APRCE 2024 inauguration: new paths to redefining retail in APAC

Group picture of Heads of Delegations of FAPRA

FAPRA Chairman Roy N.Mandey

Sri Lanka Retailers' Association President Charitha Subasinghe

By Michelle Therese Alles

The 21st Asia-Pacific Retailers Convention and Exhibition (APRCE) was inaugurated in a colourful event held at the Shangri-La Hotel, Colombo. 

Taking place from 4-6 September, the event, themed ‘Redefining Retail in APAC: from Transactions to Transformations’ welcomed a gathering of retail professionals from 18 Asia-Pacific nations.

In his welcome address, Sri Lanka Retailers’ Association (SLRA) President Charitha Subasinghe highlighted the resilience of Sri Lanka’s retail sector amid the country’s economic recovery, pointing to significant growth projections for 2024 and 2025. 

“The APRCE serves as a unique platform for Federation of Asia Pacific Retailers Association (FAPRA) members to exchange insights, learn from experts, and build lasting business relationships. The conference features a line-up of distinguished speakers who will discuss innovative strategies and transformative trends shaping the future of retail in the region,” said Subasinghe. 

He also recognised the significant investments made by local retailers in infrastructure, talent management, and supply chains, which have encouraged the growth of international franchises and positioned Sri Lanka as a hub for global retail partnerships. Subasinghe further expressed hope that the event would facilitate fruitful business-to-business connections and acknowledged the contributions of FAPRA member countries, particularly Japan and China, which sent the largest delegations.

Indonesian Retail Merchants Association and FAPRA Chairman Roy Mandey began his address with a call for innovation and collaboration in the retail sector. He highlighted the conference’s focus on exploring cutting-edge technologies, sustainable retail practices, and strategies for enhancing consumer engagement amidst rapid market changes.

Mandey underlined the critical role of the Asia-Pacific retail sector, noting that its 7.9 billion population drives $ 40.8 billion in global retail activity. He emphasised the conference’s dual objectives: to offer valuable insights and to cultivate meaningful connections through active engagement and networking. Mandey encouraged the gathering to leverage the event as a platform for collaboration, aiming to build a resilient retail environment that benefits consumers and communities alike.

China’s retail sector, often considered a major player due to its massive market size and significant retail sales figures, has emerged as a powerhouse of growth and innovation, showcasing resilience and expansion as the nation navigates its post-pandemic landscape. With total consumer goods sales reaching $ 47.15 trillion — a 7.2% increase from the previous year — the sector reflects a strong recovery from past economic challenges. E-commerce continues to thrive, accounting for 27.6 % of sales, while physical stores boost consumer engagement through innovative experiences. Looking ahead, China is poised for sustained retail expansion, with growth projected to exceed 6 % Government initiatives aimed at enhancing domestic demand and consumption, including policies on green consumption, the digital economy, and cultural tourism, are expected to drive further innovation and diversification in the retail sector. 

A presentation featured comprehensive country reports, providing an in-depth look at retail sector performances across various nations. The reports highlighted key trends, growth metrics, and market dynamics, offering valuable insights into how different countries are navigating the evolving retail landscape and delivered a global perspective on retail developments, thus setting the stage for informed discussions and strategic planning throughout the conference.

FAPRA unites retail associations across the Asia-Pacific to support commerce and improve livelihoods. Representing over 3.7 billion people, FAPRA shapes the future of retail through its Asia Pacific Retailers Conference and Exhibition (APRCE). The SLRA, a key member, advocates for sustainable growth in Sri Lanka’s retail sector and strengthens its position as a hub for international partnerships.

- Pix by Shehan Gunasekera -