Sri Lanka lacks high-end shopping malls to attract affluent travelers: Report
July 15, 2015 (LBO) – Sri Lanka still lacks malls that can give its high-end tourists the holistic retail experience, despite the growth in retail options in the Island, a recent report said.
“Despite the growth in retail options the city still lacks high-end shopping malls to entice the affluent travelers by providing them a holistic retail experience within one luxury shopping mall,” Bartleet Religare Securities (BRS) in a report on the tourism industry said.
“Sri Lanka is currently promoting itself to the growing number of Chinese tourists and studies show that most Chinese tourists are shopping centric and tech savvy with a love for major brands,”
“New high end shopping malls are set to enter the city’s landscape via development projects only by 2018.”
These projects are undertaken mainly by companies in the likes of John Keells Holdings, Overseas Realty, Silver Needle Hospitality Group and Shangri-La.
Colombo, the capital of Sri Lanka is a gateway to the country due to the presence of the international airport and the growing number of shopping options the city houses, the report said.
Restoration projects undertaken by the Urban Development Authority (UDA) at heritage sites such as the independence square and Colombo racecourse has increased the retail, cinema and dining options in Colombo.
According to data Colombo has eight operational malls with a built-up area of 0.66 million square feet and an average vacancy rate of 5 percent.
Like it or not Sajith Premadasa is a man of the people like his father the late Mr Ranasinghe Premadasa who was also the President of the Country. He is much loved by the people than Ranil Wickremasinge who is not at all in favour of Sajith due to his popularity. If there is any delay in Sajith leading the party it is due to the huge divide between him and Ranil.
Sajith is just as dedicated as his father and serves the people and the nation. He is not a “kumantharanakaraya” like Ranil.
Sajith’s patience combined with honesty and dedication will be well rewarded in the future.
At the moment I see him as the most suitable man to lead and salvage the nation from it’s
suicidal path.
lol MALDIVES uses BUDGET TRAVELERS !!! there ends the validity of this post.
I wish to differ.
Free visa encourages budget travelers – these are the majority now a days. Though they do travel economically and stay away from expensive stuff, end of the day end up traveling more – often using public transport and budget accommodation.
The concept is a little alien to Sri Lanka as most Sri Lankans are use to the concept of luxury travelers who travel in tourist buses/hired vehicles and stay at luxury hotels. Though luxury travelers spend more at once at a few places, budget travelers are high in numbers and spend moderate amount at many places along the travel. So the revenue that can be generated is much higher when the volume is considered. Many countries including Maldives, Pacific Islands, Caribbean nations make use of this type of travelers well. Budget travelers are a huge market.
In return the budget travelers need reliability, cleanliness, security, reasonable cost (budget does not mean cheap) and the sense that they are not being cheated. None of these are present in Sri Lanka at the moment.
I being a budget traveler my self, as a matter of fact, I just do not like the hassle of going to an embassy and waiting to get a visa. I’d rather book a budget hotel, buy a ticket and get on with the travel. Therefore, most of my travels were to visa free countries.
To put the numbers in perspective, though I am a budget traveler, I typically spend USD 500 – 2500 per trip. Believe me, there are a lot like me in Sri Lanka; though the numbers are still small in Sri Lanka, that population is growing.
What we need is high end Amusement Park to cater to all.
Go to most malls in the U.S. these days and you will be confronted by empty shops hoping for buyers. Malls are losing out to online retail. Sri Lanka should position itself as an alternative destination, not another Singapore, with its concrete jungle.
Sky high price of electronics, electrical, cusumer fmcg goods, Vehicle. Who would. Retailers and Whole salers keep big margin compared to prices of Singapore, Dubai and Hong Kong. Heck prices are 1./3 or double the price in those places. Vat has to come down to 5 % for all goods. If Sri Lanka interested in become a tourist destination and a shopping hub. Sri Lanka should become a trading economy instead of focusing only in manufacturing.