Lanka Sathosa now stands as Sri Lanka’s largest retail shopping chain, Minister of Industry and Commerce Rishad Bathiudeen told guests at the opening of the first ever mega model outlet of Lanka Sathosa at Welisara last week.
Prime Minister Ranil Wickremesinghe, Minister John Amarathunga and Chairman of Unilever Sri Lanka, Carl Cruz were also present.
“We are launching the first ever mega model outlet of Lanka Sathosa today. 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 Minister Bathiudeen.
“Today, two Ministers are also launching two Lanka Sathosa outlets in the Badulla district and I am pleased to say that together with these three outlets, our network of branches has arrived at a total of 400, and Lanka Sathosa now stands as Sri Lanka’s largest retail shopping chain.
“We are transforming Lanka Sathosa from a loss-making service institute to a marketing based, profit oriented model so that it can serve consumers without being a burden on public funds. We have commenced many cost control initiatives and as a result saved significant funds last year.
“We also launched many promotional campaigns with reputed Sri Lankan companies to increase turnover and it has greatly helped Lanka Sathosa to increase its revenue. Today, our monthly turnover has almost doubled and in December 2017 our turnover was Rs. 3.2 billion,” he said.
“Lanka Sathosa has seen great growth and I praise Minister Bathiudeen for this achievement” said Prime Minister Wickremesinghe.
“The Government plans to give essential goods at most reasonable prices to the consumers. We have not deviated from this and in fact, implementing it. Lanka Sathosa is playing a great role as the lowest price setter in the local retail market, and helps 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 MSME shops across the country and has already started registration of qualifying MSMEs.
The present Lanka Sathosa network of 400 is due to be expanded further so that when it celebrates its 70th anniversary in 2019, the network shall total 500 branches along with a bigger monthly turnover.
Lankan FMCG sources said that the second largest privately owned supermarket chain after Lanka Sathosa has only around 240 outlets.