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12° Nicosia,
15 July, 2024
 

Jumbo to open second store in Nicosia this summer

Renovations nearly complete for Jumbo's new store in Strovolos

Newsroom

Jumbo is set to open its second store in Nicosia and sixth in Cyprus, located in the former Stephanides Group headquarters near the Mall of Cyprus and IKEA in Strovolos. This new store aims to serve the eastern side of Nicosia and surrounding areas, featuring a large parking area to ease local traffic congestion. The renovations are nearly complete, with the store scheduled to open this summer. Purchased from the Bank of Cyprus for €18.3 million, the new Jumbo will cover about 10,000 square meters and offer 460 parking spaces, including spots for people with disabilities.

In the first five months of 2024, Jumbo Group reported an 8% increase in sales. The company anticipates an annual growth of 8% to 10% in turnover and profit but will review these estimates in July. May sales rose by 10% compared to the previous year, boosted by Easter shopping.

Cyprus: Sales in May 2024 increased by 1%, with a 3% rise for the first five months compared to last year.

Greece: Excluding intra-corporate transactions, May sales grew by 10%, and the first five months saw an 8% increase. The renovated Larissa superstore reopened in June after flood damage.

Bulgaria: Sales rose by 9% in May and for the first five months of 2024.

Romania: Including e-shop sales, May saw a 16% increase, with a 13% rise for the first five months compared to last year.

With over 35 years of history, Jumbo is a prominent retail chain offering toys, baby items, seasonal goods, and more. The group operates 87 stores in Cyprus, Greece, Bulgaria, and Romania, employing nearly 7,000 people. Additionally, Jumbo has a presence in seven other countries through partnerships.

[Summary of Anna Polyviou's original story in Greek published in Kathimerini's Cyprus edition]

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