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Do-It-Wilcon store. Handout

Jessica Fenol

ABS-CBN News

<div><br/></div><div><span class="fr-img-caption fr-fic fr-dib" style="width:950px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/1718602133352image (2).png" style="width:950px" class="fr-fic fr-dib"/><span class="fr-inner" style="text-align:left"><span id="isPasted" style="color:rgb(65, 65, 65);letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">Do-It-Wilcon store. <em>Handout</em></span></span></span></span></div><p>MANILA — Home and furnishing supplies retailer Wilcon Depot on Monday said it aimed to expand its smaller store concept to augment growth in 2024 after breaching <a href="https://news.abs-cbn.com/business/06/20/23/wilcon-depot-likely-to-hit-100-store-network-goal-ahead-of-target-officials">its 100-store network goal.</a> </p><p>The Do-It-Wilcon concept was launched during the pandemic to capture the changing behavior of consumers, allowing them to set up shop in locations with a smaller footprint but closer to residential areas, officials said in a virtual briefing.</p><p>&quot;Parang we want to recalibrate a little bit and maybe put some DIY smaller format to complement the larger format and again be where the market wants us to be,&quot; Wilcon president Lorraine Belo-Cincochan said.</p><p>Wilcon EVP and COO Rosemarie Bosch Ong Rosemarie Bosch Ong added that there’s an opportunity for the D-I-W concept especially outside Luzon as the company expands in secondary cities. The smaller stores are also “less intimidating” and are less “overwhelming” compared to the depot concept, she said.</p><p>“We saw the opportunity of having this type of format… It&#x27;s easier to navigate, more practical, it&#x27;s very easy for them to choose,” Ong said. </p><div><a href="https://news.abs-cbn.com/business/2024/6/17/big-time-price-hike-kerosene-up-by-p1-90-per-liter-diesel-by-p-175-940" id="isPasted">READ: Big-time price hike: Kerosene up by P1.90 per liter, diesel by P.175</a></div><p>Ong added that although there is no target number of store openings of the D-I-W concept this year, it is likely to make up 40 percent of new store openings moving forward.<br/>“For now it&#x27;s still going to be the large format supplement by the small format which is a DIW concept,” Ong said. </p><p>In terms of business, the D-I-W also requires lower capital compared to the depot, as well as faster return on investments, Wilcon Depot said.</p><p>When asked whether the operator is expecting to breach its 2023 net income despite lower bottomline in the first quarter, Vice President for Investor Relations Jean Alger said the company remains optimistic despite facing some &quot;hindrance.&quot;</p><p>This, after a Wilcon Depot branch in Baliuag, Bulacan was engulfed in a fire last April 2024. Alger said the damage assessment was still ongoing. But she added that it’s a one-off and could be reversed with insurance collection.</p><p>“Assessment is not complete yet, once it&#x27;s completed, even before it&#x27;s completed, we may have already to recognize loss, even before the audit by the end of the year,” she said.</p><p>“Given that, while we remain positive and we&#x27;re doing everything we can, we just want to point out things that may hinder us in achieving our objectives for the year,” she added.</p><p>For 2024, Wilcon Depot said it has allocated some P2.1 billion to P2.2 billion in capital expenditure.</p><div><a href="https://news.abs-cbn.com/business/2024/6/17/first-balfour-earns-platinum-award-from-uk-s-investors-in-people-910" id="isPasted">READ: First Balfour earns Platinum Award from UK&#x27;s Investors in People</a></div>

<p>Wilcon Depot says it aims to expand its smaller store concept to augment growth in 2024 after breaching its 100-store network goal.</p>

Wilcon Depot says it aims to expand its smaller store concept to augment growth in 2024 after breaching its 100-store network goal.

Wilcon Depot eyes expansion of smaller concept store Do-It-Wilcon

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Wilcon Depot eyes expansion of smaller concept store Do-It-Wilcon

Jessica Fenol,

ABS-CBN News

Published Jun 17, 2024 01:58 PM PHT

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