Sy Syms
Encyclopedia
Sy Syms was an American
businessman
, entreupreneur and philanthropist
, who founded the SYMS
off-price clothing chain
in New York City
in 1959.
Syms was born Seymour Merinsky on May 12, 1926, in Brooklyn, New York. He was the youngest of eight children to Jewish parents who emigrated from Russia
. His family decided to change their surname from Merinsky to Merns when his father and son opened a store on Vesey Street in Lower Manhattan
which was also called Merns. Syms went to Midwood High School
in Brooklyn. After serving in the United States Army
, he attended New York University
on the G.I. Bill.
He initially began a career as a sportscaster
and reporter in Maryland
and West Virginia
. However, in 1950 Syms returned to New York
in order to work at the family's store, Merns.
In 1959, Syms opened a men's clothing store on nearby Cortlandt Street
in New York's Financial District
. The store, which was initially named Sy Merns, competed directly with his family's original store on Vesey Street. However, he was forced to change the store's name to simply, SYMS, after legal action was taken against him. He later had his name legally changed to Sy Syms to match the store.
The company slowly expanded during the 1960s and 1970s. The company aired its first television commercial in 1974. In the commercial, SYMS debuted the company's slogan
, "An educated consumer
is our best customer
." The slogan is still used by SYMS as of April 2011.
By 1983, Syms had taken the company public with an initial public offering
and expanded the chain to include eleven retail
locations. The chain now has approximately 30 locations in thirteen states. Sy Syms remained the company's CEO until his retirement in 1998, when he was succeeded by his daughter, Marcy Syms.
Sy Syms remained the company's chairman until he died of heart failure at his home in Manhattan
, New York City on November 17, 2009. He was survived by his wife, Lynn Tamarkin Syms; four children, Marcy, Robert, Richard and Laura; two stepchildren; 10 grandchildren; and three sisters. Two of his children, Stephen and Adrienne, predeceased him.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman
Businessperson
A businessperson is someone involved in a particular undertaking of activities for the purpose of generating revenue from a combination of human, financial, or physical capital. An entrepreneur is an example of a business person...
, entreupreneur and philanthropist
Philanthropist
A philanthropist is someone who engages in philanthropy; that is, someone who donates his or her time, money, and/or reputation to charitable causes...
, who founded the SYMS
SYMS
Syms Corporation is an off-price clothing store chain founded by Sy Syms in 1959 with outlets in several states. It also owns the Filene's Basement stores....
off-price clothing chain
Chain store
Chain stores are retail outlets that share a brand and central management, and usually have standardized business methods and practices. These characteristics also apply to chain restaurants and some service-oriented chain businesses. In retail, dining and many service categories, chain businesses...
in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
in 1959.
Syms was born Seymour Merinsky on May 12, 1926, in Brooklyn, New York. He was the youngest of eight children to Jewish parents who emigrated from Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
. His family decided to change their surname from Merinsky to Merns when his father and son opened a store on Vesey Street in Lower Manhattan
Lower Manhattan
Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York...
which was also called Merns. Syms went to Midwood High School
Midwood High School
Midwood High School, at Brooklyn College, is a public, urban, co-ed high school located on Bedford Avenue in Brooklyn, New York City.Midwood High School was for many years the recipient of multiple accolades because of its competitive educational programs and for the achievements of its students...
in Brooklyn. After serving in the United States Army
United States Army
The United States Army is the main branch of the United States Armed Forces responsible for land-based military operations. It is the largest and oldest established branch of the U.S. military, and is one of seven U.S. uniformed services...
, he attended New York University
New York University
New York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan...
on the G.I. Bill.
He initially began a career as a sportscaster
Sportscaster
In sports broadcasting, a commentator gives a running commentary of a game or event in real time, usually during a live broadcast. The comments are normally a voiceover, with the sounds of the action and spectators also heard in the background. In the case of television commentary, the commentator...
and reporter in Maryland
Maryland
Maryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east...
and West Virginia
West Virginia
West Virginia is a state in the Appalachian and Southeastern regions of the United States, bordered by Virginia to the southeast, Kentucky to the southwest, Ohio to the northwest, Pennsylvania to the northeast and Maryland to the east...
. However, in 1950 Syms returned to New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
in order to work at the family's store, Merns.
In 1959, Syms opened a men's clothing store on nearby Cortlandt Street
Cortlandt Street
Cortlandt Street may refer to:* A street in Lower Manhattan, most of which became part of the World Trade Center in the 1970s* Cortlandt Street , a New York City Subway station...
in New York's Financial District
Financial District, Manhattan
The Financial District of New York City is a neighborhood on the southernmost section of the borough of Manhattan which comprises the offices and headquarters of many of the city's major financial institutions, including the New York Stock Exchange and the Federal Reserve Bank of New York...
. The store, which was initially named Sy Merns, competed directly with his family's original store on Vesey Street. However, he was forced to change the store's name to simply, SYMS, after legal action was taken against him. He later had his name legally changed to Sy Syms to match the store.
The company slowly expanded during the 1960s and 1970s. The company aired its first television commercial in 1974. In the commercial, SYMS debuted the company's slogan
Slogan
A slogan is a memorable motto or phrase used in a political, commercial, religious and other context as a repetitive expression of an idea or purpose. The word slogan is derived from slogorn which was an Anglicisation of the Scottish Gaelic sluagh-ghairm . Slogans vary from the written and the...
, "An educated consumer
Consumer
Consumer is a broad label for any individuals or households that use goods generated within the economy. The concept of a consumer occurs in different contexts, so that the usage and significance of the term may vary.-Economics and marketing:...
is our best customer
Customer
A customer is usually used to refer to a current or potential buyer or user of the products of an individual or organization, called the supplier, seller, or vendor. This is typically through purchasing or renting goods or services...
." The slogan is still used by SYMS as of April 2011.
By 1983, Syms had taken the company public with an initial public offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
and expanded the chain to include eleven retail
Retail
Retail consists of the sale of physical goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be...
locations. The chain now has approximately 30 locations in thirteen states. Sy Syms remained the company's CEO until his retirement in 1998, when he was succeeded by his daughter, Marcy Syms.
Sy Syms remained the company's chairman until he died of heart failure at his home in Manhattan
Manhattan
Manhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...
, New York City on November 17, 2009. He was survived by his wife, Lynn Tamarkin Syms; four children, Marcy, Robert, Richard and Laura; two stepchildren; 10 grandchildren; and three sisters. Two of his children, Stephen and Adrienne, predeceased him.