On 31 December 2003, the reorganization of the operations of F. W. Woolworth & Co (Cyprus) Ltd took place, segregating its retail commercial operations and transferring them into a separate legal entity Ermes Department Stores Public Ltd.

As a result, F. W. Woolworth & Co (Cyprus) Ltd (which in July 2005 has changed its name to Woolworth (Cyprus) Properties Public Ltd) was transformed into the largest commercial property holding company on the island.

The property assets of Woolworth (Cyprus) Properties Public Ltd include the ownership of the Debenhams Department Stores and other shops all located at prime locations which are mainly operated / leased by Ermes Department Stores Public Ltd.