Mar 21, 2017 (LBO) – Sri Lanka’s state-owned retail network Sathosa will open 50 branches next week while targeting 500 branches by end of 2017 and then expand through retail franchise outlets.
“I am pleased to announce that on March 28, 50 new and fully equipped Lanka Sathosa outlets across Sri Lanka will be opened,” said Rishad Bathiudeen, minister of industry and commerce.
“The total number of Lanka Sathosa outlets planned is 500 and by end of this year. We will activate all 500.”
The government will be establishing Lanka Sathosa retail franchises with existing private grocery shops and usual retailers, the minister added.
“The total number of planned such retail franchises across the country is 8,000.”
At present, Lanka Sathosa has 325 outlets across Sri Lanka with an annual network turnover of 30 billion rupees.
The minister was addressing the Cooperatives Provincial Ministers’ Summit at the Bandaranaike Memorial International Conference Hall (BMICH), Monday.
“When I took over Lanka Sathosa was faced with issues of lack of computerization, and non- availability of latest stock updates for top managers,” the minister said.
“Accounts too were lagging. As a result we started restructuring work within the system with consultancy by the international firm KPMG.”