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.
Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram
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.
