Sm Brief History and Their Major Problem

4671 Words Oct 18th, 2012 19 Pages
HISTORY
In 1950’s Henry Sy established a shoe store in Crriedo, it is the central business district of Manila. His aggressive and adamant strategy help him gain large profit within a few years and later expand his business in Quiapo to become a fully functioning department store named “Shoe mart”, specializing in sales of shoes, it is where the store originally was. And the shoe mart later called as “SM” and become commonly known as that by the local people.
In 1982, the SM Carriedo in Quiapo near Manila LRT Yellow Line was demolished.
In 1985, the first SM Supermall was opened and it is the SM North Edsa and it started the Philippine malling phenomenon. Sy observed the malling hobby of Filipinos and opted to make every SM Supermall like
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Bacolod RTC Judge Estefanio Libutan Jr. on Thursday denied SM Prime’s petition for a TRO on the negotiated deal between Ayala and the provincial government, saying the courts would not interfere with the government in its exercise of its discretion in the acceptance or rejection of bids, unless it has been shown that it gravely abuses or exceeds its jurisdiction.
Libutan has set for July 21 the hearing on SM Prime’s injunction petition.
Negros Occidental Governor Alfredo Marañon Jr. has also maintained that the result of the negotiated proposal of ALI was much more advantageous to the province than the bids made on July 7 and noted that the CoA memorandum cited by SM Prime that allowed for a 10-percent variance on a bid did not apply to real property.
“The problem with the [SM Prime] people is they want to force us to declare them the winning bidder of the July 7 bidding, which we could not. In fact, we did not proclaim anyone a winner then,” Marañon said.
“The allegations of [SM Prime] are their opinion. As far as we are concerned, we did our job and everything we did was legal and above board and in the best interest of the people of Negros Occidental,” the governor said.
In its petition, the SM group claimed that it submitted a far more superior bid than that of ALI in the July 7 bidding, but which was later declared a failure after both SM Prime and ALI allegedly submitted bids below the appraised value