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Retail industry targets 80% of 2019 performance in 2021

21 Mar 2021

  • Vaccine rollout expected to increase retail sentiment

  • Enthusiasm already witnessed for New Year among consumers

Despite the pandemic-induced islandwide lockdown effectively hindering retail performance during the Sinhala and Tamil New Year last year, the industry is optimistic of achieving 80% of the retail sales that were achieved during the same period in 2019 this year, The Sunday Morning Business learns. Sri Lanka Retailers’ Association Founder Chairman and President Hussain Sadique told us 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. “We are trying to get closer to the retail sales that were achieved in April 2019. However, there are a couple of setbacks in doing so, which includes the prevailing stringent import restrictions by the Government,” Sadique said. He further noted that unlike in 2019, public gathering and parties have also been restricted this year, along with a drop in purchasing power and consumption. However, he said that as the country has not celebrated the Sinhala and Tamil New Year since 2019, there has been much enthusiasm to celebrate it this year. As Sadique noted, retailers are desperate to go back to normal like in 2019. “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 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. All attempts to contact Abans and Arpico for their comment proved futile. 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 labour force statistics.

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