Richest man in PH, Henry Sy Sr. passes away at 94
From a small shoe store, Sy’s business has grown to become the most iconic retail group in the country
Jan 19, 2019
Philanthropist and 11-time richest man in the Philippines according to Forbes, Henry Sy Sr. passed away peacefully in his sleep Saturday morning.
Sy who immigrated to the country from JinJiang, China during his teenage years put up Shoemart in 1958.
From a small shoe store in Carriedo, his business grew to what is now the SM Group which owns over 200 companies locally with approximately 80 local shopping malls plus six more in mainland China.
Jose Sio, SM Investments Corp. chair, shared that one of Sy’s philosophies in business is to put customers first. This is evident in the services and facilities made available in many of SM’s properties and malls. “Focus on what customers need, focus on where customers need. It is not we, it’s not you who will determine what they want. You should not determine what price you want to sell. Look at the customer: What they need, how much they can afford, and it’s our responsibility to make those things for them,” Sio said in an interview with Inquirer.
In the last past few years, Sy has turned over most of the day-to-day operations of his company to his six children.
A statement released by an official of the conglomerate said that details of his wake and interment are yet to be finalized.
Photo courtesy of Inquirer.net
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