THERE were two things that tycoon Henry Sy taught his employees over the years—hard work and perseverance.
These two values have been his guiding light that helped him build the country’s biggest and solid empire, the SM Group.
In the 1930s, Sy, who was born in Xiamen, China, followed his father to Manila to help him run a small store. At a young age, Sy already learned the value of hard work, from calling people on the streets to buy at their store, to cleaning up.
When World War 2 destroyed their store, his father went back to China but Sy opted to stay in the Philippines.
He had a dream of giving shoes to everyone because many Filipinos needed shoes after the war. He started selling shoes, which later became “ShoeMart” and later on became the SM Department Store.
He understood that success didn’t come overnight. He said one had to start from the ground up.
Today, Sy’s multi-billion dollar business empire spans retail, real estate, banking and tourism. He was the 52nd wealthiest man in the world last year, according to Forbes. At the age of 94, he had a net worth of $19 billion.
SM has 70 malls in the Philippines and seven in China. He also owns six hotels and eight office buildings. Sy opened his first mall in China in 2001.
He passed away on Saturday, Jan. 19, SM Supermalls chief operating officer Steven Tan said in a statement.
Malacañang offered its “deepest and heartfelt” condolences to Sy’s family. Presidential spokesperson Salvador Panelo said the country “respects and admires the man (Sy) for his lasting legacy which he attributed to hard work.”
“The landscapes of major cities in the Philippines seem unadorned and incomplete minus the imposing architectural delight. He made ‘malling’ a delightful experience as part of the urban living in the Philippines, where Filipino families and the ordinary folk bond, promenade, and create wondrous and memorable moments,” he added. (KOC, Ruth Abbey Gita of SunStar Philippines)