Teresita Sy-Coson: 6 Teachings from Tatang Henry

Teresita Sy-Coson, known as Tessie, is a key leader in Philippine business. She didn’t just follow her father, Henry Sy Sr., who was also called Tatang Henry. She made her own path. As vice chairperson of SM Investments Corporation and BDO Unibank, Inc., Tessie has led big changes in retail and banking, helping the SM Group grow in new ways. Her leadership reflects her father’s idea of building “from shoes to skyscrapers.” Tessie’s story shows how strong leadership and staying true to her father’s lessons can lead to great success in today’s fast-changing world.

Here are the lessons that Tessie learned from her father. 

6 Teachings from Tatang Henry

1. Hard Work and Perseverance:

Henry Sy’s journey from a small shoe seller to a tycoon is legendary. He emphasized the importance of hard work, a lesson Teresita absorbed fully. She has often spoken about her father’s relentless work ethic and how it inspired her to dedicate herself wholly to the family business. This principle became a cornerstone of her leadership style.

“I started [working at] 13 and it’s because I was doing Ko tiam,” Tessie recalls. “My classmates were not happy that I was wearing the uniform and helping out in the store.” This early exposure helped Tessie build on her foundation of managing the family business and become what she is today. The experience instilled in her a deep understanding of the intricacies of business operations from a young age. 

Like most Chinoy businesses, doing ko tiam at a young age has also helped Tessie develop the stamina to work for hours. She smilingly shared, “Even if you ask me to work 10 hours a day at my age, I can still do it. But that’s because we were trained.” Such early immersion in the business world not only equipped her with practical skills but also ingrained in her a resilient work ethic that continues to drive her success today.

2. Customer Focus:

Henry Sy always believed that the customer comes first. This customer-centric approach was crucial in building the SM brand. Tessie has continued this legacy by ensuring that customer satisfaction remains at the heart of SM’s operations. “Every so often, we will have to think of new ideas to make people have reasons to come to the store,” Tessie said, emphasizing the importance of innovation in maintaining customer interest. Under her guidance, SM has consistently evolved to meet the changing needs of its patrons, whether through the development of new mall concepts or the expansion into e-commerce.

Tessie also stresses the importance of tailoring business strategies to meet market demands. “If you look into our malls, we try as much as possible to really bring as many customers as we can into the mall. So that the business and our tenants will have good business and we have good rental,” she explained. She understands that staying relevant requires constant adaptation. “The market is very demanding, and their demand is only for about six months, and they will just change,” Tessie noted. “Many things are happening in this world that we have to always be on our toes all the time.”

Innovation is key to meeting these ever-changing demands. “So, if you have a lot of new ideas, we always welcome it. And, you know, the world is different now,” Tessie remarked, highlighting SM’s openness to fresh concepts. This proactive and flexible approach ensures that SM continues to attract and retain customers, keeping the brand vibrant and competitive in a dynamic market environment.

 

3. Visionary Leadership:

Henry Sy’s vision was far-reaching, and he encouraged his children to think big. Teresita inherited this trait, driving SM to expand beyond retail into banking, real estate, and other sectors. Her ability to foresee market trends and adapt accordingly has been instrumental in maintaining SM’s competitive edge.

“As I said, he would always make sure that we are almost like him, number one, in our chosen field,” Tessie explained. “We’re not always number one. But we try to be number one in our chosen field.” This ambition to excel in diverse industries has propelled SM’s growth and diversification.

Tessie’s leadership embodies her father’s spirit. “So what we have to do is we have to work hard, we have to persevere, we have to have a lot of patience, and we have to think far.” Her strategic foresight and relentless drive ensure that SM stays ahead in a competitive market, continually pushing the boundaries of what the company can achieve.

