Coming over from the province to Manila to visit relatives in the late ‘70s, early ‘80s, my maternal aunts would bring us, kids, to jaunts in Binondo for Chinese food at Panciteria San Jacinto, and then on to Shoemart in Carriedo to buy shoes. I remember that store. Everyone then referred to it as “Shoemart,” crowded, non-air-conditioned, with sales girls calling out to someone, somewhere, for footwear in this size and that.

The ShoeMart that I first knew during visits to Manila in my early teens was where multi-billionaire retail mogul Henry Sy, Sr. planted the seeds of what was to become a ginormous business empire.

But back in the day, ShoeMart was just this place where one would go to buy a pair of locally-made shoes, and/or slippers along Carriedo, in Manila. 

Today, that busy, noisy, crowded, rather drab department store has evolved into supermalls, among various other business interests under SM Investment Corporation (SMIC) or simply, the SM Group.

SM Prime

On 6 January 1994, SM Group subsidiary, SM Prime Holdings, Inc., was incorporated to acquire and develop real estate, maintain commercial shopping centers, including shopping center spaces for rent, amusement centers and movie theaters. It also constructs and manages buildings such as condominiums, apartments, hotels, restaurants, stores and other structures for mixed use. 

Under SM Prime are malls, residential, commercial and hotels and convention centers. 

The SM Group today is, arguably, the largest conglomerate in the country. It is involved in various interests across multi-sectors, but primarily in modern emporiums, mega shopping malls development and management, retail, real estate and property development, banking, housing, home appliance stores and supermarkets, hotels and resorts and shipping, among several others. 

Largest Phl malls

SM Supermalls, pioneered by the Sy patriarch when he opened SM North Edsa in Quezon City in 1985, number nearly a hundred in the Philippines today — 26 in Metro Manila, and 63 in the provinces. SM Mall of Asia in Pasay, SM Megamall in Mandaluyong, SM North Edsa in Quezon City and SM Seaside City in Cebu City are the largest malls in the country and among the largest in the world. 

In China, SM has eight malls. First of these is SM City Xiamen in Fujian, which opened in 2001. Other SM City malls followed in Jinjiang, Chengdu, Suzhou, Chongqing, Zibo in Shandong and Tianjin. In September 2023, SM Prime opened its eighth in China, SM City Yangzhou; three more are under construction.

Meanwhile, the ShoeMart of my childhood in Manila, now called SM Store, has grown to become the largest department store chain in the country with several branches in SM malls across the Philippines offering, still offering footwear, and so much more, besides that.

 SM Supermalls is home to SM’s chain of movie theaters and the mega iMAX theaters, including the first one to open in the country, at the SM MOA. Launched in 2006, the screen at the iMAX theater in SM MOA has a height of 21.955 meters (72.03 ft.), making it the largest cinema screen in the Philippines.

Other than malls, the Sys are likewise into housing and property development. Established in 1996, Prime Holdings’ residential business, and real estate developer SM Development Corporation (SMDC) has properties in, but not limited to key areas across Metro Manila, particularly the Central Business Districts of Makati, Ortigas, Quezon City, Pasay, Taguig and Parañaque.

Potential beyond city centers

SMDC has expanded areas outside Metro Manila, as, per SMDC president Jose Mari H. Banzon, “we see the immense potential beyond city centers in Metro Manila; with more developments in the provinces, we endeavor to address the housing needs of regional communities to open more opportunities for progress in the regions.”

Thus, as of end-2023, SMDC has managed to produce 183,000 units across 67 residential projects in various parts of the country. Of these projects, 20 are in provincial cities including Pampanga, Bulacan, Rizal, Cavite, Laguna, Iloilo, Bacolod, Cagayan de Oro and Davao. 

Recently, SMDC introduced Turf Residences in Biñan, Laguna and Parkville Residences in Bacolod City. Its Iloilo City location serves as gateway to neighboring prominent Negros Occidental and the province’s highly-urbanized capital, Bacolod City, as well as Guimaras, Antique and further, Aklan province in Panay Island.

This year, SMDC also launched its first prime residential lots-only development, Parkville Residences, a sprawling 52-hectare master-planned residential subdivision envisioned to bring attainable luxury to Negrenses. 

 In 2009, SM Prime ventured the development of leisure home and resorts projects, with, initially, the stunning 5,800-hectare Hamilo Coast residential project in Nasugbu, Batangas. The sprawling seaside sanctuary located near the southwestern tip of Luzon is bounded by the vast West Philippine Sea on the west and misty-cloud-covered mountain ranges in the east, encompassing three mountain peaks and 13 coves, three of which are Marine Protected Areas.

