Wilcon Depot, Inc. Remains Optimistic About the Future of Home Improvement, Continues to Seek a 100-Store Target

At its annual stockholders' meeting, Wilcon Depot, Inc.'s President and Chief Executive Officer, Ms. Lorraine Belo-Cincochan, mentioned that despite the apparent slowdown in demand versus 2022, Wilcon remained bullish on the future of home improvement. Wilcon still pursued the accelerated opening of new stores, so the 100-store target will be achieved a year ahead of schedule. Wilcon ended 2023 with 90 stores.

She also reported on the launching of Wilcon’s re-conceptualized smaller format, “Do It Wilcon”  (DIW), which will replace the “Home Essentials” (HE) stores. The DIW format is primarily a stand alone hardware store, which will be located near residential areas or in commercial areas, offering the same product categories as the depots but with lesser number of SKUs. In special instances, when merited, the DIWs may also locate in malls. She added that the conversion of the HE branches into DIWs will be completed in 2024.

In response to a query from a stockholder regarding the company’s plans after the 100th store, Ms. Belo - Cincochan reiterated that Wilcon is committed to pursue its growth strategies and hence shall continue with its store network expansion to be even more accessible to its customers, enhancing product offerings with increasing efficiency by leveraging on its competitive advantages in product development, sourcing and marketing and constantly introducing improvements to elevate customer experience when shopping in its stores.

Also, the Chairman and all the incumbent members of the board were elected for another term. Messrs. Bertram Lim, Rolando Narciso, Ricardo Pascua, Delfin Warren as independent directors and Ms. Lorraine Belo-Cincochan, Mr. Mark Belo and Ms. Careen Belo will be serving in the board until the next annual stockholders meeting in 2025. The stockholders also approved the re-appointment of Reyes Tacandong & Co. as the company’s external auditor.

​Both Ms. Belo - Cincochan and the founder, Mr. William Belo, who also gave a brief message to the stockholders thanked Wilcon’s employees for their dedication, and partner-suppliers, customers and stockholders for their support through the years.