The Sri Lanka Retailer’s Association (SLRA) held its seventh Annual General Meeting at the Hilton Residencies on July 19.
Outgoing President Charitha Subasinghe opened the proceedings with his address. “The Jan 2023 to Jan 2024 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.
“The operating costs of our retail plants are significantly higher. The turnover based taxes have gone up significantly. We also have competition from parallel imports. These importers do not pay normal taxes and thus are able to sell at a lower price.
“With taxes increasing, parallel imports have also increased. The leakage of potential tax revenue to the Government runs into billions of rupees. We have been taking up this issue with the stakeholders. There is some progress but still a lot more to be done.
“The contribution to the economy from the retail sector is much bigger when we look at the retail sector as a total of the eco-system as it also provides investment opportunities for land and building owners and mall operators, service providers such as security companies and janitorial companies, providing boarding facilities and meals to 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.
“The SLRA will conduct a leadership program with the Post Graduate Institute of Management (PIM),” he said.
Founder President of the SLRA, Hussain Sidique also spoke.
Charitha Subasinghe was named President Elect of the SLRA for the year 2024/2025, as a decision had been made for every committee to serve for two years to make a greater impact on the retail industry.
The new Executive Council for the SLRA for the year 2024/2025 comprises: Vice Presidents Infiyaz M. Ali and Mahesh Wijewardena, General Secretary Kumar De Silva, Assistant General Secretary Asanka Rajapaksa, Treasurer Ms. Ruvini Kariyawasam, and Assistant Treasurer Harsha Maduranga.
Council members: Shabier Suban, Indika Perera, Avanthie de Soysa, Chathura Jayawardana, Murali Prakash and Hussain Sidique.
The appointment of the Executive Committee was followed by an indepth overview of the 21st Asia-Pacific Retailers Convention and Exhibition (APRCE), by Infiyaz M. Ali.
The APRCE is organised by the Federation of Asia-Pacific Retailers Associations (FAPRA) and will take place at the BMICH on September 5-6.
