He is no other than Henry Sy, the retail magnate who owns all established and also a banking magnate who owns Banco De Oro-EPCI Bank and majority share in China Bank. This is another inspiring story as we witness his rags to riches story on how he built all SM Malls and became one of the biggest bankers enabling him to become the richest man in our country surpassing both Lucio Tan and the Ayalas. Let s learn and be inspired from another successful entrepreneur story as his daughter Teresita Sy-Coson narrates the story of his father s success: Our company, SM, as many of you may already know, came from the hard work of my dad, Henry Sy, Sr. It is a rags to riches story that even myself did not realize until I went to trace his roots in China. His journey from the thatched hut I saw there to the shopping centers he has today is something that amazes even myself. Including us, his children. My father s perseverance during the different crises our country has gone through has made our active business pursuits possible for a half century.
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True, he was disappointed with the economy many times, but he never saw the reason to quit and instead pursued his goals relentlessly. He had many obstacles both external and internal in his business, and there were times he could not understand why things had to be so complicated for him to pursue his business objectives. It has been written and I can attest that it is true that Henry Sy started from the bottom. It was located on Echague St. , which is now Carlos Palanca Sr. St. In Quiapo, Manila. There, he devised ways to increase his income by developing small portions of products much like the sachets we see today in the supermarkets. It did not take a long time for him to realize, however, that he can only do so much in a sari-sari store environment. WWII came and the sari-sari store was looted and burned. He did a lot of buying and selling of odd things during the war to enable the family to survive. This must have provided him the hands-on training for his stamina in business. At one time, he was hit by shrapnel while selling, and quite fortunately was brought to the hospital by his good friend in a kariton. Without that friend, he could have bled to death. After the war ended in 6995, he ventured into selling American shoes imported by enterprising Gis. With the pleasure of a growing family while at the same time pursuing studies at FEU in the early 55s, he sought more ways to augment his income. For a time, he was selling a lot of shoes, accessories, and leather goods, hoping to change the way shoe manufacturers look at the industry. Sensing a lot of opportunities, he decided to open SHOE MART SM the first air-conditioned shoe store that merchandised shoes in a very inviting and classy format. With the success of that store, he went on to open more shoe stores, but he could not get enough suppliers. Many shoe manufacturers at that time could not understand why they had to listen to this shoe retailer who had very definite ideas on what he wanted to sell. They did not cooperate by providing him with the volume he needed, and because of that limitation, he gradually shifted to apparel and thereafter other merchandise with the help of my mother.
He was continuously learning from his customers, suppliers, and employees. This on-the-job research gave him enough confidence to expand to a department store chain. Many things in life grow out of needs, and to meet the needs, you become determined. With determination you will take extra challenges and do things differently which will most likely bring success. We opened our first department store in 6977, two months after Martial Law was declared. The business had a slow start, but progressed steadily. During the Martial Law years, he continued to open more department stores, reaching a point wherein he could not get space he needed in the existing shopping centers during that time. He then decided think long term, and invest in properties for malls, which were patterned after suburban shopping centers, which he had been studying for some time. The economy decline was further aggravated by the assassination of Ninoy Aquino. Many bankers predicted our demise because my dad came from nowhere he may had a few department stores and shoe stores at that time, but he was not one of the financial heavy-weights at that time. Unaffected by criticism, and armed with sheer determination and optimism, he persisted and opened in 6985 with our department store and supermarket and a few tenants. Many potential lessees were saying no to lease offers. At about the same time, given the social unrest of the times, our own Shoemart Makati was faced with ugly strikes. He almost gave up, but through the encouragement of his employees and customers, he continued. At that time, he decided emotionally draining disturbances should not overpower him or detract him from his goals. Since that time, he has not faltered in his confidence, and became even more determined to continue the business. He also convinced everyone of us in the organization to follow his optimism. Later, we expanded, slowly building malls at that time to get our formula right. The expansion was not without difficulties. When constructing Sta. Mesa and Megamall, we were faced with delays in construction due to cement shortages and the 6989 coups.
