HOME busi-ness and construction firm Wilcon Depot, Inc. said on Mon-day it will build seven additional stores by the end of this year for a total investment of P1.05 billion, in line with its vision to expand nationwide.
Construction of the new stores will cost P150 million each, including the equipment to be used but excluding the inventory.
“Until the end of the year we have seven more depots to be opened. Three in Mindanao, one in Visayas, one in Northern Luzon, and another one in South Luzon,” Wilcon founder William Belo told reporters on the sidelines of the company’s stockholders’ meeting held in Mandaluyong City.
Each store will have an average size of up to 10,000 square meters (sqm), according to Belo.
In Luzon, Wilcon plans to put up one branch each in Cabanatuan City in Nueva Ecija and Silang in Cavite while in the Visayas, Wilcon plans to put up one branch each in Iloilo, Tacloban City, and Bacolod City.
In Mindanao, Wilcon already has one branch, which is located in Butuan City. Two others have yet to be launched, which are in the cities of Cagayan de Oro and Zamboanga.
The company is eyeing further expansion next year by putting up another five branches outside Metro Manila.
“For next year, we have already identified these areas,” Belo said. One will be in Davao, one in Naga, and one in Lucena, among others.
Belo said the additional branches would generate 200 to 250 jobs each branch including janitors and security services.
Expects double-digit revenue growth
At the same event, Wilcon Depot SEVP-Chief Operating Officer Rosemarie Ong said the company is expecting double-digit top-line or revenue growth by the end of the year.
She did not give specific figures but added it would be in the low-teen levels.
“We’re targeting double-digit growth on the top-line …We’re going to put up more branches so basically the new stores will add up to that,”Ong said.
“But of course, we’re still relying on the initiatives that we’re doing like the promotions, the new products that we are introducing plus the organic growth as well,” she added.
Just recently, the company introduced Alphalux lighting, its newest product line. Also to be introduced soon are water-piping products and kitchen appliances.
“We are very strong with kitchen solutions so we are introducing a new brand that will be affordable to the middle and low-end market,” Ong said.
“With the introduction [of these products], definitely we’re going to increase also the performance of the other categories as well,” she added.
Wilcon debuted on the Philippine Stock Exchange (PSE) on March 31, 2017 with the ticker symbol “WLCON.”