SM Retail Inc. is a retail holding company based in Pasay, Philippines. It is a subsidiary of the conglomerate SM Investments Corporation.[2][3] SM Retail has been a member of the International Association of Department Stores since 2009.[4]
History
The company was founded by Henry Sy, Sr. on January 15, 1960. Initially, he named his business Shoemart and focused on buying large supplies of shoes from the United States. His business grew until he was able to open a department store. He named his second company SM Department Store Inc.[5]
In 2006, the board of directors of the SM Investments Corporation announced that it will undergo a