Sri Lanka’s largest fashion retailer Odel is looking to divest a part of its shareholding to finance a major expansion drive. Odel is looking at a divesture worth of US $ 20 million which would be utilized to expand its existing departmental store in Colombo 7, adding a further 70,000 square feet to the store’s dimension.
‘As the country is now free from terror, we feel that an expansion programme at the moment would bring us fruitful benefits in the future when tourists start flooding in,’ Odel Chief Executive Officer, Otara Gunewardena said.
She said that Odel was also looking to extend its branch network outside of Colombo targeting the major cities.
‘Although we have these plans for the future, the present global economic scenario might actually slow down our expansion plans,’ she said.
At present, the flagship store located at Alexandra Place, Colombo 7 and launched in 1999 spans across 33,000 square feet. Odel is Sri Lanka’s first example of a retailing company and the first department store in Sri Lanka developed to international western standards. Last month, Odel also opened a 500 square-foot fashion accessories store for women called ‘Backstage’ in Illuma, at a shopping complex in Singapore.
Nation
Hatzzzzz off to King Mahinda and our Soldiers for making this a reality
