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Posts Tagged ‘Henry Sy

Reader’s Digest Votes SM Supermalls Best Mall

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Reader’s Digest, the book Baby Boomers and Generation X-ers grew up with, has again cited SM Supermalls as the most valued and preferred shopping mall brands in the Philippines for the fourth year in a row. SM Supermalls was awarded the Platinum Trusted Brand in the Shopping Center category last June 30, 2015 under the annual Trusted Brands Survey conducted by Reader’s Digest.

SM Supermalls is the largest shopping center operator in the Philippines, providing shopping, dining and entertainment options to millions of shoppers daily in over 50 malls in the Philippines and six in China. Delivering the ultimate in family fun mall experience is the brand promise of SM Supermalls and it partners with the best local and global retailers.

SM Supermalls, owned by SM Prime Holdings, Inc. and was started by Henry Sy, Sr. in 1958 as Shoemart, with a store in Manila. In the 1960s Shoemart expanded its shoe store chain. It is one of the pioneers in the new urban centers in Makati and Cubao. By the 1970s, Shoemart was a full-line department store, shifting its name from Shoemart to SM. In the 1980s, the company diversified and ventured into the supermarket and home appliance store business. It opened the first “Supermall” store in 1985 in Quezon City called SM City North EDSA.

Read more about it at EPR Retail News.

Title photo via wikimedia.org.

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Hong Kong Casino Giant Melco May Partner with Henry Sy Jr.

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News broke today that casino operator Melco Crown Entertainment Limited (MPEL) is exploring options to open a casino in the Philippines. The company is said to be partnering on a billion-dollar casino resort in Manilla, the capital city. The latest rumors have Melco partnering with the Philippines’ richest man Henry Sy Jr. The deal would see a 50-50 joint venture between the casino, hotels, and entertainment available at the property.

The city, which had 1.7 million people as of 2010, is the second most populous city in the nation. The Philippines are hoping to turn a portion of the Manilla region into a gaming area similar to the Las Vegas strip.

Read more at Seeking Alpha

Photo by paomont at Flickr.com

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Written by Raffy Pekson II

June 28, 2012 at 2:21 pm

SM to Build 3 Malls a Year in China

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SM retail tycoon and billionaire Henry Sy will be building 3 malls a year in China as an expansion strategy ro rebound from the global recession. SM Prime Holdings Inc. is expected to spend 5.5 billion Pesos in China this year. According to Forbes magazine, Henry Sy is estimated to be worth $2.7 billion. SM Prime expects to open one mall in 2010 and increase the pace to 3 malls a year by 2013. About 20% of the Philippine’s consumer spending is done through SM’S malls and stores, and the company gets 33 cents of every U.S. Dollar spent by families of Filipinos working abroad. SM Prime doesn’t sell retail space, instead preferring long-term recurring rental income and will apply the same principle in China. It will focus on the mainland’s emerging cities because their development and consumers’ profiles closely resemble those at home.

Click here to read the Bloomberg.com article.

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Written by Raffy Pekson II

July 20, 2009 at 9:52 am