24 June 2017 12:01 am
Lanka Sathosa is preparing to cross the 400 branch mark, despite recent floods hitting nine of its outlets.
“With the launch of last week’s three new outlets in East, Lanka Sathosa has expanded its branch strength to 380. We are also preparing to launch 37 new branches island wide next. Sixteen of these will be launched first, the rest thereafter. There are no plans to privatise Lanka Sathosa,” said Industry and Commerce Minister Rishad Bathiudeen, addressing the ministry’s progress review meeting this week.
“Recent floods have affected 9 Lanka Sathosa branches and they will be renovated immediately. Despite facing damage, Lanka Sathosa continued to serve consumers and helped the disaster victims as well. Lanka Sathosa supplied dry rations to the government to be issued to the people.
Lanka Sathosa’s in Ratnapura alone delivered Rs. 10 million worth dry rations to Divisional Secretariat officials to be distributed. Lanka Sathosa will expand to 500 outlets and we plan to add another 8000 franchise shops in future, to engage SMEs.”
Lanka Sathosa’s annual sales turnover is now around Rs 30 billion. Almost 93 percent of its expenditure in 2016 was spent for capital development projects. It plans to open 8000 franchise outlets with SME businesses in the coming year while expanding its present 379 branch network to 500 by December 2017.