SM Quiapo (also known as SM Clearance Outlet and SM Carriedo) is the very first SM Store opened in November 1972. The store is owned by Chinese-Filipino billionaire Henry Sy and currently being managed by the SM Group's foundation, SM Department Store Inc. The store has been renovated and relaunched as SM Clearance Store.
In 1958, SM Quiapo was first established by Henry Sy along Carlos Palanca Street as a small shoe store. The old site was abandoned when it moved to its present site in November 1972 and was demolished in 1982. After moving to its present site, it expanded into a department store.