50 Successful SM Stores in 57 years
(13 March 2015. Pasay City, Philippines) From SM’s first ShoeMart store in Carriedo, Manila, SM Retail Inc. has grown its department store business, now known as The SM Store, to 50 branches nationwide, making it a market leader in the Philippines with strong brand loyalty that has built and nurtured memories across generations.
“The SM Store has gone a long way from just selling shoes. It has evolved into providing the widest array of products and services than any other store in the country today, offering the greatest convenience through our financial services, and most exciting shopping experience for our customers. We take pride in The SM Store’s commitment in staying true to our slogan of ‘We’ve Got It All for You’,” SM Retail President Jorge Mendiola said.
The recent opening of The SM Store Megacenter in Cabanatuan, Nueva Ecija, the 50th store in the Philippines, and 21st store in Luzon, marked a milestone that brings the SM Store’s total footprint to 669,658 square meters in terms of gross selling area. The SM Store Megacenter consists of two levels, showcasing Shoes and Luggages, Ladies Wear, Men’s Wear, Children’s Wear, Home Items and Appliances.
Henry Sy, Sr. built his first shoe store in Quiapo in 1948 and later opened two more outlets namely Plaza, Paris and Park Avenue stores. Ten years later, Sy consolidated his holdings in the three stores and built a bigger shoe store in 1958 in Carriedo and named it ShoeMart.
From approximately annual sales of 200,000 pairs of shoes when the store in Carriedo made an indelible mark in the shoe business, the SM Store now sells millions of shoes every year, having sold 24.3 million pairs of footwear in 2014 alone.
Sy once said: “When I began selling shoes in Manila right after the Second World War, I thought then that if I sold a pair of shoes to every Filipino, even with very low margins, I would be a successful businessman.”
True enough today, The SM Store, has been redefining the customer shopping experience in the Philippines. Its exciting array of merchandise from fashion to home furnishings is complemented by inspired and aspirational store designs that likewise offer convenience and accessibility.
The SM Store has changed the business landscape of retailing by further enhancing customer experience through added services such as bills payments, concert ticket sales, and government requirements. For frequent shoppers, SM Stores have Prestige Lounges where valet shopping, priority fitting rooms and concierge services are offered. Concierge services include gift wrapping, bills payment and other member-related services.
The SM Store has served more than three generations of loyal customers who keep coming back due to the convenience and affordability offered by the department store. The SM Store also continues to set the benchmark in diversity, style, and store design and layout, expanding now into emerging regional centers in the country. It continues to lead the way in customer service, enhancing lifestyles and providing a refined luxury customer experience.
For further information, please contact:
Ms. Quennielyn G. Cua
VP – Marketing Management
Office: 831-8000 loc 84304
Ms. Corazon P. Guidote
Senior Vice President for Investor Relations
SM Investments Corporation
Tel. No. 857-0117