Henry Sy Sr. is an undisputed icon in Philippine business history. Known as the “Father of Philippine Retail,” his name has become synonymous with success, hard work, and vision. But for the thousands of employees, entrepreneurs, and business partners who knew him personally, he will always be “Tatang”—a humble, hands-on leader whose compassion and dedication left an indelible mark on the Filipino people.
Before his passing on January 19, 2019, at the age of 94, Tatang was the wealthiest person in the country with a net worth of US$19 billion, according to Forbes. However, his true legacy is measured not by numbers, but by the lives he touched, the opportunities he created, and the values he instilled in Philippine retail.
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From Shoemart to SM Supermalls
Tatang’s journey began with humble beginnings. Born in Fujian, China, he migrated to the Philippines at age 12 and helped his father run a small sari-sari store. When their shop was destroyed during World War II, his family returned to China—but Tatang stayed behind. He pursued a business degree at Far Eastern University and opened a small shoe store on Carriedo Street in 1958.
That store, called ShoeMart, grew steadily over the decades. What began as a modest shop became SM—home to over 60 department stores, 50 supermarkets, and more than 200 grocery outlets spread across 49 malls in the Philippines and China. Today, SM Investments Corp. stands as the country’s largest conglomerate with ventures in retail, real estate, and banking, including SM Prime Holdings, SM Retail, China Bank, BDO, and SMDC.
A Leader with Heart
Tatang’s influence reached far beyond the business world. To many, he was remembered most for his humility and kindness. One of the most beloved stories comes from Lydia de Roca, founder of Lydia’s Lechon.
In 1989, a simple man in a shirt, shorts, and slippers regularly ate lechon at her Baclaran branch. He later offered her a stall at SM Sta. Mesa. Only then did she realize the man was Henry Sy himself. “Since then, I’ve always kept him in my prayers,” De Roca recalled. “I asked the Lord to always keep watch over him and his family.”
For Precy Ramos of National Book Store, Tatang was more than a business partner; he was a friend. She recounted how he personally ensured their stores had space in SM malls, starting with SM North Edsa in 1985. Penshoppe founder Bernie Liu also remembered how Tatang would personally walk through their displays and comment on even the smallest details. “He was very particular about the display… really hands-on and very down to earth,” Liu shared.
Putting Customers First
What set Tatang apart was his unwavering belief in putting the customer at the center of everything. He made regular rounds in his malls, checking displays, listening to shoppers, and observing how people experienced SM.
“Tatang would tell me, ‘You have to engage the customers, you have to feel the senses of the customers. It’s not so much about the goods. They have to have an emotional experience,’” shared Robert Palomo of Great Image.
This customer-first mindset became part of SM’s DNA. In the 2023 Philippine Best Customer Service survey by Inquirer and Statista, SM Markets, SM Cinema, and SM Store earned top marks for accessibility, communication, and professional competence.
A Legacy of Care and Hard Work
Beyond customers, Tatang also believed in taking care of people inside the organization. “He taught us to treat our employees like family, the way we want our employees to treat our customers,” Ideal Vision’s Jessica Dee said.
This philosophy extended to SM Foundation, the group’s social arm, which supports communities through education, health, and social inclusion programs.
After more than six decades of shaping Philippine retail, Tatang Henry Sy Sr. remains a towering figure—not just because of his empire, but because of the values he lived by. His story is a testament to what humility, hard work, and genuine care for people can build.
As Tatang once showed through his actions, true success isn’t only about wealth. It’s about creating opportunities for others to grow with you—a vision that continues to guide SM and inspire generations of Filipinos.
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