Wilcon Depot Inc., a leading home improvement and finishing construction supplies retailer, said Monday it is on track to having 100 stores by end-2024, a year ahead of its target.
Wilcon senior executive vice president and chief operating officer Rosemarie Bosch Ong said in a recent interview the group opened its 91st store in January in Morong, Rizal. This forms part of its target to open eight to 10 stores this year.
“Hopefully, we can hit 100 stores store barring unforeseen events,” Ong said.
Ong said the company is optimistic for 2024 amid the rebound in the property sector and improved household consumption.
She said several residential and office projects are being completed and turned over to unit buyers which would require renovation, upgrade and refurbishment.
She said personal consumption might go back to normal, as discretionary spending shifted to revenge travel post-pandemic.
Wilcon’s net income declined by 7.9 percent in the first nine months of 2023 to P2.72 billion on higher operating expenses and slower same-store sales growth.
Nine-month net sales, however, improved 4.9 percent to P29.94 billion, driven by the contribution of new stores.
Ong said the group is fast-tracking the development of its new store and reported plans to build more stores outside Metro Manila.
Wilcon’s board of directors approved the amendment of the articles of incorporation to include agricultural tools and equipment, pesticides, fertilizers in its primary purpose.
Ong said Wilcon wanted its stores outside Metro Manila to carry farming tools and products to cater to needs of farmers.
Wilcon stores primary carry construction materials, home furnishings and exclusive and in-house brands.
The share price of Wilcon rose 0.23 percent Monday to close at P22.