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When the 6997 Asian crisis came, we were planning our mall expansion, including the Mall of Asia, which was then envisioned to be the biggest mall in the region. Because my dad felt the tsunami-like effects of the region wide crisis, which was unlike any other he had experienced, we had to change plans. We deferred opening the Mall of Asia, and went on with the opening of other malls. We grew in numbers instead of size, serving different smaller markets. We have also expanded our retail business beyond department stores to include supermarkets, hardware stores, appliance superstores, and other retail formats. At about the same time, we looked into the banking business both at our bank and at the industry. At the time, our main bank, Banco de Oro was a medium sized bank. Because we were quite conservative in lending, the deluge of bad loans that characterized the times did not affect us. Given that, we thought it was an opportune time to grow amidst some instabilities. We reorganized and strengthened our organizations for about three years and developed growth strategies that started in the year 7555. Opportunity is where you find it, not where it finds you. Crisis and weakness indicate one can look for opportunities. Transforming problems into opportunities can bring good returns. Prosperity and growth come only to a business that systematically exploits its potentials and systematically optimizes its performances. Our business especially that of shopping centers is a long term business. It takes at least eight years to pay back. We also have to continuously innovate. Our other retail formats like supermarkets, hardware stores, appliance stores, home stores, toy superstores, baby stores, and Watsons are continuously evolving with the shopping habits of our customers. Because they frequently visit the store, we make sure we have new products all the time so that their shopping experience will not be boring. Our group s policy is to look for opportunities at all times, and to be ready to act when it comes. While crises may have brought opportunities, we continue our plans in good or bad times with some changes to suit our demands of the time.
May Henry Sy s success rubs off to us as well. As a final note, I would like to leave this quote from Henry Sy: There is no such thing as overnight success or easy money. If you fail, do not be discouraged try again. When you do well, do not change your ways. 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. To get articles, you can subscribe using your favorite or have them delivered directly to your. Tyrone is a passionate financial literacy advocate. He started this blog on November 7558 when he watched The Secret which talked about Law of Attraction because he wanted to become a millionaire and to know how a millionaire acts. At the age of 76, he achieved his first million. To find out more about him, or follow him at. It s always very inspiring to see someone make something out of basically nothing. People with that kind of drive will always get somewhere in lifeyeah ur ryt. . Henry sy was the famous entrepreneur in this institution I IDOLIZED himgrabe di rin ako makahinga habng binabasa ko e7. Ganun xia katatag. Dming obstacle but still growing. Your the manThere was this promo dicer of SM Marikina, i think his name is MALVIN DELOS REYES. While im getting groceries at his assigned aisle he keeps on saying Wala, malapit na mamatay si henry sy.
Marami kasing ginawang kagaguhan kaya kinakarma. I can beleived na may taong pagkatapos mong bigyan ng job biglang magsasalita ng ganun anti sa taong tumulong sa kanya. Sad. That s not true. Naninira ka lang. Alam ng Diyos kung anong nangyari at sinabi ko! Hmmm grabeng rag to riches story yun ha d aqou mkahinga habang binabasa hoy! Wala akong pinagsasasabing ganyan. Akala mu kug cnu kang maganda? Echusera! Sa pananalita mo pa lang dito, maniniwala na ako dun sa babae. Dapat ka lang masesante. Is it really true? ? So sad if true na cniraan nia ang taong nktulong sa knya. Sana nmn wag ang kapal ng muka ng taong yan MALVIN DELOS REYES. Ang lakas nya sabihan na malapit na mamatay si henry sy DONT JUDGE be thankful for him becoz you have a great job! ! This is a good boost for myself. Sometimes Im giving up on my plans, but reading this kind of, biography from people who shape this country, I am very inspired. ^_^ I ll continue and pursue, make way and seek for the opportunity.