Sri Lankan retailers looking at encouraging more professionalism in the industry through standardizing and benchmarking
The Sri Lanka Retailers Association (SLRA) has reportedly stated that steps are being taken by the country’s retailers to encourage more professionalism in the industry by focusing on standardizing, benchmarking and training and use techniques like data analytics to meet the needs of increasingly discerning consumers.
Chairman of SLRA, Sidath Kodikara has been quoted as saying in the local media that the retailers are focused on enhancing the image and credibility of the retail industry and its significance to the national economy.
He has noted that organized retail trade currently contributes to one third of the national GDP while accounting for 14 percent of the labour market, he told the association’s annual meeting.
“The association envisages that a substantial amount of its energy would be expended towards standardizing, benchmarking and training across the retail sector,” Kodikara has said.
“Scaling up the retail academy would create space for professionals to become the norm and not the exception in our trade.”
The SLRA would also partner vocational training institutes to further formalize training models and create widespread opportunity for youth to enter the vibrant industry with professional qualifications.
“The job bank envisages by SLRA would complement this process in ensuring a seamless link between learning, training and real career prospects,” Kodikara has noted.
According to him, the SLRA plans to spearhead the reduction of food waste and pollution across retail in Sri Lanka through a structured programme led by large corporate.
“The aim is to create a close looped system that would help reduce waste and our environmental footprint throughout our value chains.”
The SLRA also has plans to share its expertise in creating a more level playing field for small retail operations to thrive as organized retail expands beyond the Western Province.
“In 2019 we will see increasingly new models of partnerships and collaborations between retailers and technology companies emerge,” Kodikara has said.
OSL take:
The move by retailers in Sri Lanka to uplift the retail sector would herald a host of new investment opportunities in the country’s retail establishment for foreign businesses/investors. The local retail sector would also be open for partnerships as well as for infusion of new techniques and methodologies to improve the country’s retail industry.
| Article Code : | VBS/AT/20181128/Z_1 |