Port City Colombo announced that China Duty Free (CDF) and One World Duty Free (ODF) have been granted status as Businesses of Strategic Importance (BSI) by the Cabinet, according to an official Cabinet media statement released on 10 July. This approval paves the way for the commencement of travel retail operations at the upcoming Downtown Duty-Free Mall.
Discussing the significance of this milestone, CHEC Port City Colombo (Pvt.) Ltd. Managing Director Xiong Hongfeng said: “We are pleased to announce that our duty-free partners, China Duty Free and One World Duty Free, have successfully obtained BSI status and received approval from the Cabinet. Our partners are now empowered to operate within the Colombo Port City Special Economic Zone, allowing for the eagerly anticipated opening of the Downtown Duty-Free Mall to go ahead before the close of Q3 2024. We look forward to this, and to many other important developments in due course, with many prospective global investors ready to invest in Sri Lanka through Port City Colombo.”
Capitalising on the city’s prime location and connectivity to the Bandaranaike International Airport (BIA), the Downtown Duty-Free Mall will showcase a diversity of brands. The Downtown Duty-Free Mall will emulate the success of other competitive downtown duty-free markets including Singapore, Australia, and China.
China Duty Free and One World Duty Free will soon begin operations at Port City Colombo. China Duty Free, in particular, is ranked as the world’s number one travel retailer, having recorded a revenue of $ 9.3 billion in 2023, according to a recently released Moodie Davit Report.
The forthcoming opening of the Downtown Duty-Free Mall is anticipated to draw increased tourist traffic. Along with CDF and ODF, a third international luxury duty-free brand is set to explore a collaboration at this duty-free mall concept.
The Downtown Duty-Free Mall will also be complemented by a curation of duty-paid brands and dining experiences, including Nihonbashi by Dharshan, Spa Ceylon, Café Chill, and so forth.