Odel Mall expands shopping area

Fashion retail giant, Odel has added another 10,000 square feet to its flagship store at Alexandra Place, offering shopaholics an opportunity to explore an exciting new space internationally designed and built by Blocher Partners – the Germany headquartered architecture firm that designed the 645,000 square foot Odel Mall that will soon begin to take shape at the adjoining site.

Softlogic Chairman Ashok Pathirage said, “Anticipation is building up rapidly on the new Odel Mall that will soon dwarf all others in the country in terms of scale, sophistication and offering.”

“The newly opened internationally designed 10,000 sq. ft. retail area which has been added to the Odel retail space provides just an inkling of what our customers can expect when the Odel Mall, for which the ground-breaking took place today, is completed,” he said.

“This new area is also an acknowledgement of the ever-rising brand standards and retail experience we strive to offer our discerning customers, while pitching Sri Lankan fashion retail alongside international standards,” Pathirage said.With an assortment of top international brands such as Aldo and Desigual, a revamped and fully-loaded Odel sports department comprising Nike, Reebok, Adidas, and Canterbury; lingerie, swimwear, menswear, a wider selection of shoes and bags, luggage and a Denim Lab featuring a wide array of international denim brands, this new extension is set to transform the Odel customer shopping experience and take Sri Lanka’s most iconic shopping destination to new heights, a company said.

Along with this expansion, Odel introduces Aldo, the dynamic global Canadian fashion footwear and accessories brand that is at the forefront of high-street footwear and accessories for both men and women.

Synonymous with style and elegance, Aldo is frequently endorsed and worn by numerous pop-culture icons and celebrity fashion figures.

The brand is intended to fill the gap that existed in the market for branded men’s footwear and accessories, with its vibrant spirit and cutting-edge take on international style.

ODEL Customers can now purchase quality, trendy footwear for both men and women from Aldo at a dedicated section in the new retail area.

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Ceylon Cold Stores (CCS) income up, profit down in 1Q

Ceylon Cold Stores (CCS) saw its 1Q18 revenue up by 20 per cent year on year (YoY) but its gross profit was down by 6 per cent for the same period, the company’s interim results showed.

In the said quarter, CCS’s manufacturing sector net profit and revenue were down YoY to Rs. 3,383,238 and Rs. 698,504 million, respectively.
The retail sector revenue and net profit were up YoY at Rs. 9 billion and Rs. 277 million.

In the last quarter (in early June) A.R. Rasiah, having served the CCS board for over 12 years, resigned.

CCS used capital expenditure (funds used by a company to acquire or upgrade physical assets such as property, industrial buildings or equipment) of Rs. 778 million in 1Q18 and out of this Rs. 700 million was invested in the retail sector.

Officials say that investments in capacity expansion at CCS and store expansion at Jaykay Marketing Services (Pvt) Ltd (JMSL) significantly increased the future earnings potential of the group. CCS serves an island-wide network of over 110,000 retail outlets, 164 distributors and source from 4,461 farmers and 2,297 other suppliers.

CCS is enhancing capacity with investments of Rs. 3.8 billion in constructing a new ice cream factory and a further investment of Rs. 2.5 billion in a new bottling facility for beverages. JMSL will continue to rapidly expand its outlet footprint, whilst constructing a new distribution centre at an estimated investment of approximately Rs. 3.2 billion. The new distribution centre will consolidate both dry and fresh produce. Enabling the business to further improve its offering to our customers, achieve significant scale benefits as well as deliver operational excellence.

During the last financial year, CCS introduced new products into its portfolio, including a range of fruit drinks and successfully replaced sugar with natural sweeteners. CCS also implemented initiatives to improve its carbon footprint and water usage, according to officials,
In the last quarter CCS saw two international funds increasing stakes in its shares while another two slightly shed theirs in the company.

Standard Chartered Bank Mauritius S/A Chambers Street Global Fund, LP which had 1.11 per cent in CCS bought 1,629 168 shares and now own 2.82 per cent. CCS’s eighth largest shareholder, CB London S/A Verdipapirfondet Holberg Rurik which had some 380,044 shares (0.40 per cent) increased this to 0.20 per cent. HSBC International Nominees Ltd-Ssbt-Debutsche Bank Ag Singapore A/C 01 sold CCS shares to stand at 0.31 percent. Seylan Bank PLC/Channa Nalin Rajahmoney which had 0.20 per cent also shed 0.02 per cent to 0.18 per cent.
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