MANILA -- Home improvement and construction supply retailer Wilcon Depot Inc. will be spending about PHP10.85 billion to bring its total store network to 100 by the year 2025, to boost sales growth amid a robust economy and government’s infrastructure push.
William Belo, founder and chairman emeritus of Wilcon Depot, said the company management hopes to be operating 65 stores by the end of 2020, a year ahead of plan.
To date, Wilcon has 53 stores nationwide. Six more new depots are planned to be opened for 2019, with all the new stores will be located outside Metro Manila.
“The next five years up to 2025, we are looking at another 35 stores to hit 100 stores. We are still working on that, it is work on progress” he told reporters Monday after the company’s stockholders’ meeting.
Belo was optimistic about the growth of the home improvement industry on the back of the growing economy.
“Economic activities before were concentrated in major cities, particularly in Metro Manila. Now you can see a lot of developments outside Metro Manila or outside major cities --for example in Cebu, Iloilo or Davao,” he said in an interview.
Wilcon Depot Senior Executive Vice President-Chief Operating Officer Rosemarie Ong said they are hopeful of April to June and second-semester earnings.
“We just finished with the election and Wilcon is always bullish about the (economic) landscape so we will still continue with our expansion. So we hope that the result of the election will be good for everybody,” Ong said.
“With the ‘Build, Build, Build’ and the PPP (public-private partnership) projects of the government, hopefully it will have a positive effect in the home improvement industry, so we are still very bullish for the second quarter,” she added, noting the reduced operating days as the Holy Week fell on April and the high-base effect.
Wilcon reported a 32.5-percent increase in net income to PHP1.835 billion in 2018, boosted by the opening of new stores and same-store sales growth. (PNA)
