KOZHIKODE: Joyalukkas Group is foraying into the business of malls. It has announced the decision to set up eight malls - seven in Kerala and one in Coimbatore - within the next 30 months at an estimated expense of `1,000 crore.
Talking to reporters at a press conference here on Thursday, Joyalukkas Group chairman Joy Alukkas said the first ‘Mall of Joy’ would be opened on Mavoor Road in Kozhikode in March 2012. “Mall of Joy will be more like a wedding mall offering a one-stop shopping destination for wedding requirements. It will feature two anchor stores including jewellery and silks.
This apart, there will be branded showrooms for fashion and clothing, accessories and cosmetics, watches, footwear, eyewear and opticals, beauty parlour, restaurants and food courts and a children’s play area,” Joy said.
The second mall in the series will be inaugurated in Thrissur near Sakthan Thampuran Bus Stand in November 2012.
The largest among the chain is the one coming up on three acres of land near Oberon Mall in Kochi.
Other locations include Attakkulangara in Thiruvananthapuram, near private bus stand in Palakkad, Baker Junction in Kottayam and near Irumbupalam in Alappuzha. The chairman said that each mall was being built at a minimum of two lakh sq. ft. area and each will have a parking area that can accommodate a minimum of 200 cars.
Joy added that the company is planning for an IPO and would launch 12 jewellery stores in Maharashtra soon starting from Pune.
At present, Joyalukkas Jewellery has 86 showrooms in nine countries and the group had a business turnover of `2,800 crore in the last fiscal in India. Joyalukkas Group Chief Finance Officer T Nandakumar and Chief Operating Officer P P Jose also attended.