Woolworth (Cyprus) Properties PLC is a Cypriot real estate developer and property management company. The company was originally established as a retailer in 1974, which later became a subsidiary of the Shacolas Group in 1985, and divested of its retail assets in 2003.
Since 2005, the company has been publicly listed on the Cyprus Stock Exchange.
History
Retailer (1974–2003)
The company began in 1974 with the opening of its flagship Woolworth store in Nicosia as a division of F. W. Woolworth & Co. Ltd (United Kingdom).[1]
In 1985, the Cyprus operations were sold by the UK parent company to local entrepreneur Nicolas Shacolas (later awarded an OBE). Under Shacolas’ leadership, the business expanded rapidly across Cyprus, opening additional Woolworth stores that catered to a more upscale market. These stores featured designer clothing, luxury goods, perfumes, and food supermarket concessions, differentiating them from the original British Woolworths based around home goods and value.[2]
In 2003, the retail operations of Woolworth Cyprus were acquired by Ermes Department Stores PLC, renaming the stores to Ermes. However, Shacolas Group retained ownership of the land, property management rights, and responsibilities for developing new commercial projects.[3] In December 2004, the Ermes brand was phased out in favor of rebranding to
References
- Woolworths Department Store, Cyprus British Empire & Commonwealth Collection, retrieved 2024-12-02^
- Jay P. Pederson, International Directory of Company Histories (London: Gale Press, 1998; vol. 8, no. 24) p.269^
- 'Woolworth (Cyprus) set its sights on foreign investors' in Cyprus Weekly (Cyprus newspaper, 18 September 2015^