Henry Sy, born on December 25, 1924, in Xiamen, China, rose from the humblest beginnings to become one of the most iconic business figures in Philippine history. His life story is a quintessential rags-to-riches tale that continues to inspire generations of entrepreneurs. Sy was born into a poor Chinese family and immigrated to the Philippines with his father in the late 1930s, seeking better economic opportunities. They settled in Manila, where his father opened a small sari-sari store selling basic goods. But the road ahead was anything but easy. The young Henry, barely a teenager, worked tirelessly in his father’s store, learning the value of hard work, discipline, and thrift—principles that would later form the foundation of his business empire.
The outbreak of World War II brought immense hardship. Their family store was destroyed during the Japanese occupation, forcing Henry to start over from scratch. Rather than give in to despair, he began selling surplus shoes in downtown Manila, often walking long distances with goods in tow. This marked the beginning of his entrepreneurial journey. After the war, Sy established his first shoe store, Shoe Mart, in 1958. His keen business instincts and relentless work ethic helped him identify a growing consumer demand for affordable, quality footwear. But he didn’t stop there. What started as a modest shoe shop eventually evolved into SM, the largest chain of department stores and shopping malls in the Philippines.
A major turning point came in the 1980s when Sy opened SM City North EDSA, the first SM Supermall, during a time of political and economic uncertainty in the country. Many questioned the wisdom of investing in a massive retail development in a depressed economy, but Sy’s calculated risk paid off. The mall became a phenomenal success and set the template for future SM malls nationwide. His formula was simple yet revolutionary: create convenient, family-friendly spaces where Filipinos could shop, dine, and be entertained under one roof. Over the decades, he expanded SM into a diversified conglomerate that included real estate (SMDC), banking (BDO and China Bank), and hotels, creating thousands of jobs and shaping the country’s consumer landscape.
Sy’s journey was not without obstacles. He faced cultural discrimination as a Chinese immigrant, economic instability, and the challenge of managing a growing business empire in a developing country. Yet, his resilience, patience, and visionary mindset enabled him to turn every setback into an opportunity. His focus on long-term growth, coupled with a deep understanding of the Filipino market, made him an enduring force in Philippine business.
When Henry Sy passed away on January 19, 2019, he left behind more than just a fortune. He left a legacy of determination, innovation, and hope. His life remains a powerful testament to the idea that success is possible through perseverance and smart strategy, no matter how modest one’s beginnings. Today, his name is synonymous with retail excellence, and his story continues to inspire aspiring entrepreneurs across the globe to dream big and work even harder.