Wilcon expects moderate growth amid changing consumer preferences

Wilcon Depot Inc., a leading home improvement and construction supplies retailer controlled by bilyonaryo William Belo, anticipates a more subdued growth trajectory in 2023 following a robust performance in the previous year.

The company faces additional headwinds with the resurgence of travel and outdoor leisure activities, diverting consumer spending away from the home sector, particularly during the second quarter’s series of long weekends.

Nevertheless, Wilcon president Lorraine Belo-Cincochan expressed the company’s commitment to long-term expansion plans and product enhancement.

With a focus on expanding the store network and refining product offerings, Wilcon Depot aims to maintain a competitive edge despite short-term market fluctuations.

Adaptability remains a cornerstone of Wilcon Depot’s strategy, with plans to adjust store formats and merchandising approaches to cater to the unique demands of various markets.

By embracing change and leveraging their 45 years of experience in the business, Wilcon Depot seeks to navigate through economic uncertainties and shifting consumer trends.

To fuel its expansion plans, Wilcon Depot has allocated a capital budget of P3.8 billion this year.

The company aims to open 10 to 14 stores, with a greater emphasis on majority depot-formats in the medium-term, while exploring the introduction of smaller formats in the coming years.

“Indeed, our 45-year experience in this business taught us the importance of adaptability. We stayed ahead of the curve even if the pandemic was arguably the worst crisis we ever faced as a business. Our long and varied experience, which we did not put to waste, was the foundation of our success,” said the company’s founder and chairman.

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