MANILA - SM Supermalls is planning to open two new malls this year and another five outlets by 2024, its President Steven Tan said on Monday.

The Sy-led group said it remains optimistic about growth in the retail industry, which is expected to get a boost from the onset of the "ber months" or the start of the holiday season. Shoppers usually flock to the malls as they prepare for the holiday season.

In a briefing ahead of SM Supermalls’ Tenant-Partners Summit, Tan told ABS-CBN News that they are also expecting higher demand in the coming months despite elevated inflation.

“People will come back to the malls… We had more serious crises but Filipinos are more resilient and love going out," he said.

"There may be [a] shift in prioritization but we’re confident with the retail environment with 'ber' months and the shifting of the school year,” he added.

He also said the company's performance in the first quarter was "even better than pre-pandemic level." Tan also said they are boosting their online shopping platforms to offer more options for consumers.

<h1>SM eyes opening 2 new malls this year, 5 next year</h1>MANILA - SM Supermalls is planning to open two new malls this year and another five outlets by 2024, its President Steven Tan said on Monday.The Sy-led group said it remains optimistic about growth in the retail industry, which is expected to get a boost from the onset of the "ber months" or the start of the holiday season. Shoppers usually flock to the malls as they prepare for the holiday season.In a briefing ahead of SM Supermalls’ Tenant-Partners Summit, Tan told ABS-CBN News that they are also expecting higher demand in the coming months despite elevated inflation.“People will come back to the malls… We had more serious crises but Filipinos are more resilient and love going out," he said."There may be [a] shift in prioritization but we’re confident with the retail environment with 'ber' months and the shifting of the school year,” he added.He also said the company's performance in the first quarter was "even better than pre-pandemic level." Tan also said they are boosting their online shopping platforms to offer more options for consumers.

Department stores / Supermarkets / Convenience stores / Stores

SM eyes opening 2 new malls this year, 5 next year

MANILA&nbsp; -Businessman William Belo’s Wilcon Depot Inc. sees muted sales growth in 2023 as consumers shift to revenge travel and away from home improvement spending that helped bolster the company’s profits to a record high last year.

Wilcon president and CEO Lorraine Belo-Cincochan told reports during a media briefing on Monday said the company was still growing but nevertheless cautious on its outlook of the year.

“There is a bit of revenge travel…discretionary spending is [moving] more toward this kind of spending at the moment,” she said after the company’s annual stockholders’ meeting.

“So that will have a bit of an impact on the growth that we are looking at for 2023,” she said.

She added that the core business remained strong and they would continue to open new stores.

“The renovation market will always be there,” Belo-Cincochan said, adding that the hospitality sector was ramping up the construction of projects given strong demand in the tourism segment.

Company officials did not share any earnings guidance for the year.

However, Wilcon vice president for investor relations Mary Jean Alger said it might be challenging to match the previous year’s record financial performance.

“We are coming off a very high base so we are not expecting another spectacular year in terms of grow. It’s going to be more muted growth for the topline,” she said, referring to their projected revenues this year.

Wilcon earlier said net income last year surged over 50 percent to a record P3.85 billion while sales jumped 22 percent to P33.57 billion.

Wilcon expects to open 8-10 new stores this year as it aims to reach 100 outlets by 2024, which will be a year ahead of schedule.

Belo-Concochan said the company also plans to open a mix of depot store formats and smaller formats in the coming years.

<h1>Wilcon Depot Sees Muted Sales Growth In 2023</h1>MANILA&nbsp; -Businessman William Belo’s Wilcon Depot Inc. sees muted sales growth in 2023 as consumers shift to revenge travel and away from home improvement spending that helped bolster the company’s profits to a record high last year.Wilcon president and CEO Lorraine Belo-Cincochan told reports during a media briefing on Monday said the company was still growing but nevertheless cautious on its outlook of the year.“There is a bit of revenge travel…discretionary spending is [moving] more toward this kind of spending at the moment,” she said after the company’s annual stockholders’ meeting.“So that will have a bit of an impact on the growth that we are looking at for 2023,” she said.She added that the core business remained strong and they would continue to open new stores.“The renovation market will always be there,” Belo-Cincochan said, adding that the hospitality sector was ramping up the construction of projects given strong demand in the tourism segment.Company officials did not share any earnings guidance for the year.However, Wilcon vice president for investor relations Mary Jean Alger said it might be challenging to match the previous year’s record financial performance.“We are coming off a very high base so we are not expecting another spectacular year in terms of grow. It’s going to be more muted growth for the topline,” she said, referring to their projected revenues this year.Wilcon earlier said net income last year surged over 50 percent to a record P3.85 billion while sales jumped 22 percent to P33.57 billion.<h4>Wilcon posted record profit in 2022</h4>Wilcon expects to open 8-10 new stores this year as it aims to reach 100 outlets by 2024, which will be a year ahead of schedule.Belo-Concochan said the company also plans to open a mix of depot store formats and smaller formats in the coming years.

Financial results announcement

Wilcon Depot Sees Muted Sales Growth In 2023

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