To many Filipinos, taipan Henry Sy Sr. is more of a legend - the Chinese immigrant who went on to establish the giant SM retail chain through dint of hard work and unshakable belief in the growth prospects of the Philippines.
But to the entrepreneurs who were fortunate enough to have personally known him, Sy was so much more than just the Father of Philippine Retailing, who eventually became the country’s wealthiest man and founder of one of the country’s largest conglomerates with interests not just in retail but also in banking, property and infrastructure development.
“During Tatang’s 80th birthday celebration, for example, he sent somebody over to get Nanay. She sat beside him , next to him the whole time,” shared Ramos, “They really had a lot of respect for each other.” The Penshoppe Group believed in that growth vision, too, a major reason why they have made it a point to open their stores together with the new mall. Today, the Penshoppe Group has over 350 sites in SM malls across the Philippines, accounting for about a third of its extensive national footprint.
His son, Fergus, for example, is looking at introducing better efficiencies across the group as well as bringing in more brands that may appeal more to the higher-income markets. Tatang’s life story always helps keep them grounded and at the same time inspired to reach for more, even if they have already made a mark in the local retail industry.
“He told us then, don't be afraid of failure. You guys are young, you can afford to fail. If you just persist, you will succeed,” said Claudio, who also heads the Philippine Retailers Association.But of the entrepreneurs who got to interact with Tatang, perhaps Lydia de Roca, founder of the 58-year-old Lydia’s Lechon, had the most unique encounter.
“Do you not know him?” they said to me. I replied no. He is Henry Sy, the owner of SM, lthey own all SM stores.” recounted de Roca, who was taken aback that such a rich and influential person would be so simple and unassuming.
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