There are numerous stories about people reaching their unforeseen success. However, the most popular rags-to-riches story everyone knows is the retail magnate— Henry Sy. His story inspires a lot of people, specifically, the Filipinos; as this is where he found and built his money empire.

He never fails to amaze a lot of inspiring entrepreneurs who he was once then. 

Quick Facts About Henry Sy’s Biography

Name:	Henry Tan Chi Sieng Sy, Sr.
Popularly Known As:	Henry Sy, Sr.
Date of Birth:	October 15, 1924 Jinjiang, Fujian, Republic of China
Died:	January 19, 2019 (aged 94) Manila, Philippines
Education:	Far Eastern University
Profession:	Business magnate, Investor, & Philanthropist
Businesses owned:	[Retail] The SM Store SM Hypermarket SM Supermarket SM Appliances SaveMore Walter Mart Supermarket, Inc. Alfamart
	[Specialty Stores] SM Appliance Ace Hardware Watsons Our Home Homeworld Toy Kingdom Baby Company Kultura Sports Central Pet Express Miniso
	[Property] SM Prime Holdings, Inc. SM Development Corporation
	[Banking] BDO Unibank, Inc. China Banking Corporation
	[Tourism] Taal Vista Hotel Pico Sands Radisson Blu Hotel Park Inn by Radission Davao Park Inn by Radisson Clark Conrad manila SMX Convention Center
	[Lifestyle And Entertainment] SM Cinema Director's Club Cinema IMAX Theatre WM Cinemas XD: 4D Cinema DX Laser Projection Cinema Mall of Asia Arena Blink SM Skating SM Bowling and Leisure Center Exploreum Snack Time ePlus SM Tickets
	[Other Businesses: SM Investments Corporation has equity investments in the ff:] BGC Commercial Properties Philippine Urban Living Solutions Atlas Consolidated Mining & Development Corporation 2Go Group, Inc. CityMall Commercial Centers, Inc. Belle Corporation
Spouse:	Felicidad Tan-Sy
Children (by order of birth):	Teresita Sy-Coson Elizabeth T. Sy Henry T. Sy, Jr. Hans T. Sy Herbert T. Sy Harley T. Sy

 

 

It all started...

When the family of Henry Sy migrated to the Philippines from Quanzhou, China. As he wasn't born in a family with a golden spoon, at 12 years old, he started helping for his father's small sari-sari store in Quiapo Manila. Unfortunately, during the Second World War, their small stores burned down which leaves no choice for Henry's father to go back to China. Instead of returning with him, he remains in the Philippines with a determination to succeed here.

Instead of weeping for the money he has left— which is 10 cents— he uses his time studying commerce and learning Filipino and English language. He began vending off surplus boots and focused on trading shoes. This led him to discover a local supplier and opted in importing shoes, too.

Henry met Felicidad, a Chinese immigrant, too. They got married and had six children. Felicidad was undeniably supportive and helpful in the business process. 

 

Starting Shoe Mart...

In 1972, two months after the Martial Law took place, Sy opened their first department store. It had a slow start, but Sy remained focused on its steady progress. Despite having the limited options to buy properties, he didn't waver and thought of it as a long-term investment. 

Amidst the hyperinflation and debt moratorium, the construction of the mall continued. He wasn't yet considered a financial heavyweight despite owning a couple of shoe stores and department stores. 

In 1985, his first department store and supermarket officially opened. There were only a few tenants at that time since a lot of lessees declined Henry Sy's lease offers.  

Reinventing Banco De Oro

From that, Henry Sy didn't stop and explored the banking industry. He bought the Acme Savings Bank whose name was later on changed to Banco De Oro. It was his primary goal to provide for the cash management of his supplier upon venturing into this industry. Later on, it became a blessing in disguise as it solidifies his business profile. Successfully winning over the tough competition and conquered the setbacks his company faced. 

When he bought China Bank and PCI Bank in 2006 and 2007 respectively and incorporated it into their main bank, the Banco de Oro became the country's third-biggest lender.

Now, as you've noticed, BDO branches are always present in SM Malls. This attracted clients from a simple individual who wishes to have basic savings to corporate giants. Doubtlessly, BDO gained its way to the confidence of the Filipino market. 

The List of Prestigious Awards He Won

• 1st Chinese-Filipino recipient of the PRA President's Award (2005)
• 1st Chinese-Filipino recipient of the PCE Big Brother of Filipino Entrepreneurs award (2006)
• Forbes magazine Heroes of Philanthropy 2009
• 40 Richest Filipinos of 2008
• Honorary Doctorate in Business Management by De La Salle University in January 1999
• “Management Man of the Year" by the Management Association of the Philippines – 1999

What can we learn from Henry Sy?

Triumph is found for those who genuinely seek and work hard for it. When you are being deprived of opportunities to succeed, you have to create one from scratch. Henry Sy's policy was to actively look for opportunities and be ready when it comes in their way. 

Success never happens overnight. It takes days, months, or even several decades to turn it into reality; and the first step to achieve this is through reading self-growth books. This is a goal that can only be achieved when you have the essential ingredient with you: books. See a list of our collection and find which book resonates with your journey right now!