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CYPRUS: CTC in deal with Spar, at Ermes stores from Q1 2018

10 July, 2017

Ermes Department Stores, a member of the Cyprus Trading Corporation group, has struck a partnership deal with SPAR International, the world’s largest voluntary food retail chain. The new entity, SPAR Cyprus, aims to become the leading wholesale and retail service provider to independent retailers in Cyprus.


 
The first SPAR stores are expected to open in the first quarter of 2018 with a target of opening more than 20 SPAR supermarkets over the next five years. The stores will be both independent retailer conversions to the SPAR brand and new company owned, greenfield SPAR Supermarkets developed by Ermes.
“Whilst we will benefit from the SPAR global network and support services, we will not lose sight of our need to strengthen local manufacturers, distributors and retailers, giving back to our local economy,” said Marios Shacolas, Executive Chairman and CEO of CTC. “This new partnership with SPAR is the perfect opportunity to achieve this vision and we are very confident in this new venture.”
Tobias Wasmuht, Managing Director of SPAR International said “The introduction of SPAR to Cyprus provides to independent retailers of Cyprus the possibility to respond to growing market concentration in Cyprus of national and international chains, whilst meeting the needs of both local and international tourist shoppers. Unifying together as SPAR Cyprus permits the progressive independent retailers of Cyprus to maintain their independence, whilst seizing the benefits of a strong international food retail brand with the scale benefits of a buying group operating on both a national and international level. We are delighted to partner with the Ermes Group to bring SPAR to Cyprus and are confident in the future success of our partnership”.