First store on Nicosia’s Ledra Street
The Shacolas Group has added the Peacocks affordable family brand to its stable of high-street retail stores that now include Ermes, Debenhams, Next and Adam’s.
Peacocks, the national UK retailer of clothing, footwear and homeware, will open its first store in Nicosia on Thursday, December 1, taking over the old Next store in Ledra Street.
Next has a policy for single-floor stores and had already moved to the adjacent Ledra Arcade two years ago. It also took up a premium location on Makarios Avenue recently, bringing the total number of Next stores in Cyprus to six, with one in Limassol, two in Paphos and one in Larnaca.
“There are plans for two more Next stores, but we will not divulge their locations or opening dates yet,” Emilios Epaminondas, Marketing and PR Manager for the holding group, Ermes Department Stores, told the Financial Mirror.
The new Peacocks store, that spreads out over 450 sq.m. on three floors, offers a wide variety in womenswear (E-vie), menswear (Urban Spirit), childrenswear (Miss E-vie) and footwear.
“This is a pilot project as our group has recorded great success with retail stores, either on the quality or value front,” Epaminondas said.
He added, however, that plans are for only one Peacock’s store for now, as the company’s policy is the expansion of existing stores by adding new floor space or new locations for present store brands.
Epaminondas said that all the stores are franchise operations for Cyprus only, with the exception of the Adam’s maternity and childrenswear stores, that operate two shops in Greece, managed by a Ermes subsidiary, Fashion Link.
As regards Peacocks, he added that retail prices will be the same as any Peacocks shop in the U.K., with the only supplement being the freight cost.
“Ultimately, our prices will be nearly the same as in the U.K.,” he concluded.
“We continue to offer our customers great value and up-to-the-minute fashion. There is always something new in Peacocks that encourages customers to keep coming back for more,” said Tim Bettley, Managing Director Peacocks U.K.
Peacocks said total sales in the first quarter to April 2005 increased by 13% and like-for-like sales of over 9%. Total year-on-year sales to April 2005 increased by 15% and like-for-like by over 9%. This performance has been achieved while others on the high street reported a slump in sales.
Originally founded in 1884, Peacocks franchise stores have recently opened in Bahrain, Dubai, Kuwait, Turkey and Ukraine.
The early 1990s saw a dramatic increase in the growth of the business, which also saw Peacocks float on the London Stock Exchange in December 1999. Since then, the pace of growth has continued and Peacocks now has over 425 stores throughout the UK and employs over 5000 people.
Peacocks is part of The Peacock Group which includes bonmarché and The Fragrance Shop as complementary brands.
