Woolworth (Cyprus)
| Company type | Public company |
|---|---|
| Industry | Real estate development, property management |
| Founded | 1974 |
| Founder | Nicolas Shacolas (acquired in 1985) |
| Headquarters | Nicosia , Cyprus |
Area served | Cyprus |
Key people | Nicolas Shacolas |
| Products | Real estate development, property management |
| Parent | Shacolas Group |
Woolworth (Cyprus) Properties PLC operates as a Cypriot company specializing in real estate development and property management. Originating as a retail business in 1974, it became part of the Shacolas Group in 1985 and subsequently divested its retail operations by 2003.
The company has been listed on the Cyprus Stock Exchange since 2005.
Retail operations (1974–2003)
The firm was established in 1974 with its main Woolworth store located in Nicosia, initially functioning under the UK-based F. W. Woolworth & Co. Ltd. In 1985, local businessman Nicolas Shacolas acquired the Cyprus branch, transforming the brand to cater to a more affluent clientele by offering designer apparel, luxury items, fragrances, and supermarket concessions—moving away from the original British discount retail approach.
By 2003, Woolworth Cyprus’s retail business was purchased by Ermes Department Stores PLC, which rebranded the outlets as Ermes while the Shacolas Group maintained ownership of the land and property management responsibilities. These stores underwent another rebranding in December 2004 to Debenhams through a franchise deal. The Debenhams franchise ceased operations in March 2020, with the outlets subsequently converted into ERA department stores.
In May 2021, Woolworth GmbH obtained exclusive rights across the EU to use the Woolworth brand for retail purposes, with no opposition from Woolworth Cyprus Properties.
Transition to real estate development (2003–present)
Following its public offering on the Cyprus Stock Exchange in 2005 as Woolworth (Cyprus) Properties PLC, F.W. Woolworth & Co (Cyprus) Ltd shifted focus from retail to real estate ventures. The group has since engaged in developing various projects including golf courses and resort properties.