The store was owned by the Chinese-Filipino billionaire Henry Sy and it is currently being managed by SM Investments's foundation, SM Department Store Inc.

The store has been renovated and relaunched under the name SM Clearance Outlet.

Henry Sy established shoe stores in Manila which were Plaza, Paris and Park Avenue which started with letter "P" prior to establishing the store that would be known as SM Quiapo.

[1] The store was later expanded and began to sell clothes and accessories aside from just shoes.

In 1972, Shoemart was expanded and became the first SM Department Store.