Wilcon unfazed by entry of IKEA, eyes opening nine new stores in 2021

Home improvement and construction supplies retailer Wilcon Depot Inc. is unfazed by the upcoming opening of IKEA Philippines, with the company set to open nine new stores this year.

According to Wilcon chief operating officer Rosemarie Ong, the company's core revenue drivers will remain largely unaffected by IKEA Philippines.

"We will have some overlaps, but for furniture, I guess the furniture line that we have is very much different from their line and even our houseware line is different," she told reporters in a virtual briefing.

Wilcon has two retail formats — the depot store format, and the home essentials store formats. Its product offerings include local and international brands of tiles and flooring, plumbing and sanitary wares, and hardware among others.

"Ikea would only be furniture and appliances. I don't know if they have appliances, by the way, furniture and housewares," said Ong.

IKEA is set to open its first Philippine branch this year, its biggest in the world. It is also looking at more stores outside Metro Manila moving forward.

This was echoed by Wilcon president and chief executive officer Lorraine Belo-Cincochan, who said the company is "not that worried" about the entry of Ikea.

Wilcon aims to end 2021 with 71 stores, nine stores more than the 63 it had in 2020.

The company has allocated P2.9 billion out of the P3.5-billion spending program for the expansion.

Among the stores to be opened are in Isabela, Laguna, Bukidnon, Bohol, and Tagum in Davao.

"We are currently still looking around for different locations around the Philippines," said Belo-Cincochan.

She however noted that opportunity will mostly be in Luzon. —KG, GMA News