SL Retailers’ Association appeals for lease and rental reductions
View(s):The Sri Lanka Retailers’ Association (SLRA), the apex body for organised retail in Sri Lanka, has requested all landlords and lessors to reduce leases and rentals for the association’s membership.
In a media release, SLRA President Sidath Kodikara appealed to landlords to provide a 50 per cent concession on rentals/ leases for the next six months on properties leased and rented by SLRA members, as many retailers are suffering losses due to the prevailing situation in the country caused by COVID-19.
“The ongoing lockdown has drastically limited all retailers’ ability to operate their respective outlets. Thus, resulting in more than an 85 per cent drop in revenues across all retail establishments and sectors. This significant drop in revenue has resulted in losses for all retailers; and currently all our membership is struggling to stay afloat,” he said.
Given the challenges, retailers are in urgent need to cut operating costs, of which a significant component is the lease rental.
“We make this request fully understanding the impact this may have on landlords or lessors. However, this is an urgent need for the retail industry -an industry which employs more than 15 per cent of the work force,” he added.
The SLRA currently represents nine sectors in the retail industry namely FMCG; Clothing, Fashion & Jewellery; Shelter & Housing; Household & Consumer Durables; Footwear & Accessories; E-Commerce; Mobility; Entertainment, Restaurant and QSR (Quick Service Restaurants); Healthcare & Wellness.