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Festive retail performance bounces back to pre-pandemic levels

18 Apr 2021

  • Almost records 2019 Avurudu sale performance 

  Regardless of recording a massive plunge in retail performance last year amidst a prolonged lockdown, the retail industry was able to go back to pre-pandemic levels this year as retail performance almost achieved the performance recorded in 2019, according to the Sri Lanka Retailers’ Association (SLRA). SLRA Founder, Chairman, and President Hussain Sadique told The Sunday Morning Business that the demand for retail performance recorded during this April season was extremely high just like 2019 sales due to high consumer enthusiasm.  “However, there was no growth in sales this April season due to limited supply produced on the total quantity demanded by customers. Whoever had the capacity to supply performed well, whereas the remaining retailers could not. However, the sales performed this season are still better in comparison to December 2020,” Sadique said. Speaking to us prior to the seasonal sales in March, Sadique had stated that the retail performance recorded during the April festive season last year is negligible with people being confined to their homes due to the prolonged lockdown Sri Lanka announced to mitigate the spread of the virus. “Businesses are still fragile and we have to make sure the businesses are coming up with effective business models. Profit margin is also expected to go narrow with increased competition. After tourism gets back to normal, we can witness retail performance soaring,” he added. Meanwhile, speaking to The Sunday Morning Business, Softlogic Holdings PLC Group Marketing Director Desiree Karunaratne last month (March) expressed her optimism, noting that with the rollout of the vaccine, the retail industry could expect more positivity as consumers would be more confident in engaging in normal day-to-day activities such as shopping. “The retail sentiment has already begun to pick up. People have started going out, including to public places. They have begun shopping and dining as well. We think customers should come and shop now,” Karunaratne added. She said the retail industry has been introducing offers along with credit card schemes. Karunaratne further noted that they are benchmarking this year’s retail performance with that of 2019, as the country was mostly in lockdown during the first half of last year. The country’s retail sector accounts for nearly one-third of Sri Lanka’s GDP, with sales value exceeding $ 30 billion, which can be directly attributed to retail. The sector also plays a vital role in the country’s employment, with nearly 14% of the employment population engaged in some form of retail activity, according to Sri Lanka’s labor force statistics.  


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