The PCE, a private and non-profit institution that promotes entrepreneurship education and the development of a Filipino culture of enterprise, unanimously selected Sy. The selection committee, which was composed of several deans of academic institutions, agreed that Sy epitomizes the established entrepreneur who has singularly spawned the rise of other competitive Filipino entrepreneurs.
Through SM’s stores and malls, Sy has "patiently given time to other entrepreneurs, and has continued to define the country’s business landscapes and invigorate the Philippine economy. He has generously helped businesses in many ways to fully realize their potential through his various business relationships – whether they are his lessees, contractors, or concessionaires."
In turn, "these people have drawn inspiration from Sy and therefore widened their vision for the future of their respective enterprises. He has turned struggling cottage industries into dynamic ventures, many of whom have started with one outlet but also grew as SM expanded."
Well-known entrepreneurs like Ben Chan of Bench, Johnlu Koa of French Baker, Jay Aldeguer of Island Sourvenirs, plus thousands of other mall tenants and suppliers, attest to his guiding hand in carving out their success.
He has helped them by updating them on new markets and design trends, and assisting them on the business side.
As a result, Sy, through SM has not only built world class mall, but also provided jobs, business opportunities, and strong partnership.
Known as the visionary of Philippine retail, Henry Sy Sr. opened the first Shoemart store along Rizal Avenue in downtown Manila in October 1958. Sy conceptualized a chain of shoe stores, each characterized by a distinct merchandising layout never before attempted in the country.
The company has since undergone several transformations – from a shoe store to a chain of trendsetting department stores, to the country’s leading developer and operator in the country.
Today, SM is a dynamic group of companies with core businesses in retail merchandising and shopping centers and complementary businesses in financial services and real estate and tourism development.
In early 2005, SM Investments Corp., the group’s holding company, launched what is considered the biggest initial public offering in the Philippine Stock Exchange (PSE).
SM’s 23 supermalls, 26 department stores, and hundreds of retail stores have become part of the lives of many Filipinos.
More than 1.5 million customers visit SM’s supermalls everyday. These are places where they shop, eat out, watch movies, or simply spend fun times together with family and friends.
Acknowledging his contributions to the industry, the Philippine Retailers Association recently paid tribute to Sy as the Father of Philippine Retail.