SM

SM Business Overview

SM, which stands for Shoemart, is the most dominant retail and property conglomerate in the Philippines. What began as a small shoe store has grown into a nationwide empire that shapes how Filipinos shop, bank, live, and spend their leisure time.

How the SM Business Started

SM was founded in 1958 by Henry Sy Sr. as a small shoe store in Quiapo, Manila. The business focused on affordable footwear, which resonated with local consumers. This humble beginning laid the foundation for what would later become one of Southeast Asia’s largest conglomerates.

SM Growth and Expansion

SM’s expansion accelerated with the opening of SM City North EDSA, the first SM mall, which introduced the modern shopping mall concept to the Philippines. As of January 2026, SM operates 98 malls worldwide—89 in the Philippines and 9 in China. Recent developments include the opening of SM J Mall in Cebu in January 2026, with additional malls such as SM City Zamboanga and SM Neo Verde in Cavite planned within the year. Through SM Investments Corporation, the group expanded into banking, retail, and property development, creating a fully integrated business ecosystem.

SM Products and Services

SM’s businesses span multiple sectors. In retail, it operates SM Store, SM Supermarket, Savemore, Hypermarket, Alfamart, and various specialty stores. In banking, it owns BDO Unibank and China Bank. In property development, SM Prime develops malls, residential condominiums under SMDC, hotels, office buildings, and mixed-use developments. Beyond commerce, SM malls also serve as lifestyle hubs offering dining, entertainment, government services, and community spaces.

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