Coastal resort

First to be developed by SM Prime Subsidiary, Costa del Hamilo, Inc. within the property is Pico de Loro Cove, a 40-hectare residential resort village within the sustainable premier coastal resort town of Hamilo Coast.

Another SM Prime leisure property is the 1,300-hectare Tagaytay Highlands mountain resort and residential complex in Tagaytay, with two 18-hole golf courses and offering sweeping views of Taal Lake,

Aware of the substantial potentials in Philippine tourism, one of the largest integrated property developers in Southeast Asia founded SM Hotels and Convention Corporation (SMHCC) to develop and manage its hotel and convention center properties.

Currently, SMHCC has a portfolio of over 2,200 rooms in its properties, including the 261-room Taal Vista Hotel, the 400-room upper upscale Radisson Blu Hotel in Cebu; the 154-room Pico Sands Hotel in Hamilo Coast; the 204-room Park Inn by Radisson in Davao; the 255 -room Park Inn by Radisson in Clark, Pampanga; the 348-guest room deluxe 5-star hotel, Conrad Manila, in the Mall of Asia complex; the 200-room Park Inn by Radisson in Iloilo; the 239-room Park Inn by Radisson in North EDSA, Quezon City; the 150-room Park Inn by Radisson Bacolod; and the 390-room Lanson Place in the MOA Complex in Pasay.  

SMHCC also operates convention centers and trade halls through the SMX Convention Center, a popular venue for both local and international large-scale institutional events, town hall meetings, weddings, exhibits, concerts and the like both in the MOA Complex in Pasay City and many other cities outside Manila including Taguig, Davao, Bacolod, Olongapo and Clark, Pampanga.

The trade halls in SM Megamall and SM Seaside City Cebu are also operated by SMHCC. Altogether, SM Prime convention centers and trade halls have gross leasable area totaling 42,000 sqm, making it the largest private-run exhibition and conventions business in the country.

Mammoth MOA Arena

There too, of course, is the mammoth SM Mall of Asia Arena, with its 15,000 seating capacity and full-house capacity of 20,000.

Costing P3.6 billion to build, the indoor arena is part of the master plan for SM MOA complex which, in 20212 already had the SMX Convention Center and office buildings One E-com and Two E-com constructed.

Designed by award-winning Miami, Florida-based global architectural firm Architectonica, the MOA Arena was designed mainly as a venue for concerts and basketball games; it opened on 21 May 2012 with Lady Gaga’s Born This Way Ball, followed in June by ABS-CBN-organized Icons at the Arena: Masters of OPM which featured some of the best local singers and music artists with Ryan Cayabyab as musical director and Johnny Manahan as overall director.

It also served as venue for the FIBA Asia Championship in 2013, the FIBA Olympic Qualifying Tournament in 2016, and the final phase of the FIBA World Cup in 2023.

ShoeMart has gone a long way, growing in leaps and bounds, from its beginnings in Carriedo, Manila. Over time, the design features of the malls, supermalls and other structures bearing the SM trademark have undergone major transformation to adapt to changes in preferences of the market for the Group’s products.

More and more, people’s lifestyles indicate various levels of sophistication as SM shoppers and customers get more exposed to various styles and global trends through travel and internet access.

SM Malls, for instance, have developed away from the box-like structures of yore, and have become sleeker, more bold and artistic. SM Aura Premier, which opened in Bonifacio Global City in Taguig in 2013 and the 2015-launched SM Seaside City in Cebu, are cases in point.

More than just shopping malls, both were designed by Architectonica as luxe lifestyle havens with sleek, gleaming interiors that serve as appropriate settings for the upmarket merchandise offered by their retail tenants, even as the world outside is brought in by the expansive use of glass-paneled walls.

Environmental sustainability features like rain harvesting, water recycling, deck landscaping, the provision of adequate daylighting through skylights, high performance insulating glass units (IGUs) and solar panels providing a sufficient amount to meet power needs are prerequisites in the design of SM’s malls and other edifices currently.

Dynamic public spaces

Speaking at the 7th Association of Pacific Rim Universities-Sustainable Cities and Landscapes Conference and 3rd International Conference on Human Settlements Planning and Development last 9 August at SMX Convention Center Aura, SM Supermalls president Steven Tan said, “Our malls are more than just shopping centers; they are dynamic public spaces, woven into the daily lives of millions of Filipinos. Our comprehensive sustainability programs are deeply inspired by the vision of our chairman of the Executive Committee, Mr. Hans Sy, a tireless advocate for environmental sustainability and disaster resilience.”

Added Tan, “At SM Supermalls, we leverage science and technology to develop innovative solutions seamlessly integrated into the design and operation of our malls and we remain committed to leveraging innovation and collaboration to build greener, more resilient, and a more sustainable feature for the Philippines.”