“We always like new ideas. And if we cannot get them locally, we go abroad to get them. But many of them take a long time to put together,” she noted. This proactive approach has brought many international brands to the Philippines under SM’s umbrella. “It took us six years to bring Watsons here in the Philippines. Uniqlo was faster because the owner likes the Philippine market,” Tessie shared. “It took us 10 years with Ikea, but that is just leasing only. Our people know how to do it. They make it attractive [for local and international brands].”

By combining her father’s visionary principles with her own innovative strategies, Tessie has ensured that SM not only keeps up with the times but often sets the pace, fostering a dynamic and robust business environment that thrives on both local and international partnerships.

 

4. Resilience:

The ability to bounce back from setbacks is a vital lesson from Henry Sy. Teresita witnessed her father’s perseverance through economic downturns and other challenges. This resilience has been evident in Tatang Henry’s leadership, particularly during the 1997 Asian financial crisis. 

“When you go into certain crises, you always have to come out learning something,” Tessie told this to the members of Anvil Business Club. This mindset helped her navigate several significant challenges throughout her career. “My first awakening was more of the Mega Mall where we had some problems before,” she recalled. “Then we had the mergers of the bank where I had problems for two and a half years. I had headaches almost every day. I mean physical headaches.”

The COVID-19 pandemic presented another major challenge for Tessie. With her father having passed away in 2019, she faced the crisis without his guiding presence. “The third is this pandemic,” she said. “So I was always worried that what if his beloved retail would fail in my management? That bothers me a lot.”

Determined not to let her father’s legacy falter, Tessie took decisive action. “We started working one month after. And we have been calling everybody to work hard, to really try to make the sale, get rid of the old inventory, [and] correct a lot of things. And we ended up becoming more efficient than in 2019.”

Tessie’s resilience and proactive measures ensured that SM not only survived the pandemic but emerged stronger, embodying the very lessons of perseverance and adaptability she learned from her father.

5. Ethical Business Practices:

Integrity and ethical practices were non-negotiable for Henry Sy, and Teresita has upheld these values. She has ensured that SM’s growth is not just measured by profit but also by its contributions to society. SM’s corporate social responsibility initiatives, focusing on education, health, and disaster response, reflect this commitment.

Tessie emphasizes that meaningful community engagement is key to SM’s success. “Going beyond the NCR is not as good as you would expect it to be unless you’re doing something, which is really for that community,” she explained. This approach is evident in how SM conducts its business expansions. “The way we do our business is we have to when we bring whatever tenants or supplies we have to an area, and if they like the area, they will join us.”

Employment and business activity are also critical components of SM’s community impact. “We will have to work on more employment then also increase the business activities in those areas and make some impact in the society. So with that, there is always that we’ll bring in people to the mall,” Tessie noted. This cycle of mutual benefit is fundamental to SM’s strategy. “So it’s a cycle. You do something for the community and the community will come to you.”

6. Good Foundation of Education

Education holds a special place in the heart of the Sy family, particularly for Henry Sy Sr. Tessie recalls, “My father’s main trust in the foundation has always been education because he did not have enough education when he was growing up.” Despite facing obstacles, including the need to support his family, Henry Sy Sr. harbored a deep desire to further his education. Tessie shared, “There was one time also that he wanted to finish his college education but he had to work and he was married then so he had to sustain his family.”

This personal experience instilled in Henry Sy Sr. a profound appreciation for the transformative power of education. “There’s always a yearning for more education for him,” Tessie explained. This desire for knowledge and self-improvement inspired the Sy family’s commitment to providing educational opportunities for others. Tessie believes that education is a fundamental tool for empowerment and progress. “If we can also give education to those that are interested and may not have the means, it will take them far.”

The Sy family’s philanthropic efforts in education reflect their belief in the principle of “People helping people.” Tessie elaborated, “What we do is that it’s people helping people so if one is educated then he can help the family and the family can help other families.” By investing in education, the Sy family aims to create a ripple effect of positive change, where individuals empowered with knowledge can uplift their families and communities, fostering a cycle of mutual support and progress.