January 21, 2019

PH Retail Magnate Henry Sy Sr. Passes Away at 94

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  • Founder of the SM Group empire Henry Sy, Sr. died at age 94 on January 19, Saturday.

    In a statement released by the SM Group to Agence France-Presse, Sy passed away in his sleep on early Saturday morning.

    Henry Sy, Sr. was Chairman Emeritus of the Board of Directors of SMIC /IMAGE SM Prime Holdings

    Before his death, Henry Sy, Sr. was the Chairman Emeritus of the Board of Directors of SMIC since he stepped down the chairmanship of SM Prime Holdings in 2017.

    Also read: Success Story: Henry Sy Sr.

    A legacy in the mall business, Sy was born in the province of Xiamen in China on December 25, 1924. He came to the Philippines as an immigrant at age 12 to follow his father to the country. When the World War II struck, his father’s small sari-sari store was burned prompting his father to go back to China, while he chose to stay in the Philippines.

    In 1958, he started his own shoe business in Quiapo, Manila named the “Shoe Mart”, which eventually became the largest retail chain in the Philippines and was later renamed as SM Department Store. Sy also expanded his company to China and opened the first SM Mall in Xiamen in 2001.

    Also read: Henry Sy ranks 52nd on The World’s Billionaires 2018

    Since then, his conglomerate also ventured out into different lines of businesses including retail, banking, and real estate. His empire holds the SM Prime Holdings, Inc., SM Development CorporationHighlands Prime, Inc., BDO Unibank, Inc., and he was the Honorary Chairman of China Banking Corporation.

    Sy was hailed as the Richest Man in the Philippines for 11 consecutive years since 2005 and placed 52nd ranking on Forbes’ World Billionaires 2018 list. According to Forbes, his net worth was $19 billion as of January 18.

    His remains are scheduled for public viewing at the Heritage chapels from January 20 to 23 and his burial is on January 24.

    Also read: 8 Most Influential Tycoons in the Philippines

    Written by Deneca Ordinanza
    Agence France-Presse, Forbes, SM Prime Holdings, Philstar

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