to honor him—e.g. the Henry Sy Sr. Hall inaugurated at University of Santo Tomas to commemorate his centennial.

Lessons from Henry Sy

• Start small, think big — Even the greatest empires often begin from modest ventures (in his case, selling shoes).

• Consistency over flash — He built gradually, resisting shortcuts or quick gains.

• Synergy is strategic — Aligning different businesses (retail + property + banking) multiplies strength.

• Resilience in crisis — He believed that bad times demand more effort, not retreat.

• Give back — Success carries responsibility: he made social contributions central to his life’s work.

• Integrity & trust — Long-term relationships and reputation matter in business.