Saturday, May 10, 2025

END OF AN ERA - FROM WOOLWORTH'S IN 1971 TO THE SALE OF ERA IN 2025

 Filenews 9 May 2025 - by Charalambos Zakos



The opening of the first Woolworth department store in 1971 – on the corner of Makariou and Digeni Akrita streets in Nicosia – was the beginning of a chain of department stores of the Shakolas Group that made history and were always a landmark of an entire city. A story that closes today, 54 years later, with the Group's announcement of the sale of the ERA stores.

The history of ERA department stores goes back a long way, back in 1971, with the establishment of Ermes Department Stores Plc and the opening of the first Woolworth store in Cyprus. Then, in 1985, the agreement between Nikos Shakolas and N.F.Riley was signed in London, which gave the CTC Group the right to use the Woolworth name for the Group's department stores that would open their doors in the following years.

More specifically, Ermes inaugurated the privately owned Woolworth Apollo in Limassol in 1987. In 1992, the largest department store in Cyprus, also privately owned, Woolworth Olympia in Limassol was opened, followed by the opening of Woolworth Zenon in Larnaca and Woolworth Kinira in the tourist area of Kato Paphos.

In 1998 the Group acquired the Magklis Tower located in the centre of Nicosia and was the tallest building in the area. It was renamed the Shakola Tower and a little later it housed the Woolworth Ledra which gave a special dynamic with thousands of visitors in the heart of the capital.

In 2000, the Avenue department store was inaugurated in Nicosia, while in 2003 another new one was opened in Paphos.

2004 is a milestone year for the Group, as Ermes takes over the Group's department stores. In the same year, all Woolworth department stores were renamed Ermes.

2004 agreement with the British company Debenhams, changed the name of the department stores between 2005-2006 to Debenhams.

The last renaming of the stores took place in 2020, with the expiration of the agreement with the British Debenhams and the multi-storey stores are "baptized" as ERA Department Stores. A name that they hold to this day.

Information from "F" states that the new owner does not intend – at least not for the time being – to rename the branches and so the name ERA will remain until any other decision is made.

Who is the buyer of ERAs

CTC Group announced yesterday that the Board of Directors of Ermes Department Stores Plc has approved the sale of four ERA department stores to Gencom Ltd, for a standard price of €1.

Specifically, the department stores ERA Mall of Cyprus NicosiaERA Apollon LimassolERA Zenon Larnaca and ERA Korivos Paphos will pass into the hands of Gencom Ltd.

Under the agreement, the company also undertakes pending orders worth approximately €4.5 million. for the Spring/Summer 2025 season, while also the human resources of the department stores will be transferred to the new owner, as well as the equipment, furniture and the UNIQUE customer loyalty program.

It should be noted that Ermes decided to transfer the department stores, as their operation had become loss-making, with operating losses of €1.3 million. for 2024.

Well-known retail business behind the acquisition

"F", investigating the announcements and information about the acquisition, identified that Gencom Ltd – which acquired the ERAs – was founded only last February 2025.

Based on the same information, it seems that behind the acquisition of the stores is a well-known company that is active in both retail and e-commerce in Greece and has stores in various cities of Greece.