Big Mac is here, Tetra-Pak packs up
The iconic golden arches of the fast-food McDonald’s chain is about to open its first outlet in Cyprus, with suppliers excited they will get lucrative contracts, while another brand, Tetra-Pak, is closing down its Cyprus office, according to the issue 183, on October 16, 1996.
The McDonald’s chain is expected to open its first fast-food restaurant in Cyprus in less than a year’s time, operated by Michalakis Varnava from Larnaca who has a successful chain of stores in Germany and is planning to relocate back home. The chain will open stores in Nicosia, Limassol and Larnaca, aims to sell about
1,500 burgers a day at each outlet and will have its first drive-thru at the end of 1997. Already, Pancyprian has clinched the dealt to supply Macstandard buns, Chrysi Patata will provide the fries and Gregoriou/Lambrianides the burgers. Coke will be the drinks supplier of choice.
Packaging giant Tetra-Pak is shutting its Cyprus offshore office and relocating probably to Egypt, a decision that will deal a major blow to the island’s reputation as a financial service centre and efforts to attract international brands. A total of 45 jobs will be lost due mainly to a rising cost of living and a strong value of the Cyprus pound.
The rate of growth is forecast to reach 3.5% in 1997 according to optimistic comments in parliament by Finance Minister Christodoulos Christodoulou.
Serbian President Slobodan Milosevic will visit Cyprus, invited by Foreign Minister Alecos Michaelides, after signing several protocols of cooperation in Belgrade. (Ed’s note: well, we all know
how that turned out…)