Sri Lanka Retailers’ Association says seasonal sales better than expected despite depreciation of the rupee
The Sri Lanka Retailers’ Association has reportedly stated that seasonal sales have been better than expected despite a near 16% depreciation in the value of the rupee in 2018.
Sri Lanka Retailers’ Association, Founder Hussein Sadique has told The Sunday Morning Business, “December sales are satisfactory and more than what we expected. We thought it would be a dull December but it has been better.”
According to him, the 2018 December sales performance has been similar to the sales performance recorded last December.
“This December’s figures are similar to last year’s figures. Some days the sales are more than last year. Overall, we have done well and it is around last year’s figures,” Sadique has said.
Earlier this month, during the height of the political crisis, Sadique has told The Sunday Morning Business that he is not very optimistic about December sales and expects a drop in comparison to the same period in previous years due to the political uncertainty.
“We thought it would be bad, we assumed it would not be a positive month but we are happy that seasonal shopping is happening”, he has said.
“We had brand promotions and all, and people have shopped around. People have come and they have done their usual shopping”.
The Association does not have any statistical data on retail sector performance but is in the process of launching a retail index by early next year.
Also, the Association’s new Chairman Sidarth Kodikara has said that Christmas sales have been good.
The newspaper report has also stated that K.A.S. Lasantha, General Manager of Richard Pieris Distributors Ltd., which operates the Arpico Supercentres chain, has stated that December sales had been better than expected.
“We are in line with our targets. There is no big issue in our sales as we expected,” he has said.
OSL take:
The statement by the Sri Lanka Retailers’ Association is a confidence boost for local businesses as well as foreign establishments looking at entering the Sri Lankan market. The comments indicate the resilience of the Sri Lankan economy as well as the strength and growth potential of the economy as well. Despite the depreciation of the rupee against the US dollar, Sri Lanka still remains the ideal business venue for foreign businesses/investors.
| Article Code : | VBS/AT/02012019/Z_2 |