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

by News Editor

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.

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.

Evel Elects New President As Maria Theocharous Takes Over For 2026–2029 Term

by THEFUTURE.TEAM

Maria Theocharous has been elected president of the Limassol Chamber of Commerce and Industry (Evel), taking over from Yiannis Tsouloftas for a three-year term covering 2026–2029. Theocharous previously served as the chamber’s vice-president for tourism.

The leadership transition marks a new chapter for one of Cyprus’ main regional business organisations, with the new board set to represent the district’s key economic sectors.

New Leadership Emphasises Cooperation

The chamber’s annual meeting brought together government, business and local authority representatives, including Energy, Commerce and Industry Minister Michael Damianos, Cyprus Chamber of Commerce and Industry (Keve) president Stavros Stavrou, Limassol district local government organisation president Yiannis Tsouloftas and Limassol mayor Yiannis Armeftis.

Speakers highlighted the importance of closer cooperation between public authorities and businesses in supporting Limassol’s economic development.

Representatives of the Cyprus Shipping Chamber (CSC) also congratulated Theocharous on her election and thanked the outgoing president for his cooperation. The CSC described Evel as a longstanding partner, noting the chamber’s contribution to Limassol’s business development over more than six decades.

Tsouloftas Reviews Six Years As President

In his final address, Tsouloftas reviewed the chamber’s work between 2020 and 2026, highlighting its advocacy for major infrastructure projects and efforts to address development challenges across the district.

He also outlined initiatives to remove obstacles facing local businesses, accelerate development plans and improve the conditions for economic activity.

Tsouloftas will remain involved as immediate past president, providing continuity during the transition.

New Board Covers Key Business Sectors

The new board includes representatives responsible for the chamber’s main portfolios:

  • Ilikos Charalambous, vice-president for commerce
  • Vasos Demetriades, vice-president for industry
  • Christos Nicolaou, vice-president for services
  • Nicolas Agiomamitis, vice-president for tourism
  • Ilias Theodorou, vice-president for finance
  • Demosthenes Mavrellis, vice-president for innovation and technology
  • Ilias Neocleous, honorary secretary

Other board members are Minos Agathocleous, Marios Antoniou, George Demetriou, Anastasios Kounoudis, Marios Constantinou, Xanthos Nemptsas, Antonis Pappas, Charalambos Pattichis, Chrysis Petousis, Farah Shammas, Andreas Tsouloftas and Kyriacos Hadjiathanasiou.

Costas Ioannides, Agathi Katsi, Anna Petraki, Filippos Filis and Tonis Hadjiloucas have been appointed members by distinction. The chamber also highlighted the growing participation of women in business leadership and decision-making.

Chamber Recognises Longstanding Contributions

The annual meeting also recognised businesses and individuals for their contributions, including members who have maintained continuous membership for 50 years.

Tributes were paid to three former contributors to the chamber, Tonis Antoniou, Dimi Mavropoulos and Andreas Laou, in recognition of their service.

Under Theocharous’ leadership, Evel begins its 2026–2029 term with a board covering commerce, industry, services, tourism, finance and innovation. Its priorities include continuing to represent Limassol businesses and advocating for the investment and cooperation needed to support the district’s economic growth.

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