Howard Sy: The Fresh Prince of Storage
Howard Sy, only 28 and looking cute, boyish and hardworking, could be the prince of the storage industry in the Philippines.
Could. But we’ll get to that later. Of course you’ve heard what usually happens in a family business: the first generation starts the business; the second generation grows it; the third generation squanders it.
Howard doesn’t look like the type who will squander the business that his grandfather, Henry Sy Sr. — listed by Forbes magazine as the richest man in the Philippines — started in 1958 with one small shoe store in Manila and whose business empire now includes malls, real estate, banking, mining, hotels, education and health care.
Before you can even finish telling him about what is often said about third-generation squanderers, Howard smiles: “I can’t imagine myself spending money that I myself didn’t earn.”
He wears typical young attire, clothes that he has been wearing since college, mostly from the family-owned Surplus Shop, which carries export-excess, fashion-for-less goods. He brings a packed lunch to work, hardly goes out and instead invites friends for drinks at home.
“One thing I’m very proud of is the fact that we grew up very thrifty. l think I’m the cheapest guy in the family. I took their life lessons to the extreme!”
Howard’s first job experience was being a bagger at the supermarket for two weeks, a typical immersion project which Xavier students went through in high school. He worked for four years as a barista at Hudsons Coffee while studying commerce, majoring in finance and management at the University of Melbourne in Australia. He also did club promotions for two years, earning commissions and freebies.
He says he got his best job experience, working from 9 a.m. till almost midnight for three and a half years, being shouted at and not taking it personally, as an analyst with the Macquarie Group, an Australian banking company investing in major infrastructure projects in the Philippines, including the LRT1 Extension, wind farms, solar plants and oil storage. “That’s where I developed character-building and matured a lot,” Howard says with an obvious tone of gratitude.
His inspiration and business mentors are his grandfather, uncles and aunts. But most of all, Howard is grateful to his father, Hans Sy, the top man at SM Prime, for being his nurturing mentor. “My favorite advice from my dad comes from a quote from the Dalai Lama: ‘If there is a problem and you have a solution, don’t worry because you have a solution. If there is a problem and there is no solution, don’t worry because worrying won’t do you any good. Go spread your wings and do what you think you can do best.’” With that blessing from his father, Howard put his own hard-earned life savings into a business of his own that he calls StorageMart — yes, as a tribute to his grandfather who built and put luster and integrity to the acronym SM.
In his huge, superbly clean and impressively designed StorageMart along Yakal Street in Makati, Howard shows us the beginnings of a well-planned storage business that he aims to master and lead. He could, and we know he surely would.
PHILIPPINE STAR: Your dad (Hans Sy), seems very proud of StorageMart, the business you have just set up. Tell us about it.
HOWARD SY: I’ve always wanted to have my own business. My dad loves telling of the time he started his own business when he was 18. So I aspired to follow in his footsteps, though I am 10 years late into the game. Last November, I started a self-storage company called StorageMart. It’s conveniently located in Makati to target condominiums and office buildings around the area. We offer accessible storage spaces which customers can rent monthly and store their belongings. Unit sizes range from one to 21 square meters to accommodate varied needs. Customers can access their units any time of day because our facility is open 24/7. We have multiple security measures including 24/7 guards, CCTV and a modern access control system with PIN codes and individual door alarms.
What inspired you to set up a storage business in the Philippines?
My inspiration came from watching Storage Wars on TV. I researched and saw that industry is still in its infancy in our country. Everyone was headed into the tech industry, and not being tech-savvy, I wanted a business that was still brick-and-mortar.
Is Manila ready for this business?
It’s exciting to be paving the way and be one of the few pioneers of the industry. I see Metro Manila — especially Makati and BGC — as similar to Singapore and Hong Kong. Some 10-15 years ago, the self-storage industry of those two countries was the same as what we have now. It’s a booming industry with a lot of growth expected in the near future. The Philippine economy is growing, and with the increasing purchasing power of Filipinos, I foresee them spending more on goods and services and needing storage.
Can you give us an idea of what Filipinos store? Aside from the condominium boom, what makes this business thrive? Are Pinoys hoarders? And sentimental?
Many customers simply store personal or household belongings such as furniture. Some people store their hobby collections, seasonal decorations and business products. Corporations store a lot of their office documents and commercial wares. We have event planners who store their props. Surprisingly, many customers look for small units to simply store one or two balikbayan boxes or pieces of luggage in their units. Yes, Filipinos are obviously hoarders as they keep items for future use. And emotional, too, as they keep many mementos for sentimental reasons.
Just like on the TV show, if people fail to pay their rental, their stored items will be auctioned off?
Oh, I don’t really want to sell other people’s items. It’s better to just settle rather than go through the process of auctioning.
You seem to be such a workaholic. How do you relax and de-stress?
Yes, I’m at work 24/7, but I try to go to the gym twice or thrice a week and play basketball weekly. As of now, I’ve told my friends, “Guys I can’t go out muna, all my savings are in this business!” But as I said, I tell my friends to come over for drinks at home. I also actually enjoy drinking at home with my parents — yes, meaning both my dad and my mom (Carol Sy).
Having been taught to be thrifty by your family, what would be your biggest luxury?
Growing up, we didn’t live excessively, but we had access to the essential things in life, especially education, which I am thankful for. Biggest luxury? Traveling is probably one of the luxurious experiences I treasure.
How do you describe the SM work ethic?
Right now, I don’t work for SM, but from the way I see my dad, my uncles and aunts at work, it’s a very hands-on and detailed approach. They are the heads of their own divisions, but this is never a reason to slack off. They put in extra hours to stay on top of everything. Even on holidays, my dad spends his time inspecting malls instead of resting. The funny thing when I was growing up was that I got used to eating dinner at 9 or 10 p.m. because we would wait for my dad to come home from work. I always thought this was normal, only to find out that everyone actually eats dinner between 6 to 8 p.m.
Is your dad a very strict person?
Yes, my dad is strict when it comes to getting things done.
You have your own business right now, but do you see yourself having to work for the family business someday?
Yes, I will definitely end up helping the family business, but I want to make sure I get the proper credentials when I join it. What if people don’t respect me because the job was just given to me? I’m very thankful for the blessings given to me and I do want to be able to repay my family in whatever way I can. I have to give back.
Do you see yourself introducing radical changes?
The things I would probably look to change would be more of making the company adapt to modern society. The current formula has been working for so many years, so why change it? That being said, we should never be complacent and always look to improve the company. The approach my dad has taught me is to always look from the customer’s perspective. Find ways to make it better for them.
Having established StorageMart, what’s your next move?
I am actually building the second StorageMart in another location, This time it is climate-controlled, for storing things such as artworks and fur coats.
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StorageMart is located at 7452 Yakal Street, San Antonio Village, Makati. For inquiries, call (+632) 805 9944, (+63) 917 825 3943, (+63) 998 593 8792. Visit www.storagemart.com.ph.
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