Henry Sy, who became a billionaire by parlaying a shoe store into the biggest retailer in the Philippines, has died. He was 94. He died in his sleep on Saturday morning (Jan 19), his daughter Teresita Sy-Coson and Jose Sio, chairman of SM Investments Corp, said.

Sy's company started as a shoe store in 1948. Today, SM Investments is an empire that includes SM Retail Inc, which operates the nation's biggest supermarkets and department store chains; SM Prime Holdings Inc, the largest shopping-mall operator; and BDO Unibank Inc. In the nation of more than 105 million people, his malls attract an average of 3.5 million shoppers a day.

Sy amassed his fortune against the backdrop of unstable governments, political corruption and economic contractions, notably the Asian financial crisis of 1997-1998. He continued to expand his empire with new shopping malls and a bank that eventually became the nation's largest by assets. Today, the group runs 62 department stores, 56 supermarkets, a network of 194 SaveMore grocery stores and 50 hypermarkets.

SM Department Store is a member of the IADS.

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