In 1950’s Henry Sy established a shoe store in Crriedo, it is the central business district of Manila. His aggressive and adamant strategy help him gain large profit within a few years and later expand his business in Quiapo to become a fully functioning department store named “Shoe mart”, specializing in sales of shoes, it is where the store originally was. And the shoe mart later called as “SM” and become commonly known as that by the local people. In 1982, the SM Carriedo in Quiapo near Manila LRT Yellow Line was demolished. In 1985, the first SM Supermall was opened and it is the SM North Edsa and it started the Philippine malling phenomenon. Sy observed the malling hobby of Filipinos and opted to make every SM Supermall like an amusement parks. All SM Supermalls contain at least one or more amusement facilities, such as cinemas, bowling alleys, convention centers and game arcades. Located in several cities and areas in Metro Manila, as well as major provincial cities, each SM is easily accessible and situated by places of public interest (churches, schools, major roads and highways, etc.). In 1979, SM opened their first department store outside Manila in IloIlo City (SM Delgado) and it was re-launched in 2004. In 1991, the first Ice Skating rink in the Philippines was opened in SM Megamall. As of 2006, SM Prime Holdings is embarking on an aggressive expansion program within the next five years. In preparation for this expansion, SM Prime Holdings, Inc. has amassed a total land bank of 96.6 hectares in 10 strategic locations. Included are attractive properties in provinces where urbanization is steadily underway, such as Cabanatuan, Pangasinan and Bulacan. In 2006, SM opened the SM Mall of Asia. This is SM Prime Holdings' most expensive project to date. The SM group has engaged in other retail endeavors through other SM related companies such as, among others: Watsons Personal Care Stores, Inc., a joint-venture with Hutchison-Whampoa Ltd. of Hong Kong; International Toy World (Toy Kingdom); Ace Hardware Philippines, a joint-venture with Ace Hardware Corporation USA; Star Appliance Center; Surplus Shop; Sports Central; Baby and Co.; Home World; and Our Home. The amusement center is SM Story land. In 2012, SM announced it will open its first North American mall in Los Angeles, California with an opening date in 2015 and in Tokyo, Japan on 2016.Shortly after, it was also announced that several malls will open in the Middle East with malls opening in Dubai, Abu Dhabi in the UAE and in Doha, Qatar on 2017 or 2019. It is predicted that the malls in the Middle East will surpass SM North Edsa, SM Mall of Asia in Pasay, SM Megamall, the South China Mall and the Mall of Arabia. When opened, it will be one of the largest malls in the world.
1. AYALA,SM DISPUTE BACOLOD PROPERTY DEAL
Property giants Ayala Land Inc. (ALI) and SM Prime Holdings are locked in a dispute on who has the right to develop the prime property of the provincial government of Negros Occidental in Bacolod City. In a disclosure to the Philippine Stock Exchange Monday, ALI said it completed last Friday negotiations with the Negros Occidental provincial government for the development of the provincial capitol property. ALI said it was awarded the right to purchase 3.66 hectares of the property and to lease the remaining 4.04 hectares for a period of 50 years. The firm said it planned to invest P6 billion to redevelop the area into a 7.7-hectare mixed-use civic and commercial district. However, the property deal between ALI and the provincial government is being disputed in court by tycoon Henry Sy-led SM Prime, which claimed to have submitted a “far more superior” bid. Shopping mall developer SM Prime assailed as “invalid” the award to ALI of the property following a controversial bidding conducted early this month. SM Prime counsel Vince Bayhon alleged that the negotiated sale was “illicit” because of a pending petition for a court...