Woolworths (Cyprus)

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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.

Contents

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 Woolworths store in Nicosia as a division of F. W. Woolworth & Co. Ltd from the 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 Woolworths 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 concept of discount pricing and selling home improvement items. [2]

In 2003, the retail operations of Woolworths Cyprus were acquired by Ermes Department Stores PLC, renaming the stores. However, Shacolas Group retained ownership of the land, property management rights, and responsibilities for developing new commercial projects. [3] In December 2004, the Ermes stores underwent another rebranding to Debenhams through a franchise agreement. [4] In March 2020, the Debenhams franchise agreement ended, and the stores transitioned as ERA department stores. [5]

In May 2021, Woolworth Deutschland acquired the rights to the Woolworths name for retail purposes throughout the entire European Union, and were unchallenged in their application by Woolworth Cyprus Properties. [6]

Real estate development (2003–present)

In 2005, F.W. Woolworth & Co (Cyprus) Ltd. went public on the Cyprus Stock Exchange as Woolworth (Cyprus) Properties PLC. The group would then become involved with a number of projects outside of retailing, including golf courses and resorts. [7]

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References

  1. ↑ "Woolworths Department Store, Cyprus". British Empire & Commonwealth Collection. Retrieved 2024-12-02.
  2. ↑ Jay P. Pederson, International Directory of Company Histories (London: Gale Press, 1998; vol. 8, no. 24) p.269
  3. ↑ 'Woolworth (Cyprus) set its sights on foreign investors' in Cyprus Weekly (Cyprus newspaper, 18 September 2015
  4. ↑ 'Debenhams Buys Into Cypriot Group', in The Independent (UK newspaper), 29 December 2004, p.35
  5. ↑ "End of an era for Debenhams: CTC Group replaces brand". in-cyprus.philenews.com. 2024-12-02. Retrieved 2024-12-02.
  6. ↑ GmBh, Woolworths. "Woolworths - 018214946". euipo.europa.eu. Retrieved 2024-12-02.
  7. ↑ "Woolworth Cyprus Properties PLC, 0EIN:LSE summary - FT.com". markets.ft.com. Retrieved 2024-12-02.


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