Greek retail giants behind ERA Department Stores acquisition

The four ERA department stores are entering a new phase after being sold for the symbolic amount of €1.00 to Gencom by Ermes Department Stores Plc, a subsidiary of the CTC Group.

And according to information obtained by InBusinessNews, the consortium behind the acquisition includes two giants of Greek retail with specialisation in clothing, footwear, and beauty products: General Commercial S.A. and Notos Com.

Backed by experience and expertise in the Greek retail and e-commerce sectors, Gencom was established by a group of Greek investors specifically to carry out this transaction. The acquisition includes all four ERA stores:

• ERA Mall of Cyprus, Nicosia
• ERA Apollon, Limassol
• ERA Zenon, Larnaca
• ERA Korivos, Paphos

General Commercial S.A. (Politikos)

The listed directors as the new owner of ERA, Gencom Ltd, headquartered at 9 Nikodimou Mylona Street, Nicholson House, 1070 Nicosia, are Panagiotis Politikos and Loukas Politikos, according to a search on the website of the Department of Registrar of Companies.

Panagiotis Politikos serves as CEO of General Commercial S.A., which operates in the Greek market through the Politikos department stores.

Since its founding in 1978, the Politikos Department Store has specialised in women’s, men’s, and children’s fashion, footwear, and beauty products, representing hundreds of popular brands.

In 1988, the store underwent a major renovation and successfully implemented the "shop-in-a-shop" retail concept, which was met with immediate enthusiasm by the local community.

Today, the company operates two flagship department stores: Politikos – The Fashion Destination in Lamia and Politikos – The Shopping House in Alimos.

It is also worth noting that the company has made significant investments in e-commerce. The Politikos Department Store’s online shop plays a key role in digital retail, serving customers in Greece, Cyprus, Bulgaria, and Romania.

Notos Com

According to the same sources, Notos Com—one of the most prominent players in Greek retail—is expected to join the investor consortium that acquired the ERA department stores in the near future.

Notos Com Holdings focuses its business operations on the retail and wholesale trade of apparel, footwear, and cosmetics. Its core activity lies in managing a large portfolio of strong international brands with broad market penetration, both in Greece and globally.

The company represents some of the most significant and recognised brand names in its sector within the Greek market.

The Notos Department Stores chain boasts a presence of over 120 years in the Greek market, operating four physical locations in Athens, Thessaloniki, Piraeus, and Kalamata, employing approximately 580 people.

Notos Com also holds exclusive management rights for several major international brands in cosmetics and personal care, premium fashion, footwear, and accessories. Additionally, it distributes writing, art, and design products from Faber-Castell, and runs a rapidly growing e-commerce platform featuring over 600 brands.

Notos Cyprus – Local presence

Regarding its operations in Cyprus, Notos Cyprus—led by CEO Theodoros Nicholson—is active in the apparel trade and retail sector, either directly or via sub-franchisees.

The company operates:

• 15 exclusive boutiques,
• 2 corners,
• 2 exclusive sub-franchisee points,
• 2 stores, and
• 5 corners in Malta.

Founded in 1995 as a joint venture between the Nicholson Group and Notos Com Greece, the company holds exclusive franchise rights for Lacoste, Bottega Verde, Timberland, and Nautica. As of 2024, it employed 61 staff members.

It is worth highlighting that Notos Cyprus is headquartered in Nicholson House, Nicosia, the same building where Gencom Ltd—the new owner of the ERA department stores—is also based.

What the acquisition deal entails

Beyond the complete absorption of existing staff, the new owners also undertake a wide range of responsibilities. These include honouring long-term lease agreements for the retail spaces and assuming obligations related to outstanding orders for the Spring/Summer 2025 season, valued at €4.5 million, which are still pending with suppliers.

It is also noted that all store equipment and furnishings, as well as the UNIQUE customer loyalty program, will be transferred to Gencom unchanged at the closing date of the agreement. Any inventory remaining in the stores at that time will be handed over to the buyer on a consignment basis.

This development signals the start of a new chapter for ERA, one backed by robust retail players from Greece, and it marks a strategic move to reshape the brand’s future in the Cypriot market.