Trade, Commerce, and Food Security Minister Nalin Fernando announced yesterday that Lanka Sathosa, the national retail chain, is gearing up to open five new mega stores and ten regular stores in the first quarter of 2024. Speaking at a media conference held at the Presidential Media Center (PMC), Minister Fernando outlined the ambitious plan to expand the Lanka Sathosa outlet network to 500 stores by the end of the year.
The primary objective behind this expansion, as stated by the Minister, is to ensure that consumers can access goods at government-subsidized prices without encountering shortages. By strategically establishing new mega stores and regular outlets, Lanka Sathosa aims to enhance its reach and cater to the diverse needs of the public.
“In 2024, our target is to elevate the total income of Lanka Sathosa to nearly Rs. 70 billion, accomplishing an operating profit of approximately Rs. 1.5 billion. Despite prevailing economic challenges, we aspire to secure a net profit of Rs. 500 million,” Minister Fernando asserted, emphasizing the company’s commitment to financial growth and stability.
Moreover, Minister Fernando highlighted upcoming initiatives in 2024, including a new program for the Consumer Affairs Authority aimed at bolstering consumer rights. Additionally, he revealed plans for the complete computerization of the Department of Measurement Units, Standards, and Services within the first four months of the year, emphasizing the government’s dedication to modernize and efficiently meet the needs of the people.
Lanka Sathosa’s strategic expansion and financial goals underscore its pivotal role in providing affordable goods to the public and contributing to the nation’s economic development.
Note: Rs. stands for Sri Lankan Rupees.
