Excitement brews as Sri Lanka prepares to inaugurate its inaugural downtown Duty Free store at the Colombo Port City in April 2024, marking a significant milestone in the nation’s retail landscape.
Anticipation mounts as Sri Lanka gears up to unveil its pioneering downtown Duty Free store at the Colombo Port City in April 2024, signaling a landmark addition to the country’s retail sector. The announcement, relayed via ‘X’ (formerly Twitter) by the Belt and Road Initiative Sri Lanka (BRISL), underscores the imminent arrival of a new shopping destination catering to both locals and international visitors.
The establishment of the Colombo Port City duty-free shop follows the Sri Lankan government’s delineation of stringent requirements for conducting duty-free retail business operations within the port city precinct. As per the gazette gazetted by President Ranil Wickremesinghe in October 2023, prospective investors must allocate a minimum investment of USD 5 million for duty-free retail ventures and possess international-level expertise in duty-free trade operations. Similarly, investors eyeing duty-free shopping mall operations are mandated to dedicate at least USD 7 million to their endeavors.
Singapore-owned One World Duty Free, in collaboration with the Colombo Port City, solidified plans to actualize Sri Lanka’s inaugural downtown Duty Free store through two agreements signed in May 2023. The strategic partnership heralds a new era of retail excellence, poised to redefine the shopping experience for consumers within the Colombo Port City’s vibrant urban landscape.
As the countdown to the grand opening commences, stakeholders and patrons alike eagerly anticipate the unveiling of Sri Lanka’s premier downtown Duty Free store, poised to elevate the nation’s retail sector to unprecedented heights. With its strategic location and commitment to delivering unparalleled shopping experiences, the Colombo Port City Duty Free store promises to emerge as a beacon of luxury and convenience, setting a new standard for retail excellence in Sri Lanka.
