A feature by the Manila Bulletin traces the humble beginnings of the Sy family, the founders of the SM Group, long before they became synonymous with megamalls and retail dominance in the Philippines. The article recounts how Henry Sy Sr. opened his first shoe store, Shoemart, in 1958 along Claro M. Recto Avenue in Manila, laying the foundation for what would become a sprawling business empire.
The report highlights the early struggles and strategic moves that set the Sy family apart, including a focus on customer service, affordable prices, and gradual expansion into department stores. By the 1970s, Shoemart had grown into a chain, and in 1985, the first SM mall opened in Cubao, Quezon City. The piece underscores how these brick-and-mortar roots shaped the group's understanding of Filipino consumer behavior.
Today, SM Investments Corporation operates over 80 malls across the Philippines, making it one of the country's largest conglomerates. The article serves as a reminder that the empire's success was built not just on capital but on a deep commitment to retail fundamentals, a legacy that continues to influence Philippine commerce.