[1] In 1985, the Cyprus operations were sold by the UK parent company to local entrepreneur Nicolas Shacolas (later awarded an OBE).
Under Shacolas’ leadership, the business expanded rapidly across Cyprus, opening additional Woolworth stores that catered to a more upscale market.
These stores featured designer clothing, luxury goods, perfumes, and food supermarket concessions, differentiating them from the original British Woolworths concept of discount pricing and selling home improvement items.
However, Shacolas Group retained ownership of the land, property management rights, and responsibilities for developing new commercial projects.
The group would then become involved with a number of projects outside of retailing, including golf courses and resorts.