Joy Alukkas, Chairman of Joyalukkas group, announced on Wednesday that the jewellery group has decided to establish eight 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, Joy Alukkas announced at a press conference. The second mall would be opened in November in Thrissur.
The mall in Kochi would be on three acres situated near the Oberai 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.
“Today’s consumers love the convenience of a destination that offers them the best under one roof during every shopping trip”, Joy Alukkas said adding his malls were designed to meet such expectations.
Besides Kozhikode, these Malls were proposed to be set up at Kochi, Coimbatore, Trissur, Kottayam, Palakad, Thiruvanathapuram and Alapuzha.
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 mall 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.
Responding to questions about the spiralling trend in gold prices, Mr. Joy Alukkas said though the prices of gold had risen, the volume of sales had dipped. Joyalukkas group would open sales outlets in different parts of the country in the coming months and that it was also preparing for a public issue, he said.
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.