Henry Sy and Shoe Mart Essay Example

change the way shoe manufacturers look at the industry. Sensing a lot of opportunities, he decided to open SHOE MART – “SM” – the first air-conditioned shoe store that merchandised shoes in a very inviting and classy format.

With the success of that store, he went on to open more shoe stores, but he could not get enough suppliers. He was continuously learning from his customers, suppliers, and employees. This on-the-job research gave him enough confidence to expand to a department store chain. When they opened their first department store in 1972, two months after Martial Law was declared. The business had a slow start, but progressed steadily. As the many years past by. When they started the construction of their first mall in 1983, the Philippines was in the midst of a debt moratorium and experienced hyper inflation.

The economy decline was further aggravated by the assassination of Ninoy Aquino. Later, they expanded, slowly building malls. The expansion was not without difficulties. When constructing Sta. Mesa and Megamall, they were faced with delays in construction due to cement shortages and the 1989 coups. they have also expanded othier retail business beyond department stores to include supermarkets, hardware stores, appliance superstores, and other retail formats. So they continue to expand their business until they reach this business venture.