SM Turns 60: Tessie Sy-Coson Tells Us How a Humble Shoe Store Became a Global Conglomerate
In 1958, humble shoemaker Henry Sy Sr. opened the country’s first Shoemart branch in Manila.
The business owner never imagined how big of a retail giant his unassuming shoe store would become. Or that he would be the richest man in Southeast Asia with a net worth of over $20 billion.
In 60 years, Sy’s SM has evolved into a giant conglomerate that operates 70 malls in the Philippines and several more in China, BDO, the Philippines' largest bank, and a property arm in its business portfolio that includes residences, commercial buildings, resorts, hotels, and convention
Tessie Sy-Coson, Sy's eldest daughter and SM Investments vice chairwoman, touched upon her father’s achievements during her speech at SM’s 60th anniversary launch at SM Mall of Asia on May 21.
More than looking back to the past, Sy-
This year is the 60th anniversary of SM.
As you very well know, SM started out as the dream of a 12-year-old Henry Sy, who sought a better life for himself, for his family, and for his little community.
The history started in sari-sari stores, in buy-and-sell, and in partnerships with a few shoe stores.
In 1958, he established the first Shoemart. It was meant to be a chain of shoe stores.
In 1972, he opened his first department store because he wanted to sell more than just shoes.
In 1975, he changed the name of Shoemart to “SM Department Store.”
In 1985, North EDSA was opened during the time of our country’s economic crisis.
In between, he and his partners acquired a small bank with four branches and named it Banco de Oro—which became BDO.
This little boy’s dream has now evolved into what SM is today: its position in retail, malls, residences, and banking.
My father trained us—his six children—to work like him, and at the same time, to work with professionals to establish the foundation for SM’s growth. Over the years, my father also gathered more friends, tenants, and suppliers. Combined, everyone we have worked with over the years makes us who we are today.
While achieving milestones like turning 60 allows us to be a bit nostalgic, it is not just our history that we are celebrating. We are celebrating our future as well. We stand here looking at our journey ahead—at our next 60 years and beyond—and we’re ready and excited for what’s in store.
We thank you all for being part of our growth so far, and we hope you continue to join us for this ride.
See more snaps from the launch of SM's six-month-long celebration below: