Retail tycoon Henry Sy Sr passes away

MANILA  - Retail tycoon Henry Sy Sr. has passed away, ABS-CBN News confirmed Saturday. He was 94.

"With deep sadness, I would like to inform the group that our beloved Chairman Tatang, Mr. Henry Sy Sr, passed away peacefully in his sleep early Saturday morning. Please pray for the eternal repose of his soul," Steven Tan, SM Supermalls COO, said in a statement. 

Sy's family sought privacy as they thanked those who have extended their condolences. 

"We are truly grateful for the outpouring of sympathy on the passing of our father, Henry Sy Sr. May we respectfully ask for privacy today to give the family time to reflect and to finalize arrangements," the Sy family said in a statement. 

Sy, founder of the SM group, was named by Forbes as the country's richest man with an estimated net worth of $19 billion.

Before his demise, Sy Sr. tapped a long-time associate, Jose Sio, to succeed him as chairman of SM Investments, while his eldest daughter Teresita Sy-Coson and son Henry Sy Jr remain as co-vice chairpersons at SM Investments, where Harley Sy is also executive director.

 'A pair of footwear for every Filipino'

The Chinese-born Sy started his business in 1958 with a Shoemart footwear shop in downtown Manila.

"That’s one of Mr. Sy’s dreams. He stated years before that he wanted to sell a pair of footwear to every Filipino," SM Retail senior vice president for shoes and bags Eugene Saw earlier told ABS-CBN News.

Sy's humble footwear shops in Rizal Avenue and Carriedo Street in Manila eventually branched out into bigger retail shops in Makati and in Cubao, Quezon City, two of the country's busiest districts in the 1960s.

In two decades, Sy managed to change the shopping landscape in the Philippines when he put up the 125,000-sqm SM North EDSA in 1985. 

By the turn of the century, Sy's shoe shop had evolved into a multi-sector empire that had stakes in banking and real estate.

The SM Group now includes BDO Unibank, the country's largest lender, condominium builder SM Development Corp. and Belle Corp., which has a stake in the billion-dollar City of Dreams casino resort.

Sy is among Filipino-Chinese tycoons with businesses expanding in China, with 7 malls in the mainland. 

Amid such expansion, Sy stayed true to his "first love" and opened smaller community malls in rural areas in the Philippines. 

"He got busy with other businesses, but his true love, his true passion is in the shoe business," Saw said.

Philippines' richest was also among Asia's most generous

In 2013, the SM Group chief was named by Forbes Asia as one of the region's top philanthropists for giving nearly $120 million to schools and foundations.

At the time, Sy gave $7 million to the De La Salle University to build an eco-friendly building for the school, and donated $112 million to an un-named foundation, Forbes Asia said.

Sy made it to the top because he "does not stop thinking," Sio, one of the tycoon's most trusted lieutenants, earlier told ABS-CBN News.

"He does not stop thinking. He looks at the long term. He was number one in retail but he was telling me, watch me, (this) bank will be number one," said Sio, recalling how Sy planned the success of BDO Unibank.

"His drive in life, his vision. I said to myself, this (man) will be big," he said.


source: news.abs-cbn.com

Shooting incident in SM Megamall causes panic

MANILA, Philippines – An alleged shooting incident in SM Megamall Saturday night caused panic among shoppers.

Initial reports from several mall-goers said gunshots were heard and stores have been shut down.

According to the Metropolitan Manila Development Authority (MMDA), a robbery incident occurred inside the mall’s department store at around 7:40 p.m.

Mandaluyong Police have yet to verify what caused the shooting incident, as of posting.

The mall’s entry points have been closed and people are not being allowed to enter.

Ambulances are also on standby outside the mall. -- Report from Robert Mano, dzMM

source: abs-cbnnews.com

Henry Sy Sr.'s long-time associate dies

MANILA - Senen Mendiola, the man who helped build the Philippines' largest shopping mall chain SM has passed away due to cardio-pulmonary arrest. He was 85.

Mendiola worked closely with shopping mall magnate Henry Sy Sr. for more than four decades and was a driving force in helping grow the SM brand.

From a single shoe store in Manila in the sixties, SM expanded to a full line store, and later on to department stores and malls.

Mendiola also served as director of SM Prime Holdings since 1994 and was vice chairman in a number of firms within the SM group. He also served as adviser to the board of BDO Unibank.

"Senen is like a brother to my dad. We grew up knowing him as a member of our family," Tessie Sy, eldest daughter of Sy Sr. and vice chairperson of SM Investments, said in a text message.

A graduate of San Beda College with a degree in Commerce, Mendiola is survived by his wife Josefina and four children, including Jorge who is currently president of SM Department Stores.

Wake is at the Sanctuario de San Jose in Greenhills. Interment will be on December 1, Saturday at the Loyola Memorial Park in Marikina City.

source: abs-cbnnews.com

PLDT, SM Sign Branding Alliance

MANILA, Philippines --- The Philippine Long Distance Telephone Co. (PLDT) has strengthened its ties with the country's biggest mall developer and operator, SM via a three-year branding alliance with SM's P3.6-billion Mall of Asia Arena, the latest events venue to open in Metro Manila.

The 16,000-seater complex located at SM's Mall of Asia in Pasay City is a six-level, world-class sports and multi-event complex with a gross floor area of 64,085 square meters. It serves as a venue for concerts, sports matches, musical and theater productions, fashion shows, circuses and corporate events.

The MOA Arena, launched last Saturday, will grant branding rights and license to have the phrase "powered by PLDT" displayed with the Mall of Asia Arena name.

The partnership will also carry multiple branding agreements with SM and PLDT including the MOA Arena state-of-the-art Daktronics scoreboard, rotational ribbon a first in such a venue in the Philippines,

digital spots, PLDT murals and exclusive PLDT show rooms located at the MOA Arena complex.

The MOA Arena will also carry two PLDT corporate suites as part of the 3-year partnership. Various businesses of PLDT, such as ALPHA Enterprise, SME Nation and HOME, will be featured in these spaces.

"We are excited to partner with SM in bringing world-class entertainment, sporting events, and other quality activities to the Filipinos through the Mall of Asia Arena," PLDT Chairman Manuel V. Pangilinan said.

source: mb.com.ph

SM Investments says earnings rise by double digits

The core business of SM Investments Corp., the holding company of the Sy family and the country's wealthiest, drove its earnings to grow by double digits in the year's first nine months.

In a statement to the Philippine Stock Exchange on Monday, SM Investments said its net income increased 13.6 percent to P14.17 billion as consolidated revenues jumped 13 percent to P140.10 billion.

"SM realized its revenue and income growth objectives due to the consistent achievements attained by its subsidiaries. Our strategy is to focus on our core businesses where we have the necessary expertise to continually expand and deliver value for all our stakeholders. We intend to maintain this approach in the last quarter of 2011, which is traditionally our strongest period," said Harley Sy, SM Investments president.

Among SM's core businesses, banks contributed the most at 31.3 percent to the company's consolidated net income. This was followed by retail and shopping malls with 28.1 percent and 23 percent, respectively. The real property business accounted for 17.6 percent. CMA/OMG, GMA News


Source: gmanews.tv