SLRA focuses on enhancing image and credibility of...
The Sri Lanka Retailers’ Association (SLRA) is focused on enhancing the image and credibility of the retail industry in Sri Lanka and bringing to the forefront its significance to the national economy, according to SLRA Chairman Sidath Kodikara.
Kodikara made this remark at the second annual general meeting of the SLRA, last week.
The root for this decision was made clear by Cargills Ceylon PLC Deputy Chairman Ranjith Page, as he portrayed that the biggest issue the retail industry is facing is the shortage of workforce.
“We lack professionalism in the industry. Therefore, professionalising it should be a priority. This impression of the retail sector is because a vast majority of the labour force doesn’t see this industry as a viable profession,” said Page.
Kodikara provided a clear depiction that today, organised retail trade contributes to one-third of the national gross domestic product while accounting for 14 percent of the labour market.
“Retail attracts over 250 million footfalls in Sri Lanka, which exemplifies the potential of physical retailing while the number of clicks for online retail is estimated to be slightly under 2 percent and growing at the rate of 200 percent annually,” Kodikara explained.
“As an industry, retail is capable of building value chains that bridge social inequalities while creating access to quality living across Sri Lanka through the standards set. The industry also enables tourism spend and is a catalyst for regional growth. The benchmarks of quality and transparency set by the sector also allow for consumer protection and streamlining of state revenue potential. As such, it is time the industry is recognised for its value to the economy,” he further added.
In enhancing its image and reputation, the SLRA sees a significant role for itself in providing training, enhancing skills and expanding knowledge of the industry workforce towards elevating the local standards to global levels. Partnerships and affiliations with regional retail bodies would be critical towards cross training and knowledge exchange.
The SLRA foresees an active role for itself in the architecture of development and fiscal policy as well as consumer protection mechanisms in the near term and is engaged with the policymakers in this regard.
Kodikara revealed that the SLRA will be recognised through an Act of Parliament and will remain well engaged in the policymaking process through budget reforms and overall macroeconomic policy formulation.
For FY 19-20, the association envisages to have more significant engagement with the government. It will scale and gain much broader membership so that the SLRA represents a cross-section of retail segments and retail tiers. The SLRA will also expand its regional partnerships with other retail associations.
FY 20-21 will lead the way for higher retail penetration. The SLRA will play a significant role in partnering with the government to enable organised retail penetration and enable and encourage traditional retailers to transform into organised retail, thus, contributing further to the national economy and addressing consumer needs.
As for FY 21 and beyond, the association aims to build on the leadership role that the SLRA plays in the Sri Lanka retail industry to influence regional initiatives and be a key stakeholder in developing regional events and initiatives.