Starting as a shoe store in 1958 called Shoemart, Henry Sy’s nook along Carriedo evolved into a full blown department store in 1972, selling not only footwear but a variety of fashion wear taking note of international trends.

In 1976, Sy founded Banco de Oro Savings; and from 1980 to 1984 new SM department stores opened in Cubao, Quezon City and Harrison Plaza in Manila.