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| Tuesday, 28 September 2004 |
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Business | |
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Booming supermarket business Just a couple of decades back, most Sri Lankans were not familiar with the term 'supermarket'. Those who had been to the more affluent countries knew what it was all about, but the vast majority were ignorant. Today, the picture is very different. While Colombo and its suburbs still have more supermarkets than the rest of the country combined, every major town has at least one supermarket. One supermarket chain has more than 60 outlets countrywide and the others are catching up. Today, the supermarket business is booming. Many reasons can be attributed to their success. Perhaps the most obvious reason is convenience. They are located at busy junctions, are airconditioned, have plenty of parking space and almost all household items are available under one roof. They enable customers to shop at leisure, comparing brands and prices. There is no need to haggle over your requirements with the 'mudalali'. The prices are clearly marked and 'checking out' is fairly easy. Most supermarkets feature 'banded offers' (buy one, get one free), discounts on a range of items and loyalty schemes (discounts, prizes) which have made supermarketing a more rewarding experience. The acceptance of credit cards is another plus point for supermarkets - the average grocery store accepts cash only. Another discernible trend is that supermarkets are no longer 'exclusive'. When supermarkets first appeared, only the wealthy used to patronise them. The other strata of society were generally apprehensive of the concept, prejudiced by the notion that their prices should be higher than those of neighbourhood groceries. As supermarkets spread their wings, it became clear that this was not the case. Now middle class and even low income families regularly patronise supermarkets, even if they would not buy many of the high-end items. The future looks bright for the supermarket business, which is expanding fast. Several supermarket chains are striving to become 'one-stop' shops where a customer can fulfil his banking, pharmacy, billing and laundry needs as well. One supermarket chain has opened several supercentres - fully fledged department stores with furniture and consumer durables. But supermarkets need more fully trained and qualified personnel to provide a faster service to customers. While supermarkets become versatile shopping centres, a range of upmarket, specialised stores are springing up, reflecting a major shift in consumer spending patterns. These specialise in furniture, clothing, audio/video equipment, home appliances, personal accessories (ex: jewellery), household accessories (ex: tiles), exotic gift items and books. Most of these goods are expensive, but there does not seem to be any shortage of clients and sales. A plausible explanation is that buyers are looking for quality, even if it costs more. Middle class families are also increasingly seen at these outlets. We should also not lose sight of the foreign clientele who frequent especially the clothing, gift and accessories shops. With many of these stores accepting foreign currency, a substantial income is raised from overseas visitors. Shopping malls too have changed the country's retail landscape. Colombo's three main malls attract thousands of shoppers (and window shoppers) daily. Two of them have food courts that are an attraction in their own right. More shopping malls are on the cards, with several new condominium-cum-retail centres being built. It is time that Sri Lankan authorities seriously consider the possibility of starting a 'shopping festival' along the lines of those in Dubai and Singapore to lure visitors from near and far. All retailers should agree to offer enticing discounts to make this a success. The retail sector should ditch conventional thinking to accommodate the latest trends. |
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