The Philippines has witnessed the phenomenal growth of several companies that now make up the top tier of successful
businesses in the country.
The rise of these businesses has become the stuff of legend, and continues to inspire many Filipinos to this day.
Here are three of them:
The SM Investments Corporation, better known simply as SM, is one of the country’s leading conglomerates, with
considerable interests in retail, banking, and property development.
SM stands for ShoeMart, a retail store specializing in locally made shoes, which was how the giant SM enterprise’s began. The first ShoeMart opened its doors in Avenida, Manila in 1958. SM’s founder, Henry Sy, Sr., was born to a Chinese family who migrated to the Philippines in 1936 when Sy was 13 years old. His father opened a variety store in Manila, which burned down during World War II. After the war, the enterprising Sy made money by buying and selling needed post-war commodities, including the shoes of American soldiers who occupied the city. This experience inspired Henry to put up ShoeMart, and he was personally involved in the manufacture and design of the shoes his store sold. With its innovative business and customer service systems, ShoeMart grew to become SM Department Store, the country’s biggest department store chain. Today, more than 50 years later, ShoeMart, now simply known as SM, has grown to unprecedented heights. Its retail division has expanded to food, with five store formats, including supermarkets and hypermarkets. It has also ventured into residential and commercial property development under the SM Prime Holdings division, starting with shopping malls hailed as among the biggest in Asia. In addition to mixed-use and residential properties, the company now has a network of 44 malls spread across the Philippines, with a few found in other Asian countries. SM has also gone into banking, with the establishment of Banco de Oro, now one of the country’s largest banks, and China Banking Corporation.
SM
The SM Investments Corporation, better known simply as SM, is one of the country’s leading conglomerates, with
considerable interests in retail, banking, and property development.SM stands for ShoeMart, a retail store specializing in locally made shoes, which was how the giant SM enterprise’s began. The first ShoeMart opened its doors in Avenida, Manila in 1958. SM’s founder, Henry Sy, Sr., was born to a Chinese family who migrated to the Philippines in 1936 when Sy was 13 years old. His father opened a variety store in Manila, which burned down during World War II. After the war, the enterprising Sy made money by buying and selling needed post-war commodities, including the shoes of American soldiers who occupied the city. This experience inspired Henry to put up ShoeMart, and he was personally involved in the manufacture and design of the shoes his store sold. With its innovative business and customer service systems, ShoeMart grew to become SM Department Store, the country’s biggest department store chain. Today, more than 50 years later, ShoeMart, now simply known as SM, has grown to unprecedented heights. Its retail division has expanded to food, with five store formats, including supermarkets and hypermarkets. It has also ventured into residential and commercial property development under the SM Prime Holdings division, starting with shopping malls hailed as among the biggest in Asia. In addition to mixed-use and residential properties, the company now has a network of 44 malls spread across the Philippines, with a few found in other Asian countries. SM has also gone into banking, with the establishment of Banco de Oro, now one of the country’s largest banks, and China Banking Corporation.
