Enterprise: New Karunanithi Stores

Founder: Shanmugam Jayakanthan             

Industry: Retail/ Wholesale & Retail of FMCG goods

Year it was founded: 2007

Location: Colombo Street, Kandy 

The key to a successful retail business is to identify what you sell, where you sell, to whom you sell and to ensure top-notch quality and service. Shanmugam Jayakanthan, founder of New Karunanithi Stores has made a success of his retail business with skill and commitment. Read more about his business journey here.

Tell us how New Karunanithi Stores came into being?

I started New Karunanithi Stores in 2007. We engage in wholesale and retail of consumer goods such as Rice, Dhal, Sugar, Oil, and Flour. We are also the main distributor for Maliban Milk Powder (one of the leading products in the market) in Kandy town and suburbs. New Karunanithi Stores is ideally located on Colombo Street which is the retail and wholesale market hub in Kandy. 

New Karunanithi Stores has earned itself a good reputation among the business community. I'm an active member of Kandy Tamil Traders Association and over the years I have gathered vast experience in this line of business. 

How does your business differentiate itself in the industry?

New Karunanithi Stores offers affordable prices to the consumer for various products and maintains trustworthy relationships with our long-term client base.

What are some of the challenges you face?

Impact of government regulation on importation has adversely affected certain grocery items. 

What is the next big thing on your business agenda?

To enter direct importation of essential items basically Dhal, Sugar, Oil and Flour and to obtain more distribution channels.

How has Commercial Bank helped your business?

We were banking with DFCC – Digana with high scale turnover but moved to Commercial Bank as they offered us facilities at comparative rates with high standard service. Further, they assisted us on several occasions specially when we were encountering working capital issues arising due to unexpected price hikes in the market.

And lastly, what advice would you give to a new entrepreneur?

High competition in the market never matters as long as you stick to your ambition.

Disclaimer: This article is based solely on the inputs shared by the featured member. GlobalLinker does not necessarily endorse the views, opinions & facts stated by the member.