Wilcon Depot Inc., the country’s largest construction supplies and home improvement retail chain, may spend about P7.3 billion to complete a 100-store network before 2025.
Wilcon chief executive officer Lorraine Belo-Cincochan said the company would try to finish the construction of four more branches within 2019 and another seven by 2020. Construction cost per store is about P210 million.
“We’re actually one year ahead of our plan to have 65 stores by 2021. But the expansion went on smoothly so we’re now going for 100 stores before or by 2025,” she said over the weekend.
The company now have 54 stores nationwide. It expects to end the year with 58. Another seven stores will be built in 2020 to hit the company’s target of 65 outlets.
Cincochan said all stores were company-owned, being the preferred business model of the owners. The company so far has no plans to go into the franchising business.
Wilcon may tap the debt market to finance the construction of the next 35 stores. It is spending P6.1 billion from the P6.9-billion proceeds it generated during its maiden stocks offering.