This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed.Find sources: "SM Prime" – news · newspapers · books · scholar · JSTOR (December 2012) (Learn how and when to remove this message)

SM Prime Holdings, Inc.
Company typePublic
PSESMPH
IndustryProperty, shopping malls and retailing
Founded1958; 66 years ago (1958) in
Manila, Philippines
FounderHenry Sy Sr.
HeadquartersPasay, Philippines
Number of locations
85 malls
2,303 stores nationwide
48 SM Supermarkets, 44 SM Hypermarkets, 156 Savemore stores, 39 Walter Mart stores, 210 Alfamart stores, and 1,749 specialty stores
Area served
Philippines
China
Guam
Key people
Henry Sy Jr. (Chairman)
Amando Tetangco Jr. (Vice Chairman)
Jeffrey C. Lim (President)
RevenueIncrease 105.8 billion (2022)
Increase ₱49.2 billion (2022)
Increase ₱30.1 billion (2022)
ParentSM Investments (49.70)[1]
Websitewww.smprime.com
Footnotes / references
[2][3][4]

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

SM Prime logo (2010–2022)

On May 17, 2013, SM opened the SM Aura Premier. 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, 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).[5]

Subsidiaries

SM Supermalls

Main article: SM Supermalls

SM Supermalls is a chain of shopping malls with over 80 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.[6]

SM Offices

SM Offices is SM Prime's commercial development arm responsible for the development various commercial properties and office tower developments across the country. Their key office properties include the E-Com Center towers at the SM Mall of Asia Complex, the Mega Tower located beside SM Megamall, the North Towers at the SM North EDSA Complex, the SM Fairview Towers at the SM City Fairview Complex, and the SM Aura Tower at the SM Aura complex.[7]

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 specifically the Central Business Districts of Mall of Asia Complex, Makati, Ortigas, Taguig, Quezon City, Manila, Pasay, Parañaque and Las Piñas.

They can also be easily accessed from neighboring provinces like Cavite, Bulacan, Pampanga, Iloilo and Bacolod.[8]

Back in 2020, SMDC bagged the most-coveted Best Developer of the Year award in the annual PropertyGuru Asia Property Awards[9] alongside other recognitions:

SM Development Corporation 8th PropertyGuru Asia Property Awards Recognitions[10]
Best Developer Winner SMDC
Best Lifestyle Developer Winner
Special Recognition in CSR Winner
Best Condo Development (Luzon) Winner Park Residences
Best Mid-End Condo Development (Metro Manila) Winner Charm Residences
Best Condo Architectural Design Winner Sail Residences
Best Landscape Architectural Design Winner
Best Lifestyle Development Winner Fern at Grass Residences
Best Affordable Condo Development (Metro Manila) Highly Commended Bloom Residences
Highly Commended Vine Residences
Highly Commended Fern at Grass Residences
Highly Commended Field Residences Building 5 and 6
Best Condo Architectural Design Highly Commended S Residences
Best Condo Development (Luzon) Highly Commended Hope Residences
Highly Commended Green 2 Residences
Best Condo Development (Visayas) Highly Commended Style Residences
Highly Commended Smile Residences
Best Condo Interior Design Highly Commended S Residences
Highly Commended Sail Residences
Highly Commended Shore 3 Residences
Best High-End Condo Development (Metro Manila) Highly Commended S Residences
Best Landscape Architectural Design Highly Commended S Residences
Best Lifestyle Development Highly Commended Sail Residences
Highly Commended S Residences
Best Mid-End Condo Development (Metro Manila) Highly Commended Leaf Residences

See also

References

  1. ^ "SM PRIME HOLDINGS, INC". marketscreener.com. Retrieved September 23, 2023.
  2. ^ "Annual report" (PDF). www.bdo.com.ph. 2016. Retrieved September 29, 2019.
  3. ^ "Archived copy" (PDF). Archived from the original (PDF) on February 5, 2018. Retrieved August 2, 2017.((cite web)): CS1 maint: archived copy as title (link)
  4. ^ "Press Release". edge.pse.com.ph. February 20, 2023. Retrieved February 21, 2023.
  5. ^ SEC approval of amendment to Plan of Merger bet. SMPH and SM Land - PSE.com.ph
  6. ^ "About SM Supermalls". SM Supermalls. Archived from the original on September 29, 2020. Retrieved January 22, 2019.
  7. ^ "Home SM Offices". www.smoffices.com.
  8. ^ "About".
  9. ^ "SMDC Wins Big at the 8th PropertyGuru Philippines Property Awards". December 2020.
  10. ^ "See Who Emerged Victorious at the 8th PropertyGuru Awards". BluPrint. December 15, 2020. Retrieved March 1, 2021.