SM Prime Holdings, Inc. (SMPH) is a Filipino integrated property developer and a public subsidiary of

SM Investments Corporation SM Investments Corporation (SMIC), also known as SM Group, is a Filipino conglomerate with interests in shopping mall development and management, retail, real estate development, banking, and tourism. Founded by Henry Sy, it has become one o ...

. It was incorporated on January 6, 1994, to develop, conduct, operate and maintain the SM commercial shopping centers and all businesses related thereto, such as the lease of commercial spaces within the compound of shopping centers. It went public on July 5, 1994, and subsequently grew to become the largest company listed on the

Philippine Stock Exchange The Philippine Stock Exchange, Inc. ( fil, Pamilihang Sapi ng Pilipinas; ) is the national stock exchange of the Philippines. The exchange was created in 1992 from the merger of the Manila Stock Exchange and the Makati Stock Exchange. Includin ...

in terms of revenue. The company's main sources of revenues primarily include rental income from mall and food courts, as well as from cinema ticket sales and amusement income.

History

The roots of SM date back to the 1950s when entrepreneur Henry Sy, Sr. established a shoe store at Carriedo Street in Quiapo,

Manila Manila ( , ; fil, Maynila, ), officially the City of Manila ( fil, Lungsod ng Maynila, ), is the capital of the Philippines, and its second-most populous city. It is highly urbanized and, as of 2019, was the world's most densely populated ...

. His store was established as ShoeMart, which was originally located at Carlos Palanca Sr. Street. His aggressive and adamant strategy helped him gain large profits within a few years and he later expanded his business to become a fully functioning

department store A department store is a retail establishment offering a wide range of consumer goods in different areas of the store, each area ("department") specializing in a product category. In modern major cities, the department store made a dramatic appe ...

named ShoeMart, which specializes in the sale of shoes, the sector of which the store originally was. ShoeMart was abbreviated into SM, the name which became commonly known by the locals. The abbreviation SM has become an

orphan initialism An acronym is a word or name formed from the initial components of a longer name or phrase. Acronyms are usually formed from the initial letters of words, as in ''NATO'' (''North Atlantic Treaty Organization''), but sometimes use syllables, as ...

. The first ShoeMart outlet was abandoned and the department store moved to a new site along the nearby Carriedo Street. The old site was demolished in 1982 and was turned into its Clearance Outlet. The first SM Mall, the

SM City North EDSA SM North EDSA (formerly SM City North EDSA, The SM Center North EDSA and The SM City North EDSA), and colloquially known as SM North, is a large shopping mall located in Quezon City, Metro Manila, Philippines. It is the first SM Supermall in t ...

, was opened in 1985. Followed by the establishment of a second mall, the SM Centerpoint, in 1990. Since then, the company has expanded by establishing malls nationwide. On May 17, 2013, SM opened the

SM Aura Premier SM Aura Premier is a large upscale shopping mall located along McKinley Parkway corner 26th Street, Bonifacio Global City, Taguig Metro Manila, Philippines, owned by SM Prime Holdings, the country's largest mall developer. It is the 13th SM Supe ...

. The same year, the company announced a merger with SM Land, which owns SM Development and Commercial Properties Group. As a result, upon approval by

Securities and Exchange Commission The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...

, SM Prime is one of the largest property companies in the Southeast Asia region, competing with Gokongwei-led Robinsons Land (which owns Robinsons Malls and Tan-led Megaworld Corporation).

Subsidiaries

SM Supermalls

SM Supermalls is a chain of

shopping malls A shopping mall (or simply mall) is a North American term for a large indoor shopping center, usually anchored by department stores. The term "mall" originally meant a pedestrian promenade with shops along it (that is, the term was used to refe ...

with over 60 malls in the Philippines, and seven in China. According to the company, the malls attract an average foot traffic of 3.5 million daily and has over 5,000 tenant partners.

SM Development Corporation

SM Development Corporation (SMDC) is a wholly owned subsidiary and the real estate arm of SMPH. SM Development Corporation commits itself to providing access to luxurious urban living through vertical villages perfectly integrated with a commercial retail environment, giving its residents access to a truly cosmopolitan lifestyle. Properties of SM Development Corporation are strategically situated in key areas across

Metro Manila Metropolitan Manila (often shortened as Metro Manila; fil, Kalakhang Maynila), officially the National Capital Region (NCR; fil, link=no, Pambansang Punong Rehiyon), is the capital region, seat of government and one of three List of metrop ...

specifically the Central Business Districts of Mall of Asia Complex,

Makati Makati ( ), officially the City of Makati ( fil, Lungsod ng Makati), is a 1st class highly urbanized city in the National Capital Region of the Philippines. Makati is the financial center of the Philippines; it has the highest concentration ...

Ortigas Ortigas Center is a central business district located within the joint boundaries of Pasig, Mandaluyong and Quezon City, within the Metro Manila region in the Philippines. With an area of more than , it is Metro Manila's second most important bu ...

, Taguig,

Quezon City Quezon City (, ; fil, Lungsod Quezon ), also known as the City of Quezon and Q.C. (read in Filipino as Kyusi), is the List of cities in the Philippines, most populous city in the Philippines. According to the 2020 census, it has a populatio ...

, Manila, Pasay, Parañaque and Las Piñas. They can also be easily accessed from neighboring provinces like

Cavite Cavite, officially the Province of Cavite ( tl, Lalawigan ng Kabite; Chavacano: ''Provincia de Cavite''), is a province in the Philippines located in the Calabarzon region in Luzon. Located on the southern shores of Manila Bay and southw ...

Bulacan Bulacan, officially the Province of Bulacan ( tl, Lalawigan ng Bulacan), is a province in the Philippines located in the Central Luzon region. Its capital is the city of Malolos. Bulacan was established on August 15, 1578, and part of the Me ...

, Pampanga, Iloilo and Bacolod. Back in 2020, SMDC bagged the most-coveted Best Developer of the Year award in the annual PropertyGuru Asia Property Awards alongside other recognitions:

References

{{PSEi Real estate companies established in 1958 Real estate companies of the Philippines Shopping center management firms Companies listed on the Philippine Stock Exchange Companies based in Pasay Philippine companies established in 1958

History

Subsidiaries

SM Supermalls

SM Development Corporation

See also

References