505 – Sri Lanka’s first branded designer eyewear store turns 1 0 340

27th August 2019 Colombo: 505, the pioneering branded designer eyewear store in Sri Lanka celebrates its first anniversary on 23rd August 2019 after a year of successful operations. A brainchild of Vision Care Optical Services (Pvt) Ltd, the exclusive Luxottica branded 505 Store is the first of its kind in Sri Lanka. Luxottica Group is a leader in the design, manufacture and distribution of fashion, luxury, sports and performance eyewear and the label features top international designer brands such as Ray-Ban, Vogue, Oakley, Dolce & Gabbana, Prada, Michael Kors, Coach, Bvlgari, Giorgio Armani, Emporio Armani, Burberry, and Versace. The store also has the largest ‘Oakley’ collection in Sri Lanka.

BiZnomics-Press Release -Vision Care4

BiZnomics-Press-Release--Vision-Care-01

 

Commenting on the joyous occasion, Srimantha Wewalwala, General Manager of Vision Care said, “Congratulations to the team at 505 on reaching the historic milestone of its first anniversary. It has been a highly successful year for the designer eyewear store, as Sri Lanka’s first branded luxury eyewear store, showcasing all the high-end brands from Luxottica that a customer could want. We are grateful for Luxottica’s partnership. I commend the hard work and brilliance shown by the 505 teams to offer unmatched experience, thereby creating a base of loyal customers who appreciate the superior service they receive whenever they walk into 505. As the demand for branded eyewear expands in Sri Lanka, we see tremendous future prospects as a leader in designer eyewear. Vision Care has always been a revolutionary trailblazer in eye care solutions and the success of 505 reflects its distinctive offering.”

 

 

Over the past year, 505 has become popular for its Kids Clinic, located on the first floor, offering specialized technological instruments, which enable eye specialists to examine children’s eyes amid playful and attractive surroundings, making it a pleasant experience for kids. Specially trained staff wields new technology and put into play their special skills in treating children’s eye problems.

Cont..

Subscribe the BiZnomics magazine for full article

 

Leave a Reply

Your email address will not be published. Required fields are marked *

Go Nuts in Kajugama 0 687

Cashew-in-Sri-Lanka

By: Savannah Audrey
As you drive along the Colombo-Kandy road passing Nittambuwa, a few kilometers away, lies a street display: Kajugama. From a distance, you will spot the vibrant colors of the clothes of the female sellers (Kaju girls as they are fondly called). Kajugama is known for its beautiful girls in traditional dresses of cloth and jacket and long hair who will greet you with vibrant smiles.

Cashew in Sri Lanka
It is said that the Portuguese sailors are the ones who introduced cashew to Sri Lanka. Cashew is something that no one can resist and is used in enhancing the flavor of various dishes. Kaju curry, a delicacy in Sri Lankan cuisine, is a must at most functions held in the country which serves rice and curry. It is not only tasty but is also loaded with vitamins, minerals and antioxidants.  Cashew cultivation involves a lot of risks. The shelling process is laborious and time consuming.

The cashew season in Sri Lanka begins in March and continues through April. Vendors in Kajugama get their nuts from Wariyapola, Wanathavillu, Wewagama, Giriulla, Kalpitiya, Puttalam, Ampara, Mahiyangana, Galgamuwa, Galewela, and villages in the Eastern Province.  The global cashew economy is booming and Sri Lanka has to compete with some of the largest cashew exporters in the world including Africa, Brazil, Vietnam, and neighboring India.
Cont..

Subscribe the BiZnomics magazine for full article

Whither Goes the Real Estate Market? Comments Off on Whither Goes the Real Estate Market? 321

 BY T.V. PERERA

The real estate sector is one of the most internationally renowned sectors. In India, the real estate sector is rated the second major sector following agriculture. Until around mid last year the real estate sector in Sri Lanka had been a prospective business investment with good returns.  Uncertainity, however, which set in the property market resulted in the residential sector taking a declining trend with many construction projects being on hold, property developers facing difficulties in re-paying their loans, and some even ending bankrupt. 

While property developers are weighed down, being unable to earn expected profits, those who buy apartments to sell them at gains are saddled with cost excursion. In Sri Lanka, land prices keep rising year after year. The Colombo District Land Price Index compiled by the Central Bank reached 132.2 during the first half of 2019 recording an increase of 13.6% compared to the first half of 2018. The sub-indices of land price, namely Residential, Commercial and Industrial have contributed to this increase. The averge price of a residential lot was up 15.3% in 2018 and in Colombo, by 15.5%. 

There is evidently a bubble in the market when buying a property with intention to sell it at a higher price although not on a very high scale in Sri Lanka, due to land prices constantly rising.  At some point of time this bubble will surely burst where none of the apartments could be sold. 

The subdued economic performance which resulted in the drop in the real estate sector is attributed to weak domestic demand, continued tightening in monetary conditions, government consumption spending, stagnant fixed investment, and lower net exports. 

The tightening monetary policy enforced on the recommendation of the IMF was one cause that led to drag down domestic demand and investments, and further,  inconsistent economic policies driven by instability adversely affected public and private sector investments, the key drivers of economic growth.

The real estate sector, which is described as property consisting land and the buildings on it as well as the natural resources including crops, water, and mineral deposits, is linked with the overall performance of the economy. Hence fluctuations within the sector magnify ups and downs of the overall economy.  As a result of this link, large movements in the real estate market tend to amplify fluctuations in the overall economy in addition to potentially destabilising the financial system. An example of this is the financial crisis where the real estate market had vast and disasterous effects on the overall economy on a global scale. 

Cont..

Subscribe the BiZnomics magazine for full article