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During the Martial Law years, he continued to open more department stores, reaching a point wherein he could not get space he needed in the existing shopping centers during that time.
He then decided think long term, and invest in properties for malls, which were patterned after suburban shopping centers, which he had been studying for some time.
This is another inspiring story as we witness his rags to riches story on how he built all SM Malls and became one of the biggest bankers enabling him to become the richest man in our country surpassing both Lucio Tan and the Ayalas.
Let’s learn and be inspired from another successful entrepreneur story as his daughter Teresita Sy-Coson narrates the story of his father’s success: Our company, SM, as many of you may already know, came from the hard work of my dad, Henry Sy, Sr.
He was continuously learning from his customers, suppliers, and employees.
The economy decline was further aggravated by the assassination of Ninoy Aquino.
Many bankers predicted our demise because my dad came from nowhere – he may had a few department stores and shoe stores at that time, but he was not one of the financial heavy-weights at that time.
Unaffected by criticism, and armed with sheer determination and optimism, he persisted and opened in 1985 with our department store and supermarket and a few tenants.
Many potential lessees were saying no to lease offers.
At about the same time, given the social unrest of the times, our own Shoemart Makati was faced with ugly strikes.
After the war ended in 1945, he ventured into selling American shoes imported by enterprising Gis.