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1.
Henry Sy (Shoe Mart)

Shoe Mart, or SM for short, is one of the country’s retail behemoths, and far more
than just a mall.
It is now a well-loved institution of which many Filipino families hold fond
memories. It provides a wide range of services, including shopping, theatres,
locations for date nights, parties and other special occasions, ice skating, and food
courts. SM started modestly and from humble beginnings, despite its now
upmarket reputation.
Henry Sy grew up in Jinjang, Xiamen, China, in a low-income household. Due to
the challenges in their home country, they moved to the Philippines in 1936 and
opened a tiny convenience shop in Manila.
Shortly after, World War II broke out and ruined the family business. Sy, on the
other hand, continued to pursue his entrepreneurial interests by selling worn
military combat boots and other items to American soldiers. This is where the
name “Shoe Mart” originates: it was Manila’s first shoe store at the time. Despite
being unable to find vendors that could make the shoes he wanted, Sy persisted.
Sy, who died in 2019 at the age of 94, was survived by his family. Sy’s legacy
lives on today in his many SM malls and other acquired businesses. As a result, he
was one of the world’s wealthiest men.
Today, the fashion industry looks somewhat different to when Henry Sy founded
his humble shoe store. Get a handle on this ever-changing industry with our
Fashion Management course.
2. Tony Tan Caktiong (Jollibee Foods)

The cheerful tagline “langhap sarap” – a Jollibee trademark – is well-known
among Filipinos.
Tony Tan Caktiong, another Chinese immigrant, is the brains behind this popular
food chain. His family maintained a Chinese restaurant in Manila at the time,
which enabled him to finish college.
He bought an ice cream shop in 1975, but owing to low sales, he decided to add
other items such as fried chicken, fries, and burgers. Customers came to the store
to buy his products after word spread in his area.
Tony Tan Caktiong used to operate an ice cream parlor, before converting it into a
fast food restaurant called Jollibee. With a starting capital of P350,000, the young
Caktiong opened two branches in Cubao and Quiapo, together with friends who
supported his idea.
Caktiong was able to expand across the country after embracing the fast-food
business model, growing his humble restaurant into one of the Philippines’ most
successful businesses.
Furthermore, by establishing a franchise, he has been able to break into the
international market. With over 2,500 outlets in the Philippines and locations in the
United States, China, Saudi Arabia, Vietnam, Singapore, Brunei and the UK,
Jollibee is a fast-food behemoth.
If you’d like to set up your own food business, check out our Entrepreneurship in
Food and Beverage course, which will get you set up in this exciting, fast-paced
industry.
3. Socorro Ramos (National Book Store)

Socorro Ramos began her career in publishing and retail as a salesgirl in a
bookshop. With a capital of PHP200, she and her husband launched National Book
Store in Escolta at the age of 19, selling books and school supplies to children. The
Japanese imposed censorship on books and publications at the time, which
included her burgeoning business. She and her husband supplemented their income
by selling other products such as candles and soaps.
The Ramoses built a nine-story structure along Avenida, after the postwar boom
brought increased revenue for the company. Ramos adopted a hands-on approach
to running her business, even designing the company’s logo herself.
The National Book Store now has around 3,000 employees. At the age of 98,
Socorro Ramos is worth an estimated USD3.1 billion, making her one of the
country’s richest people.
If you want to sell books, it’s also important to know how to balance them. Check
out our Bookkeeping for Personal and Business Accounting course to get your
burgeoning business off on the right financial foot.

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1.

Henry Sy (Shoe Mart)

2. Tony Tan Caktiong (Jollibee Foods)

3. Socorro Ramos (National Book Store)

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