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The End of an Era: From Woolworth in 1971 to the Sale of ERA in 2025

by News Editor

May 10, 2025

The humble beginnings of the first Woolworth department store in 1971, strategically located at the bustling intersection of Makariou and Diogenis Akritas streets in Nicosia, marked the dawn of an expansive retail journey for the CTC Group.

Fast forward over five decades, and this journey reaches a new milestone with the sale of the iconic ERA department stores in 2025. This transition signifies not only the closing of one chapter but the beginning of another in Cyprus’ retail industry.

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The Evolution of Retail Giants

Since its inception by the Ermes Department Stores Plc, Woolworths saw major developments including key openings like Woolworth Apollo in Limassol in 1987, and the country’s largest, Woolworth Olympia, in 1992.

Spanning several cities, Woolworths became synonymous with a robust retail experience. As times changed, so did the brand, evolving into ERA Department Stores after ending ties with Debenhams in 2020.

A Bold New Future for ERA

In a strategic move, Ermes Department Stores Plc has transferred its ERA stores to Gencom Ltd for a symbolic €1, despite operating losses mounting to €1.3 million in 2024.

What’s next for ERA under Gencom Ltd? Speculation suggests that this bold acquisition by a prominent retail player could redefine the shopping landscape. With no immediate rebranding plans, the ERA name stays, ensuring continuity for its loyal customer base.

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Greek Tankers Transit Hormuz As Shipping Risks Rise In Gulf And Black Sea

by THEFUTURE.TEAM

March 16, 2026

Two tankers linked to George Prokopiou passed through the Strait of Hormuz as regional tensions continue to affect shipping routes in the Gulf.

Safe Passage Through Hormuz

The tanker Smyrni, operated by Dynacom Tankers Management, was observed off the coast of Mumbai on Saturday morning after its earlier positioning in the Persian Gulf. The vessel, like its predecessor Shenlong, temporarily disabled its transponder during transit, a common practice in these narrow channels under uncertain conditions.

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Robust Market Commitments

Despite reduced shipping traffic through the strait, Dynacom has continued expanding its fleet. The company recently ordered four additional VLCC tankers from Hengli Heavy Industry. Each vessel will have a capacity of 300,000 deadweight tonnes. With the new order, Dynacom’s VLCC program in Chinese shipyards now totals 16 vessels.

Security Incident In The Black Sea

In a separate incident, the Greek-flagged tanker Maran Homer sustained minor damage near Novorossiysk in the Black Sea. The vessel is operated by Maran Tankers Management, part of the shipping group controlled by Maria Angelicoussis.

Reports indicated the ship was struck by a missile or drone about 14 nautical miles from the port. The crew of 24, including Greek, Filipino and Romanian sailors, was not injured. The vessel, which was not carrying cargo, continued sailing under its own power.