Hi Bino,
Another alternative along the same lines as the 74HC595, if you need to have higher power switched than a standard 595 can do for you, the TPIC595B can be used which can switch 150mA per pin (as a GND/drain rather than a source of 5V). I've used a pair of those cascaded to switch segments of 12V LED strip lighting.
Cheers ! Geoff