Woolworth (Cyprus) Properties PLC is a
Cypriot real estate developer
Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to other ...
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
The Cyprus Stock Exchange or CSE (, is a stock exchange located in Cyprus. It is a public-sector entity under the direct control of the Cypriot government.
History
CSE was established under the Cyprus Securities and Stock Exchange Law which provid ...
.
History
Retailer (1974–2003)
The company began in 1974 with the opening of its flagship Woolworth store in
Nicosia
Nicosia, also known as Lefkosia and Lefkoşa, is the capital and largest city of Cyprus. It is the southeasternmost of all EU member states' capital cities.
Nicosia has been continuously inhabited for over 5,500 years and has been the capi ...
as a division of
F. W. Woolworth & Co. Ltd from the United Kingdom.
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 concept of discount pricing and selling home improvement items.
In 2003, the retail operations of Woolworth Cyprus was 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. In December 2004, the Ermes stores underwent another rebranding to
Debenhams
Debenhams plc was a British department store chain that operated in the United Kingdom, Ireland and Denmark, as well as franchised locations across Europe and the Asia Pacific.
The company was founded in 1778 as a single store in London and gr ...
through a franchise agreement. In March 2020, the Debenhams franchise agreement ended, and the stores transitioned to ERA department stores.
In May 2021,
Woolworth GmbH acquired the rights to the Woolworth name for retail purposes throughout the entire
European Union
The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The u ...
, and were unchallenged in their application by Woolworth Cyprus Properties.
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.
References
Retail companies of Cyprus
Cyprus
Cyprus (), officially the Republic of Cyprus, is an island country in the eastern Mediterranean Sea. Situated in West Asia, its cultural identity and geopolitical orientation are overwhelmingly Southeast European. Cyprus is the List of isl ...
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