Joyalukkas Group announces Rs.1000 crore project to develop malls
Joyalukkas Group is set to further enhance its presence in the retail market sector by launching a series of state-of-the-art Malls in Kerala and the neighbouring states. The group would develop eight upmarket malls in the next 30 months at a cost of Rs. 1000 crores.
Named “Mall of Joy”, these malls would be designed to offer single window shopping experience mainly for weddings.
The first in the chain of Mall of Joy would be inaugurated near the private bus stand on Mavoor Road in Kozhikode in March 2012. The second mall would be opened in November in Thrissur, the group chairman Joy Alukkas announced in Kerala.
The mall in Kochi would be on three acres situated near the Oberoi Malland in Thiruvanathapuram in Attankulangara. In Palakkad the mall would come up near private bus stand, in Kottayam near the Baker Junction and in Alapuzha near Irumbupalam.
Each Mall of Joy would feature two anchor stores – jewellery and silks besides fashion and clothing, accessories and cosmetics, watches, footwear, eyewear and optical, beauty parlour, restaurant and food courts and a play area for children.
Each one would have a minimum of two lakh sq feet areas with parking space for at least 200 cars and are being designed by architects and interior designers of international repute, Joy Alukkas said.
The Joyalukkas group had a business turnover of Rs. 2,800 crores. It is expected to swell to Rs. 3,700 crore this year.
Mr. Alukkas who started business with a showroom in the United Arab Emirates, now owns a chain of 85 showrooms spread over nine countries. As many as 26 of them are in Kerala.