MANILA, Philippines—The group of tycoon Henry Sy Sr. has breached the 50-store milestone for its department store business, cementing its leadership in local retailing.
The recent inauguration of The SM Store Megacenter in Cabanatuan, Nueva Ecija, marked the opening of SM Store’s 50th store in the Philippines and 21st store in Luzon, bringing the total department store footprint to 669,658 square meters in terms of gross selling area.
“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 Inc. president Jorge Mendiola said in a statement on Friday.
The Sy patriarch 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 selling about 200,000 pairs of shoes a year when the store in Carriedo debuted, the SM Store now sells millions of shoes every year, having sold 24.3 million pairs of footwear in 2014 alone.
The patriarch 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.”
Over the years, the group reported that the SM Store had enhanced 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,” the group said. Doris C. Dumlao