Stories about how one overcame poverty and eventually became rich and powerful—either through hard work or perseverance, meeting the right people at the right time, or just by luck and chance—often inspire us. After all, the road to success and achievement doesn’t come on a silver platter. It is earned through the trials in life and by one’s strength of character and determination. Such traits are embodied by the business magnate, the late Henry Sy.
He started out his professional career as a humble neighborhood shopkeeper before moving on to open a shoe store. He then became one of the richest men in the country and the chairman of SM Investments, Corp., SM Prime Holding, Inc., and BDO-Unibank—the business empires that have since dominated the Philippine market and economy and landed him on the celebrated Forbes list of richest entrepreneurs.
Let us look in retrospect into the life of the late business mogul and pick some vignettes of inspiration on how we may turn adversities into opportunities for lifelong success.
The Beginning of the Journey of the late Henry Sy
At 12 years old, he arrived in the Philippines, following in his father’s footsteps, having left China after the war. He found it difficult to adjust to his new surroundings, especially with learning how to speak English. Nonetheless, he worked for 12 hours every day in the store located in Quiapo, Manila. It was at this store that he devised a strategy that would give him bigger gains to his income. Essentially, he developed smaller portions of products for sale. That design is similar to what we see these days when we go shopping in supermarkets. The strategy worked to his benefit. Though young, he never had the time to play with other children his age. He was always hard at work.
During World War II, the Philippine economy collapsed. Worse, the store eventually burned down. So his father returned to China, leaving the young Henry Sy alone in the Philippines. He supported himself by selling on the streets.
The Inception of the Empire
At the end of World War II in 1945, Henry opened a shoe retail business. His company grew rapidly. He began to open more stores with friends as business partners. It was at this time that the first ever air-conditioned shoe store called SM (Shoemart) became a reality. The first store was such a success that he opened more branches. And just when things were flowing smoothly, Henry encountered yet another setback. The suppliers gave him only a limited stock supply of shoes. But Henry quickly turned this impediment into an opportunity to diversify his goods. With the help of his mother, he started selling other items, too. Life started rolling again to his advantage.
It was in 1972 when the late Henry Sy. opened the very first department store. There was much civil unrest in the country at that time due to Martial Law. Despite a faltering economy and his father returning from out of nowhere, Henry continued to push forward and expand his business. In 1985, he successfully established the very first of the SM Supermalls, SM City North EDSA.
Armed with optimism, Henry kept forging forward with the help of his family, friends, employees, and the growing Philippine market.
While constructing the Megamall, his company experienced delays in construction, coupled with the 1997 Asian crisis. Despite holding out the construction of Megamall, his company opened up other malls instead. His malls populated the country with their business offering more than just retail.
The Enduring Legacy of the Late Henry Sy
Eventually, the late Henry Sy reorganized and strengthened the banking industry starting with Banco De Oro. In 2006, he bought out PCI Bank and then later merged it with Banco De Oro. At present, the Sy group operates BDO while owning Chinabank.
For 11 consecutive years, starting in 2005, Henry Sy was hailed as the wealthiest man in the Philippines. He also ranked 52nd in the Forbes World Billionaires List in 2018. Despite having more than enough accolades to boast about, he never rested on his laurels. He continuously sought opportunities to better his life and others.
Let ImportAnything.Ph Be Your Gateway to Success
Like the late Henry Sy who diversified his store offerings, you can also offer a myriad of products to your clients. Let ImportAnything.Ph help you get the products from your suppliers in other countries to help your local business grow. We give you a hassle-free importation service. Start by filling out a simple form to get your goods right into the country without any headache.
