Acquisition of the Sri Lankan up market fashion retailer, Odel PLC by an Asian retail giant Parkson Retail Asia Limited has seen by market analysts as a very positive sign. They said that it could be the beginning of changing the country’s tourism model opening an array of opportunities for up market shopping.
“This is the first time a local retail chain was acquired by an international fashion retailer which I believe would result in rapid expansion of the stores. As a result tourists as well as locals will now be able to do their shopping without having to go to other destinations such as Singapore or Bangkok.
The analysts saw the recent entry of leading multinational brands such as ‘BreadTalk’ and Parkson Retail Asia as indicating a new direction in the retail sector of the country and hope it will continue with greater magnitude in the future.