Wilcon eyes to open up to 10 new stores this year

WILCON DEPOT, INC. plans to open up to 10 new stores this year as part of its expansion strategy, its president said.

“We already opened one, and we are going to open another in March,” Wilcon President and Chief Executive Officer Lorraine Belo-Cincochan told reporters last week.

“[These stores] will be a combination of small- and medium-format,” she added.

Ms. Belo-Cincochan said most of these stores will be in Luzon, with another in Cebu, which the company targets to open in the second quarter.

The company has said its expectation of strong financial performance this year hinges on improved consumption.

The company declined to disclose the investment cost for its expansion.

Ms. Belo-Cincochan said the company is also renovating its existing stores.

“We want to focus on upgrading our existing stores to give a facelift to the older ones,” she added. 

The company operates two store formats: the traditional depots and the smaller Do-It-Wilcon stores. 

In December 2024, Wilcon opened its 100th store in Lubao, Pampanga, reaching the milestone a full year ahead of its 2025 target.

Ms. Belo-Cincochan said the company added a total of 10 stores last year.

For the first nine months of 2024, Wilcon recorded a 22.3% decrease in net income to P2.12 billion as net sales fell by 1% to P25.68 billion. 

The company attributed the decline to persistently weak demand for major home improvement and finishing construction supplies, as well as delays in construction projects due to bad weather. 

Shares in the company closed 30 centavos, or 4.17% higher, at P7.50 apiece on Friday. — Ashley Erika O. Jose