H&M in heart of Nicosia in 2016, replaces Debenhams
H & M Hennes & Mauritz AB (H&M), the Swedish multinational retail-clothing company, will be opening its first store in Cyprus next year, replacing the current tenant Debenhams in the landmark Shacolas Tower of the capital Nicosia.
The NK Shacolas Group retail and property companies listed on the Cyprus Stock Exchange, Ermes Department Stores Plc and Woolworth (Cyprus) Properties Plc announced an agreement on Friday 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.”
This comprises a total of eight floors - two basements, a ground floor and five floors, currentlu occupied by the Debenhams grocery, clothing and home products, as well as a top-floor café. The ninth floor is the observatory, operated by a Shacolas Group non-profit.
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. Rumours suggest that the Debenhams grocery may move across the street to a vacant arcade, next to another Woolworth property already leased to Danish retail giants Tiger.
“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,” the announcement said.
Earlier reports in June about H&M’s arrival, which the Shacolas Group initially denied, also suggest that an annex may be built to the Mall of Cyprus on the southern outskirts of the capital, bought by the South African property investment group Atterbury for about 160 mln euros in cash, equity and debt. The annex will probably house another H&M store, while Atterbury’s other purchases, such as the Mall of Engomi may also include H&M outlets.