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Saturday, 6 January 2018 00:53 - - {{hitsCtrl.values.hits}}
Monthly turnover up to Rs. 3 B, 25 new Mega Stores in pipelineThe State owned Lanka Sathosa shopping chain yesterday added a new service by opening its first mega store with about two dozen more expected to be opened over the next few months.
“Lanka Sathosa now stands as Sri Lanka’s largest retail shopping chain,” said Industry and Commerce Minister Rishad Bathiudeen. Minister Bathiudeen, joined by Prime Minister Ranil Wickremesinghe, Tourism Minister John Amarathunge and Chairman of Unilever Sri Lanka Carl Cruz was addressing the launch event of the first ever mega model outlet of Lanka Sathosa at Welisara.
“We are commencing the first ever Mega model outlet of Lanka Sathosa here today, thereby launching Sathosa’s Mega outlet series. We are planning another 25 such new Mega outlets this year, and they are coming up with the support of private sponsorships and not from public funds,” said Bathiudeen.
“In fact, as we meet here today, two other Ministers are also launching two Lanka Sathosa outlets in the Badulla District at this moment, and I am pleased to say that with all three outlets launched, our network of branches has arrived at a total of 400 as of today, and Lanka Sathosa now stands as Sri Lanka’s largest retail shopping chain.”
The Minister further said the Government was dedicated to transforming Lanka Sathosa from a loss making service to a marketing based profit oriented model so that it can serve consumers without being a burden to public funds. Bathiudeen said cost control initiatives had saved significant funds last year.
“We also launched many promotional campaigns with reputed Sri Lankan companies to increase sales turnover which has greatly helped Lanka Sathosa to increase its revenues. As a result, I am pleased to announce today that our monthly turnover has almost doubled, and in December 2017 our turnover was Rs 3.2 billion.”
Prime Minister Ranil Wickremesinghe praised the expansion of Sathosa and commended it for supporting the Government’s effort to provide essential goods at subsidised prices to consumers.
“The Government wants to give essential goods at reasonable prices to consumers. We have not deviated from this and in fact, are implementing it. Lanka Sathosa is playing the great role of the lowest price setter in the local retail market, and helps the Government in its consumer support role.”
In its quest to expand further into rural areas, Lanka Sathosa plans 8,000 franchised outlets partnering with privately owned shops. The present Lanka Sathosa network of 400 is scheduled to be expanded further, so that when it celebrates its 70th anniversary in 2019, the network shall have a total 500 branches along with a bigger monthly turnover.
