Business
Sri Lanka Retailers’ Association appeals for 50% concession on rentals and leases
‘Unfavourable forex situation has plunged many retail businesses into a new low’
‘Circumstances could force retailers to consider reduced business locations’
The Sri Lanka Retailers’ Association (SLRA), the apex body for organised retail in Sri Lanka, has issued a communique requesting landlords, lessors, and business partners to reduce leases and rentals for the Association’s membership.
President of SLRA, Murali Prakash appealed to landlords and lessors to provide a 50% concession on rentals and leases on all forms of physical infrastructure on properties leased and rented by SLRA members for the next one year. Furthermore, the association appeals to all business partners to share other costs where possible, to ensure that the sector, as a whole, is sustainable through these difficult times to safeguard the entire ecosystem.
The unfavourable forex situation has plunged many retail businesses into a new low after battling the COVID-19 pandemic for over two years with reduced operability. This has significantly eroded the business sustainability, given that most retailers heavily rely on imported products and raw material. The ongoing dollar crisis could continue to significantly reduce the revenues, impede growth and impact all operational levels to a point where maintaining physical infrastructure would be challenging. Increasing the cost base has further dampened the condition.
Due to this situation, there is a sense of urgency for the retailers to forge partnerships and implement cost sharing in all areas to wade through the challenges. SLRA believes that retailers and their business partners could overcome such adverse conditions only through a shared vision. If they stand together, all costs can be shared and the businesses could continue to operate. The alternative would force retailers to consider reduced business locations, which could hurt many landlords and business partners and result in zero income. A similar impact will befall other business partners, should retail customer points are reduced. Therefore, it is in the interest of everyone, that a shared cost strategy is established.
SLRA is optimistic that landlords, lessors, and other business partners would share part of the costs through reduced rentals and other cost-sharing options; thus, striving to create a better tomorrow. It also understands the impact this would have on the lessors and landlords and other business partners and suppliers. However, the industry needs to stay afloat for all parties to benefit in the future, and therefore a collective action is indeed the way forward.
Retailers have endlessly supported the local economy during good and bad times, and this is an exception where they need support from all business partners. Retail accounts for over one-third of the GDP and over 15% of the employment in Sri Lanka. Vibrant retail is an essential part of a healthy and robust economy. Hence, it is imperative that all parties come together to support the retailers at this juncture for the nation’s greater good.
The SLRA currently represents nine sectors in the retail industry, namely FMCG; Clothing, Fashion & Jewellery; Shelter & Housing; Household & Consumer Durables; Footwear & Accessories; E-Commerce; Mobility; Entertainment, Restaurant, and QSR; Healthcare and Wellness.
SLRA expresses gratitude to all parties, in advance, for the support extended to its membership.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
