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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Cyprus Expects More French Visitors In 2027 As Air Capacity Expands

by THEFUTURE.TEAM

September 18, 2026

Cyprus expects more French visitors in 2027 as airlines increase capacity between the two countries, Tourism Deputy Minister Kostas Koumis said after meetings with tour operators in Paris.

France, one of Cyprus’ key tourism markets, has had a difficult 2026. French arrivals fell 46% year over year to 8,453 in August, from 15,663 a year earlier, according to the Statistical Service of Cyprus (Cystat). August arrivals were also nearly 50% below the 16,798 recorded in the same month of 2024.

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Overall, Cyprus received 2.82 million tourist arrivals between January and August, down 7% from the same period in 2025.

Air Connectivity Supports 2027 Outlook

Koumis discussed the 2027 outlook with senior executives from tour operators offering Cyprus holidays during the IFTM Top Resa travel trade fair in Paris.

Higher air capacity between France and Cyprus was a key focus of the talks. Participants also discussed the impact of geopolitical tensions in the Middle East on the French market and Cyprus’ efforts to adapt its tourism offering to French travelers.

“The French market is undoubtedly an extremely important market for our country’s tourism,” Koumis said, adding that France had regained importance only a few years ago and still had room to grow.

Improved air connectivity will be an important factor in that expansion, according to Koumis. “It is now clear that air connectivity between France and Cyprus is improving significantly, which is a basic prerequisite for the further growth of the market,” he said.

Cyprus Promotes Tourism And Regional Cooperation

Koumis attended the opening of IFTM Top Resa at the invitation of French Tourism Minister Serge Papin, who later visited the Cyprus stand. Held from Sept. 15 to 17 at Paris Porte de Versailles, the event brought together more than 32,000 tourism professionals representing 177 destinations and 1,650 brands, according to organizers.

During his visit, Koumis also met Egyptian Tourism Minister Sherif Fathy. Cyprus and Egypt reaffirmed their tourism cooperation and discussed opportunities to strengthen ties further.

French media interviews covered Cyprus’ tourism offering, infrastructure and services, along with efforts to develop specialized tourism products. Regional instability weighed on arrivals in 2026, particularly during the spring, although the decline narrowed over the summer.

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