Have you ever wonder why there is no Mercury Drug in SM Malls here in Philippines?
A Chinese Filipino business man, chairman of SM Prime Holdings, Inc., and the Philippines’ Retail King, Henry Sy, Sr. pioneered the establishment of SM Malls, anchored by Shoemart Department Store and Supermarket. In 2011, Forbes Magazine listed him as the no. 1 billionaire in the Philippines.
In his youth, he wanted to get rich ever since.so he tried many businesses to get enough income but failed. After trying so hard to earn enough money to start a small business, something crossed to his mind. He thought of building a small shoe store.
But how could he get some customers?
He noticed that Mercury Drug, which has been in the business for so many years, has many loyal customers coming to them. He approached the owner and asked if he can rent and place his small shoe store there even with a very small portion.
Unfortunately, He was not allowed and got embarrassed even though he asked politely.
Instead, he promised to himself that he will never let Mercury Drug step into his life when he gets rich. So in 1958, Mr. Sy established his shoe store in Quiapo, Manila, which became SM Quiapo, the first SM Mall, in November 1972.
Now, Mr. Sy is the richest man in the Philippines because of his own will and determination, gaining $5 billion in 2010, amid the global financial crisis. He is also the owner of China bank and operator of BDO.
Aside from his numerous malls, supermalls and supermarkets in the Philippines, he also owns 6 SM Malls in Mainland China, and 1 SM Mall in Guam. He even franchised Watson’s from Hong Kong which became the substitute for Mercury Drug.