Philippines' richest man Henry Sy, who started as a shoe seller, dies aged 94
MANILA (BLOOMBERG) - Henry Sy, who became a billionaire by parlaying a shoe store into the biggest retailer in the Philippines, has died. He was 94.
He died in his sleep on Saturday morning (Jan 19), his daughter Teresita Sy-Coson and Jose Sio, chairman of SM Investments Corp, said.
Sy had a net worth of US$7.2 billion (S$9.78 billion), according to the Bloomberg Billionaires Index, making him the richest person in the Philippines.
"This morning Mr Sy passed away peacefully as a happy man," Sio said.
Sy's company started as a shoe store in 1948. Today, SM Investments is an empire that includes SM Retail Inc, which operates the nation's biggest supermarkets and department store chains; SM Prime Holdings Inc, the largest shopping-mall operator; and BDO Unibank Inc. In the nation of more than 105 million people, his malls attract an average of 3.5 million shoppers a day.
"It's not overboard to consider Sy as the father of Philippine retail," said Astro del Castillo, managing director at First Grade Finance Inc.
"His grocery, department stores and malls introduced the one-stop-shop concept in the country, and his malls changed not only the practice of retail but the way of life."
Sy amassed his fortune against the backdrop of unstable governments, political corruption and economic contractions, notably the Asian financial crisis of 1997-1998. He continued to expand his empire with new shopping malls and a bank that eventually became the nation's largest by assets.
Today, the group runs 62 department stores, 56 supermarkets, a network of 194 SaveMore grocery stores and 50 hypermarkets.
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Oww sad
MANILA (BLOOMBERG) - Henry Sy, who became a billionaire by parlaying a shoe store into the biggest retailer in the Philippines, has died. He was 94.
He died in his sleep on Saturday morning (Jan 19), his daughter Teresita Sy-Coson and Jose Sio, chairman of SM Investments Corp, said.
Sy had a net worth of US$7.2 billion (S$9.78 billion), according to the Bloomberg Billionaires Index, making him the richest person in the Philippines.
"This morning Mr Sy passed away peacefully as a happy man," Sio said.
Sy's company started as a shoe store in 1948. Today, SM Investments is an empire that includes SM Retail Inc, which operates the nation's biggest supermarkets and department store chains; SM Prime Holdings Inc, the largest shopping-mall operator; and BDO Unibank Inc. In the nation of more than 105 million people, his malls attract an average of 3.5 million shoppers a day.
"It's not overboard to consider Sy as the father of Philippine retail," said Astro del Castillo, managing director at First Grade Finance Inc.
"His grocery, department stores and malls introduced the one-stop-shop concept in the country, and his malls changed not only the practice of retail but the way of life."
Sy amassed his fortune against the backdrop of unstable governments, political corruption and economic contractions, notably the Asian financial crisis of 1997-1998. He continued to expand his empire with new shopping malls and a bank that eventually became the nation's largest by assets.
Today, the group runs 62 department stores, 56 supermarkets, a network of 194 SaveMore grocery stores and 50 hypermarkets.
Source: You do not have permission to view the full content of this post. Log in or register now.
--
Oww sad