1958—Henry Sy Sr. opens the first Shoemart store in downtown Manila:

“I thought that if I sold a pair of shoes to every Filipino, I would be a successful man.”

1960s—Shoemart expands its shoe store chain. It is one of the pioneers in the new urban centers in Makati and Cubao.

“My move to Makati was due to a Shoemart customer who was a persistent real estate agent. I saw the development of Makati from the time there was just one building in Ayala Avenue. I saw the potentials of the place and made my investments.”

1970s—Shoemart evolves from a shoe store to a department store. It was also during this time that Shoemart became SM Shoemart or SM, which has become synonymous with one-stop shopping. The company also ventured into the banking business during this time.

“I started with shoes, and with hard work and self-discipline, the business prospered. I moved to the department store business and again, things went well.”

1980s—SM positioned itself for growth, expanding its department store chain, and venturing into the supermarket and appliance business.

It was also during this time that it fully acquired its main bank, Banco de Oro, and ventured into property projects like Galleria de Magallanes and The Ritz Towers.

“I make sure that we serve more people and we serve them better.”

1985—SM opens its first shopping center, SM City North Edsa. “While I was on my buying trips abroad, I saw the shopping center development in the US from the east to the west coast. I knew that this would happen in the Philippines.

“In 1983, we were building SM City North Edsa, our first shopping mall. Many people at that time said I was crazy. There was a political crisis; interest rates were as high as 45 percent, and the location of the mall was in the middle of nowhere. They said that SM City would not succeed, but the mall was an instant success.”

1990s—SM spearheads what is known as the malling phenomenon in the Philippines with the opening of SM Megamall in 1991. Malling becomes a way of life for millions of Filipinos as SM malls are opened in the metro and provincial areas.

This is also a period of dynamism for its banking business as Banco de Oro grows into a commercial bank in 1994 and a universal bank in 1996.

“With the SM shopping malls, people tell me I changed Philippine lifestyle. Families and friends spend time together in the malls. They shop, dine and have fun, whatever age, and whatever budget they have.”

1994—SM transfers its shopping center business to SM Prime Holdings, a publicly listed company “I like the excitement of change and new and better ideas. I look for excellence in performance.”

2000s—SM’s supermalls embark on an aggressive expansion program, opening at least two new malls a year. By late 2007, there are 30 supermalls. With the boom of the property sector, SM Development Corp. embarks on several residential and tourism projects.
Banco de Oro acquires several bank and merges with Equitable PCI Bank, making it one of the country’s largest banks. The merger becomes the catalyst for further consolidation in the country’s financial services sector.

“For now, I still get great satisfaction from working in the malls and watching people shop and have fun in a clean, safe and exciting environment. One newspaper said that the SM shopping malls were the first to treat the working man the same way as his boss.”

2005—SM makes local stock market history with the launching of SM Investments Corp., its publicly listed holding company.

“My basic strategy is to stick to my core business, and to my area of expertise. My business is all related—retail, shopping centers, banking, real estate and tourism development. Together, they create synergy.”

2006—The SM Mall of Asia, which is envisioned to be the premiere destination mall in the Asia-Pacific region, opens.

“The Mall of Asia . . . is the greatest project of my life.”

In the 90’s, Sy set up the SM Foundation to give back to the communities where SM Malls are located.

“We must do something to help others in society. I am pleased that through SM Foundation, we are able to do many socio-civic projects, and support at any one time 400 college scholars in need who come from public schools.”

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