SM Prime started its mall development business in 1985 with the opening of SM North EDSA. However, it was in the early 90’s when the “malling phenomenon” became apparent with the opening of SM City Sta. Mesa in 1990 and SM Megamall in 1991. Malling has become a way of life for millions of Filipinos as more SM Malls were opened in Metro Manila and provincial areas. The management of the malls is now handled by subsidiary Shopping Center and Management Corporation (SCMC).
Today, SM Prime has become one of the biggest mall operators in Southeast Asia. Combined, the company has about 9.4 million square meters of Gross Floor Area (GFA). It has 17,994 tenants in the Philippines and 1,921 tenants in China.
Over the years, SM Prime has become a key partner for most retailers in the Philippines. Through its malls, SM Prime remains to be a catalyst in nurturing start-up businesses evident with SM’s aggressive expansion over the last two decades. SM Prime’s healthy relationship with its tenants is the key to the development and growth of most retailers, the small to medium-scale enterprises (SME) in the country, considered as the backbone of successful global economic developments. These SMEs are now major contributors to the overall growth of the Philippines through new investments and job creations. SM Prime continues to provide opportunities to start-up retailers that offer innovative concepts and unique ideas that aim to cater to the evolving needs, and wants of millions of Filipino shoppers.