Tracing Henry Sy's steps in selling - I

this story was taken from www.inq7money.net URL: http://money.inq7.net/topstories/view_topstories.php?yyyy=2006&mon=04&dd=30&file=4 Tracing Henry Sy's steps in selling - I Posted: 5:32 AM | Apr. 30, 2006 Inquirer Published on page B2 of the April 30, 2006 issue of the Philippine Daily Inquirer TAIPAN Henry Sy is set to open the country's biggest mall in a few weeks. The Business Features does a countdown of the opening by looking back at one of the richest man in the world's early beginnings. 1959—Henry Sy Sr. opened the first Shoemart store along Rizal Avenue in downtown Manila. Sy conceptualized a chain of shoe stores, each characterized by a distinct merchandising layout never before attempted in the country. 1960s—The company expanded its shoe store chain. It was one of the pioneers in the new urban centers when it opened bigger shoe stores at the Makati Commercial Center in 1963 and Cubao in 1967. 1979s—Shoemart marked its shift from a shoe store to a full line department store with SM Echague and later SM Makati in 1975. This was also the time Shoemart became known as SM Shoemart or simply SM, a name that has become synonymous to shopping. 1980s—SM positioned itself for growth, diversifying into the supermarket and appliance store business. 1985—Late 1985 marked the opening of its first shopping mall, SM in North Edsa. "When we constructed our first mall in North Edsa in 1983, the Philippines was in the midst of a debt moratorium, drastic evaluation, and experiencing hyper inflation. The economy's decline was further aggravated by the assassination of Ninoy Aquino. Many bankers depicted our demise because Mr. Sy came from nowhere. He may have a few department stores and shoe stores, but he was not one of the financial heavyweights at that time. Unaffected by criticism and armed with sheer determination and optimism , he persisted and opened in 1985 with our department store and a few tenants.