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ENTREPRENEUR

Henry Sy, born in 1924 in China and later moving to the Philippines, overcame poverty and challenges to establish a successful shoe store, ShoeMart, in 1948. He expanded his business into department stores and shopping malls, revolutionizing retail in the Philippines and becoming the country's richest man. His success was driven by hard work, strategic thinking, innovation, and adaptability.

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45 views1 page

ENTREPRENEUR

Henry Sy, born in 1924 in China and later moving to the Philippines, overcame poverty and challenges to establish a successful shoe store, ShoeMart, in 1948. He expanded his business into department stores and shopping malls, revolutionizing retail in the Philippines and becoming the country's richest man. His success was driven by hard work, strategic thinking, innovation, and adaptability.

Uploaded by

mfelarca75
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

1.

HENRY SY
Henry Sy was born in 1924 in Xiamen, China, and moved to the Philippines with his father when
he was 12. His family was poor, and they struggled to make ends meet. After World War II, their
small store was destroyed, but Henry was determined to succeed.Henry saw an opportunity in
selling shoes. In 1948, he opened a small shoe store in Manila called "ShoeMart," later known
as SM. He focused on providing good quality shoes at affordable prices, catering to the middle
class.

In the beginning, Henry faced many challenges, including limited money and competition. He
also had to overcome language and cultural barriers as he adapted to life in the Philippines.
However, he was dedicated to learning and improving his business. His focus on customer
service and quality helped his business grow. As his shoe store became successful, Henry
expanded into a department store in 1972, selling clothes, accessories, and home goods. In
1985, he opened his first shopping mall, SM City North EDSA, which was a new concept in the
Philippines at the time. Despite economic challenges, his malls became popular as places
where families could shop and have fun.

Henry continued to expand his business, opening more malls and stores throughout the country.
He also ventured into other businesses like banking and real estate. Over time, SM became one
of the biggest companies in the Philippines, making Henry Sy the richest man in the country for
many years.

2.
● Hard Work and Determination- Henry Sy was very hardworking and never gave up,
even when things were tough. He kept pushing forward, no matter the obstacles.
● Strategic Thinking-Henry Sy planned his moves carefully, making smart decisions that
helped his business grow steadily over time.
● Vision -He had a clear idea of what he wanted to achieve. He imagined a future where
shopping malls were more than just places to buy things—they were places where
people could gather, eat, and enjoy.
● Innovation- He introduced new ideas in the retail market, like large shopping malls,
which were a new concept in the Philippines at the time.
● Adaptability-Henry Sy was good at adjusting to changes. He learned from his
experiences and was open to trying new things to improve his business.

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