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H&M at Shakolas tower

25/09/2015 11:47
H&M chain store which is expected to open stores in Cyprus in 2016 has come to an agreement with Shacolas Group.

The public company Woolworth (Cyprus) Properties Plc announced that following consultation with public company Ermes Department Stores Plc, it has signed an agreement with H & M, for the long-term use on rent and under satisfactory terms based on sales, the commercial part of Shacolas Tower on Ledra Street, a total of 8 floors (2 basements, ground floor and 5 floors) for the creation of the first H&M store in Cyprus. This store is expected to start operating in 2016.

Woolworth agreed with its related company Ermes Department Stores Plc, which now rents the space, to terminate the lease in the first half of 2016.

"This transaction took place because it was considered to be in the benefit of Woolworth and Ermes. Ermes, which collaborates with several other international chains in the fashion sector, will enhance its existing activities both in the Nicosia municipality, and in the wider region of the greater Nicosia ", as noted.