SM Shoemart, the Philippine's leader in the retail industry approaches its milestone with a new vitality and energy to serve a new generation of shoppers, as well as the many customers that have made it part of their lives. SM was founded as a shoe store by Mr. Henry T. Sy Sr. in October 1958, the first shoe store, along Rizal Avenue. Mr. Sy who is regarded as the visionary of Philippine Retail envisioned a chain of shoe store, each characterized by a distinct merchandising layout never attempted before in the country. In the 60's, the company expanded its shoe store chain, becoming one of the pioneers in the new urban center when it opened bigger shoe outlets at the Makati commercial center in 1963, and in Cubao in 1967. In the seventies, SM worked a shift from a shoe store to a department store, in SM Manila in Echague and later, with SM Makati. SM, a name that has been synonymous with one-step shopping excitement had positioned itself for growth in the 80's, diversifying into the supermarket and appliance store businesses. Later in 1985 marked the opening of its first shopping mall, SM City in North Edsa. More malls, particularly SM Megamall opened in 1990's giving rise to what is known as the malling phenomenon in the Philippines. On 2008, business units of The SM Store were created to better manage merchandise and inventory of each unit: Accessories, Ladies Fashion, Men’s Fashion, Children’s Fashion, Miscellaneous group and Shoemart Inc (formerly LTBG) or the Shoes department as the biggest group. Today, SM is a dynamic group of companies with core businesses in retail merchandising and shopping center and complementary businesses in financial services, real estate and tourism development.