Recent filings from publicly traded firms AllDay and AllHome suggest a clear pivot away from rapid expansion in favor of a leaner footprint, as earnings sink amid a slowing economy.
“The company continues to evaluate its store portfolio, with a view of streamlining and optimizing its retail network,” the two companies acknowledged for the first time in their most recent financial reports.
Big picture
These pressures facing Villar’s retail businesses spill over into the rest of the group.
AllDay and AllHome are major tenants in his malls, alongside other Villar-owned cafés, banks, and bakeries.
InsiderPH previously reported that the family-controlled VREIT—which owns shopping malls and offices—was carrying receivables running into the billions of pesos, mostly from Villar-linked businesses, although the firm said dividend payouts would continue.
Business downsizing?
Customers have noticed AllHome and AllDay branches in their communities being shuttered, although signage outside these outlets seen by InsiderPH indicated the closures are temporary.
These include AllDay branches in Talisay, Cebu and in Libis, Quezon City, the chain’s largest location.
One customer said the AllHome branch in Dasmariñas, Cavite has been closed for a few months.
“It used to be very busy. It had a Coffee Project and was a good place to hang out especially during the post-pandemic days,” the customer said.
The reported closures represent a notable but small portion of the group’s overall retail network, which has grown since AllHome and AllDay went public in 2019 and 2021, respectively.
Unsold inventory is piling up
But a closer look at filings explains the push to streamline: inventory is building up faster than the stores can sell.
AllDay, which operates supermarkets and convenience stores, was carrying eight months worth of inventory at the end of September this year.
This was four times larger than inventory levels carried by tycoon Lucio Co’s Puregold Price Club during the same period.
AllHome, a full-range home and hardware retailer, ended the first nine months of 2025 with over 18 months worth of unsold goods.
This is much larger than the eight months worth of goods level carried by tycoon William Belo’s Wilcon Depot.
Sometimes retailers write down inventory because the items have become too old, slow-moving, or damaged and must be sold at a discount, impacting the company’s profitability.
Both AllDay and AllHome did not provide any allowance for inventory obsolescence, which, if recorded, would appear as an expense, saying these items are still deemed saleable.
Workforce impact?
AllHome said it implemented a “strategic rationalization of store workforce deployment as well as central support personnel.”
This means employees were let go or working hours were reduced.
As a result, both companies disclosed a sharp decrease in salaries, benefits, and agency fees.
AllDay had 40 stores with 60,000 square meters of selling space while AllHome finished 2024 with 70 stores with a total selling space of about 282,000 sqm.
New executives take charge
Leadership at the Villars’ retail businesses has been reshuffled amid mounting challenges in the segment.
Last September, George Anthonny Domingo took the helm at AllDay as president, and chief operations officer Magdalena De Guzman stepped down.
Frances Roselle Coloma resigned as chief, and Maribel Sibayan has been appointed acting president and COO.
These steps signal an effort to steady operations after AllDay and AllHome swung to a net loss in the first nine months of the year, while the share price continued to struggle.
AllDay (ALLDY) has lost 75 percent of its value since the start of 2025, while AllHome (HOME) is down about 53 percent against the benchmark Philippine index, which has slumped 9.5 percent.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
