Odel expansion to embrace Kiribathgoda and Wattala

Wednesday, 6 October 2010 23:09 - - {{hitsCtrl.values.hits}}

Sri Lanka’s premier lifestyle brand Odel has announced two new locations in its suburban expansion plan, increasing its chain to 15 distinctive outlets.

New stores to be opened at Kiribathgoda and Wattala will add another 22,000 square feet of trend-defining retail space to a chain that already offers customers more than 136,000 square feet of high quality shopping.

Scheduled for opening just before Christmas, the Kiribathgoda store will extend to 10,000 square feet of shopping over two floors located in a busy area of the main town at a location which has ample parking facilities and offers visitors an on-site children’s play area.

The Wattala store, consisting of 12,000 square feet on five floors is expected to open to the public in March 2011, the company said.

“This is an exciting time to be in business,” Odel founder and CEO Otara Gunewardene observed. “Peace in Sri Lanka has boosted tourism and other businesses and generated a sense of optimism in the country. In this context, it is logical for Odel to expand its presence, and has chosen to reward Kiribathgoda and Wattala with stores that will redefine their shopping experience.”

In July this year, Odel offered 16.7 million ordinary shares to the public at a milestone IPO that was oversubscribed by 64 times. Part of the funds raised has been channelled to upgrading existing stores and for expansion.

The Odel outlet at Dickman’s Road, Colombo 5, which was the first store of the chain, is currently undergoing refurbishment and will reopen shortly as a standard Odel store.

Odel’s award-winning website www.odel.lk which offers online shoppers the same Odel experience from the comfort of their homes or offices with sophisticated, seamless e-commerce functionality is in the process of a revamp which will be completed next month.

Acknowledged as the country’s definitive fashion and lifestyle retail brand and often compared with Harrods and Harvey Nichols, Odel is currently represented in Sri Lanka by its flagship outlet at Alexandra Place and stores at Kohuwala, Mount Lavinia, Moratuwa, Panadura, Maharagama, Nugegoda, Battaramulla, Ja-ela, Majestic City, Crescat (Backstage) and at the Bandaranaike International Airport.