Lulu Group, a subsidiary of Emke Group, has started construction on a mixed-use development in the Indian city of Kochi, set to be one of the country's largest shopping centres. The Dh1.2-billion (US$327 million) multiplex will include a shopping mall, a five-star hotel and a tower geared toward travel and tourism businesses when it opens in 2010.
WS Atkins, a consultant from the UK, has been contracted to develop the 200,000 square feet of land. The shopping centre will house more than 300 national and international brands. It will also include seven multiplex theatres, family amusement centres, a bowling alley, restaurants and a 50,000 square-foot food court. An agreement has also been signed with Marriott Hotels for the management of the 300-room five-star hotel. The tourism complex will house dozens of airline offices, travel agencies and other facilities related to travel.
"It almost sounds cliche, but India is one of the fastest growing markets so of course we would want to be there," said Yousuf Ali, the managing director of Lulu Group, adding that it was pursuing four other projects in the country. This is the first project of this kind for Lulu Group, best known for its Lulu hypermarkets chain located across the GCC, and officials of the Abu Dhabi-based company say India represents a wealth of opportunity.
"There is a growing demand across this region for more lifestyle-based businesses and so we felt this was the right time and place to get started," said Mr Ali. "We chose Kochi because there are a lot of projects taking place there including Smart City, being built by Dubai, so it is quickly becoming a major centre." The UAE has already made its mark in Kochi, located in the southern state of Kerala. Earlier this year, TECOM Investments and Sama Dubai announced a joint venture to build Smart City, a version of Dubai's Internet City. The 6.2m square-foot project is expected to be completed in 2012.
"Our plan is not to build just a shopping mall but a landmark destination for residents and tourists alike," Mr Ali said. "The mall will generate employment opportunities for 6,000 people and indirect employment for around 20,000 people." The Emke Group reported an annual turnover of Dh4.3bn last year and has interests in retail, manufacturing, food processing, exports and imports, and travel. According to the group, its retail chains cater to more than 200,000 customers every day and command 32 per cent of the total retail market share in the GCC.
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