History
On 31 December 2003, the reorganization of the operations of F. W. Woolworth & Co (Cyprus) Ltd took place, segregating its retail commercial operations and transferring them into a separate legal entity Ermes Department Stores Public Ltd.
As a result, F. W. Woolworth & Co (Cyprus) Ltd (which in July 2005 has changed its name to Woolworth (Cyprus) Properties Public Ltd) was transformed into the largest commercial property holding company on the island.
The property assets of Woolworth (Cyprus) Properties Public Ltd then included the ownership of the Debenhams Department Stores and other shops all located at prime locations which are mainly operated / leased by Ermes Department Stores Public Ltd.
Subsequently, Woolworth (Cyprus) Properties Public Ltd, through its wholly owned subsidiary, ITTL Trade Tourist & Leisure Park Limited, developed in freehold land in a prime location right at the entrance of Nicosia, the Shacolas Emporium Park (GLA of about 55.000 square meters), which will include a Shopping Mall of 27.000 square meters, the first of its kind in Cyprus combining shopping with leisure in line with international trends, an IKEA Store and two adjacent other commercial, entertainment and cultural developments. “The Mall of Cyprus” and IKEA Store are operating with success since September 2007.
In December 2007, operations commenced at “The Mall of Engomi” another successful development of Woolworth Group. The Mall of Engomi has GLA of about 13.600 square meters and is located in Engomi in west Nicosia.