Insider Business Fourlis Group has more plans for Cyprus

Fourlis Group has more plans for Cyprus

Fourlis Group plans further expansion in Cyprus this year, according to the 2018 annual report and 2019 action plan of the leading Greek group of companies.

IKEA Pick Up & Order and a new Intersport store are the Group’s next most important moves in Cyprus.

Today, the Group operates an IKEA store and a total of five Intersport stores in Cyprus following the opening of their last store at the Nicosia Mall in November 2018. Intersport’s online store will be fully operational in Cyprus within 2019.

The Group’s plans for 2019 include two more Pick Up & Order Points, one in Greece and one in Cyprus – more specifically, in Limassol. As INSIDER has already reported, the building that will house the new store is the former Orphanides supermarket in Polemidia.

Those premises will also host an Intersport store of the Greek Group and the well-known Starbucks coffee chain. In 2018, the process for the installation of a photovoltaic net metering system at the IKEA Cyprus store continued. The system is expected to be fully operational within the first months of 2019.

By end of 2018, the Group had a total of 4,038 employees. In Cyprus,  178 men and 173 women, while it also maintains five subsidiaries here on the island.

The Group’s activities in Greece accounted for 62% of its 2018 revenue, which is at the same level as in the previous year (62% in 2017). The remaining 38% comes from other southeastern European countries. More specifically, 14% comes from Bulgaria (2017: 14%), 12% from Cyprus – which has increased from 11% in 2017, 9% from Romania (2017: 9% ) and 3% from Turkey (2017: 4%).

For 2017, IKEA Cyprus reported revenue of €44 million and a profit of €5.3 million, while Intersport Cyprus’ revenue was €5.9 million with a profit of €569,000.

By Marios Rousou

 

Read more:

https://in-cyprus.com/former-orphanides-premises-to-host-big-retail-brands/

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