Growth potential for the country’s retail sector continues to be high and Sri Lanka’s retail sector ranking according to the A.T Kearney Global Retail Development Index leap frogged to 12 in 2017, from 20 in 2011, Softlogic Holdings told its shareholders in its annual report for the financial year 2016/2017.
A.T Kearney also projects the country’s retail sales per capita to grow by 6% over the next two years, driven by economic growth, increasing disposable incomes as well as the surge in tourist arrivals into the country.
The insufficient availability of retail space in Colombo continues to be a constraint for the industry and may affect its ability to cater to growing demands from the domestic and tourist markets.
Currently, the mall stock in Colombo is limited to eight, with five new projects in the pipeline.
The growth potential presented by the retail industry remains attractive and the group is assured that the setback faced last year is a temporary one.
Its unified retail sector strategy focusing on premium brands and geographical expansion has placed the company in a strong position to capture long-term growth opportunities of this sector.
Softlogic signed with the Canadian fashion brand, ALDO, during the year and will continue to expand its brand offerings as it also acquired the distributorship rights for leading fashion and accessories brand such as the Toy Store, Armani Exchange, Trussardi, Cavalli Class, Blumarine, Hallmark and Love Moschino.
The company looks forward to exciting opportunities presented by the Odel Mall, a highly eco-friendly and sustainable project designed by a leading German architect firm.
This stylish, sophisticated and cosmopolitan mixed development project looks at a space of 640,000 sqft that will comprise of a first-of-its kind retail shopping experience which will be the address for the world’s topnotch brands in Sri Lanka.
Apart from housing Sri Lanka’s most exclusive mall, the project will also include spa and sports facilities, culinary diversity covering an array of fine dining and multi-cuisine restaurants providing a gastronomic experience, a multiplex cinema – one of the largest of its kind in the country, with seven fully equipped, top-notch cinema halls inviting visitors to an immersive cinematic experience, superlative amenities, open public spaces and 39 exclusive limited edition luxury apartments topped off with a sky garden and parking for 550 vehicles.
This project is expected to be completed by 2020.
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