From selling shoes at 8, SM’s Tessie Sy-Coson still sees the perks of being small

BIG HOPE. Teresita Sy-Coson hopes more small businesses will grow into bigger enterprises. Teresita Sy-Coson's Facebook Page 'My dad always tells his friends that if he can do it, you can do it too,' says Teresita Sy-Coson, recalling her childhood helping out at Henry Sy Sr.'s little shoe shop that would grow into the SM empire Teresita Sy-Coson, heiress to SM Investments, emphasizes that small businesses can thrive despite economic challenges by focusing on their market and hard work. She shares her personal journey from helping in her grandfather's shoe store to becoming a key figure in SM's growth, highlighting the importance of supporting small entrepreneurs. SM Investments continues to nurture small businesses by providing them with opportunities for exposure and growth, fostering a symbiotic relationship where both small businesses and SM can thrive together. This is AI-generated. Read the article for full context. Report any errors. There sat Teresita Sy-Coson, heiress to SM’s multitrillion-peso empire, being asked what hope small businesses had left in the Philippines. A weak economy, a weak peso, high interest rates, rising living and fuel costs, and now artificial intelligence. Could a small business still thrive? Tessie, as she’s fondly called, smiled. “We always have a lot of challenges. But the good thing about a small business is sometimes, those can be just noises,” she said. “You just look into your market, search your market, work hard, and you’ll be able to get over it.” “That’s the good thing about small businesses. You don’t have to worry about government regulator, accounting [principles], compliance, environment,” Tessie added. Perhaps not the best legal advice, but an amusing observation from the vice chairperson of SM Investments and chairperson of BDO. And there is some truth, especially in red-tape laden Philippines; while small firms have rules to follow too, they don’t face the same compliance demands as a listed mega-company. Besides, if anyone understood the difference between small and big, literally and figuratively, it was Tessie. In her shoes Long before SM became the empire it is today, Tessie was an eight-year-old helping in her father’s shoe store. At the ASEAN Inclusive Growth Summit on Wednesday, November 11, she laughed when veteran broadcaster Rico Hizon brought up this childhood memory. “I have a small frame. And you can imagine how small I must be when I was small,” she recalled. A tiny girl fetching shoes for customers to the amusement of adults around her. But it was no matter to her — everyone was expected to help the family business, particularly during the busy Christmas season. “I have to work to show the family that I can contribute,” she said. By 13, she was spending Saturdays at her father’s store. She reckoned her father’s business was only micro or small when she was born. Henry Sy Sr. opened ShoeMart in 1958, and by 22, Tessie was already running the family’s first department store. SHOEMART. Henry Sy Sr. poses in front of the small shoe store he opened in Manila on October 1958, more than six decades before it transformed into a sprawling mall. Photo from Teresita Sy-Coson’s Facebook page. Being the eldest of six, however, didn’t automatically make her the heir. Traditional Chinese family customs have often favored sons in leadership positions, though the Sy siblings shared responsibilities. “I was not meant to lead the group. Even now I am not leading — I maintain the core,” she told Forbes in 2012. An understated assessment from a woman who helped build SM’s retail operations and BDO’s banking empire, including its 2007 merger with Equitable PCI Bank. A soft spot for small businesses Even today, SM hasn’t stopped growing. Its latest flagship mall, SM Nuvali, is opening this November and a new mall on Manila’s former Harrison Plaza site targeted for 2027. The malls are also evolving to court younger shoppers, with Tessie keeping an eye on Gen Z tastes and trends. “I have to research, and I look at a lot of social media as well,” she said. Even TikTok, she admitted, is part of her research. And yet for all its immense size today, SM still has a soft spot for entrepreneurs who started small, just as Henry Sy Sr. did. Tessie said many mall tenants began at trade fairs, where SM provided customers and foot traffic while entrepreneurs developed their products. Some eventually became permanent tenants. SM also works with the DTI and Go Negosyo on fairs and mentoring events. “We provide the customers for them,” she explained. “For them, it’s more of selling and the marketing and the traffic is already there.” “We grow, they grow,” she said. Tessie hopes more small businesses will emerge and eventually grow into bigger enterprises, even amid difficult economic conditions. “My dad always tells his friends that if he can do it, you can do it too,” she recalled. – Rappler.com How does this make you feel? Loading