Wilcon to double its network to 65 stores by 2020
Home improvement and construction supply retailer Wilcon Depot Inc. is investing P4.6 billion over the next three years to expand ts network across the country.
Wilcon Depot Chairman Emeritus William Belo said the company was adding six more stores this year and 15 until 2020 to its current 44 stores.
Belo said the average investment in each store is about P250 million, including operating capital.
?As a whole, the market is really moving very, very well. And all these areas we are going into are basically new for us so definitely, we see a very good market for us since we will be starting from zero there,? he told reporters after the company?s stockholders? meeting on Monday.
?The economy is really moving up quite good so we will capitalize on that and also (to) stay ahead of competition,? he added.
Belo said the company posted significant growth in the first quarter of the year in the wake of the ?Build, Build, Build? infrastructure program of the government.
He noted that the peso’s depreciation does not significantly affect the business.
?Most of our imports we hold on to around six to seven months of inventory so the increase are gradually done. As you can see the price increase that we have been doing for the year, it hasn?t really increased significantly. That?s the beauty of having more inventories,? he added.
The company booked a 4.7-percent increase in bottom line to P409 million in January to March this year on the back of higher sales. (PNA)