Sri Lanka Retailers’ Association hosts 7th Annual General Meeting

New Executive Council for SLRA for year 2024/2025

Executive Council  

The Sri Lanka Retailer’s Association (SLRA) held its 7th Annual General Meeting at Hilton Residencies on 19 July. Outgoing President Charitha Subasinghe opened proceedings with his address, during which he stated, “From Jan 2023 to Jan 2024 the price increases of products were about 60% higher. This has led to the contraction of the demand by about 27%. If that was the contraction for food the contraction in our other subcategories of non-food retailing would be even more significant. Furthermore, the operating costs of our retail plant is significantly higher. The turnover based taxes have gone up significantly. In addition to that we are also having competition from the parallel imports. These importers do not pay the necessary taxes and thus are able to sell at a lower price. With the taxes increasing, the parallel import composition has increased. In addition to the impact to the formal retail business, the leakage to the potential tax revenue to the Government runs into billions of rupees. We have been as an association taking this issue with the different stakeholders. There is some progress but still a lot more to do to close it out.”

He went on to explain, “The contribution to the Sri Lankan economy from the retail sector is much bigger when we look at the retail sector as a total eco-system. Why I call it an eco-system is because, in addition to the directly involved suppliers and team members, it also provides investment opportunities for land and building owners and mall operators to earn a rental income, service providers such as security companies and janitorial companies to recruit and provide services, providing boarding facilities and meals to the significant number of team members who come to the city for employment in the retail sector and the transport and logistic providers. If you add the total eco-system, the statistics would be significantly higher.”

He further stated, “As the SLRA, our role will continue to drive quality into the retail business and augment it. Last year we promised to look at how we improve the talent. I am pleased to inform you that after much discussion and evaluation we have agreed a leadership program with the Post Graduate Institute of Management (PIM). At the entrance desk you will be able to collect a brochure and a contact number where you will be able to understand the program further. We believe it is great program and I do hope that each one of you would send in your talent for the program which will enable you to improve on the talent. Talent is something that we are say that we lack. We can’t complain forever. We need to take control of this subject. This is a tool to further help us in that direction.”

Following this address, SLRA Founder President Hussain Sidique addressed the gathering and announced the new President and Executive Council for the SLRA. Charitha Subasinghe was named President Elect of the SLRA for the year 2024/2025, as a decision had been made to every committee to serve for two years as per the article of circulation, in order to make a greater impact on the retail industry. 

The new Executive Council for the SLRA for the year 2024/2025 comprises of Healthguard Pharmacy Ltd. CEO Infiyaz M. Ali as Vice President, Singer Sri Lanka Group CEO Mahesh Wijewardena as Vice President, SPAR SL Ltd. CEO Kumar De Silva as General Secretary, D Samson & Sons Ltd. Director Asanka Rajapaksa as Assistant General Secretary, Perera & Sons Bakers Ltd. Corporate Affairs Director Ruvini Kariyawasamas Treasurer, Vision Care GM/ Marketing Head Harsha Maduranga as Assistant Treasurer, Fashion Bug Director Shabier Suban as Council Member, Cargills Foods Company Ltd. COO Indika Perera as Council Member, Overseas Reality Ltd. Assistant General Manager Avanthie de Soysa, Abans PLC Chief Marketing Officer Chathura Jayawardana as Council Member, Sri Lanka Retailers Association Past President Murali Prakash and Former President, Deputy Managing Director of Hameedia and Founder President Hussain Sidique.

The announcement of the Executive Committee was followed by an in-depth overview of the 21st Asia-Pacific Retailers Convention & Exhibition (APRCE), by Infiyaz M. Ali. The APRCE is organised by the Federation of Asia-Pacific Retailers Associations (FAPRA) and is set to take place at the Bandaranaike Memorial International Conference Hall (BMICH) on 5 and 6 September 2024.