The mall, which opened in May and already attracts 1 million shoppers on weekends, is the crowning achievement of Sy's 60-year career in retailing that began with one small shoe store in Manila and now includes 26 other malls in the Philippines, four more in China, one in Guam and a chain of department stores and supermarkets.

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Shinsegae owns a string of department stores and the Starbucks chain in South Korea.

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In the last four years the 52-year-old clothier has rehabilitated two retail operations: British Home Stores (now known as BHS), a 76-year-old chain of department stores, and Arcadia Group, owner of popular outfitters like Topshop and Topman.

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Bleak warnings have sounded from such broad-based supermarket groups as Carrefour in France and Metro in Germany, from Federated Department Stores in America and from specialists such as Dixons, a British electronics chain.

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Operates BMW Lifestyle retail chain in China, and, with brother Edward, controls chain of Hong Kong-listed PCD luxury department stores.

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