Retail industry to flourish

Increase in disposable income:

More shopping complexes to spring up:

Indunil HEWAGE

CEO/Director Pravir Samarasinghe

The retailing industry is expected to grow by 20 to 25 percent per annum in years to come with Government measures to double per capita income in the country in the future.

Richard Pieris Group Director/Chief Operating Officer Pravir Samarasinghe said individual disposable income of the people will also increase as a result of that.

“With the increase in individual disposable income, there will be a change in buying behaviour of people and more retailing shopping complexes will be opened in the country in the years to come,” he said.

The major factors that have influenced buying behaviour in shoppers are primary income level, changing lifestyles of people and imagery aspects.

“Consumers are aware of the ‘latest trends’ in the world because they have access to television and internet easily now,” he said. In the current context, people have limited time, as a result of that, shoppers are looking for convenient shopping.

Buying power of the householder at the retail point, at every level of society has adversely affected as a result of the economic crunch. However, from October 2009, a considerable change in people’s spending patterns has been identified and people are spending more than before, Samarasinghe said. “Sri Lankan consumers look for quality products associated with value addition and are very brand conscious when buying basic products, premium products and electronic items as they are looking for brand names, they have trusted for years,” he said.

He said getting the right real estate locations for business expansion and providing the required training for the employees are major impediments in the retail industry.

“Retail business needs more trained human capital to provide a better customer-oriented service,” he said.