E&S to open new store in Larnaca, further Cyprus expansion

ESEL – SPOLP, the operators of Coop shops in Cyprus for the past 65 years, plan to open a new E&S store in Larnaca by the end of the year, while plans are underway to open a major supermarket in Nicosia and another store in the Polis Chryosochous area.

The group, that includes seven E&S stores, the E&S Landmark in Limassol, two Home Centres in Limassol and 31 smaller ESEL shops, plans to promote the franchise concept to open more stores around the island.

The group reported total sales of CYP 37 mln (EUR 63.6 mln) last year, excluding the franchise store revenues, with operational profits reaching CYP 800,000 (EUR 1.37 mln). Fixed assets and properties totaled CYP 32 mln (EUR 55 mln) with all assets worth an estimated CYP 42 mln (EUR 72 mln).

Marking the group’s 65^th anniversary, General Manager Kyriakos Nicolaides said the Cooperative shops first started in 1942 when 150 workers raised a capital of 150 pounds and started the first company.