Business Times

ODEL expands, looks at new investors

Lifestyle store ODEL is on a major expansion drive and re-considering bringing in new investors, according to Otara Gunewardene, founder and CEO of the mega store chain. She told the Business Times that earlier plans to bring in new investors were put on hold due to the country’s (uncertain) situation but “now that things have improved and getting better, we are looking at it again.”

Otara Gunewardene

The company plans to open 4 to 5 stores a year with a new one scheduled to be open in Maharagama in April, ahead of the Sinhala and Hindu New Year. “We want to change the way we do things in terms of products, etc and this will be reflected in our new stores,” she added.

New month ODEL opens in Panadura - a 11,270 square feet store on three floors. There have been requests for the company to open in Kandy, “an issue that is under consideration,” Ms Gunewardene said, adding that “ we are looking at locations and sites.” The ODEL chain comprises of a flagship outlet at Alexandra Place and outlets at Kohuwala, Mount Lavinia, Moratuwa, Nugegoda (Warehouse), Dickman’s Road, Jaela, Majestic City, Crescat (Backstage) and at the Bandaranaike International Airport.

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