Tenerife welcomes “Las Fuentes”: A new shopping paradise

Saturday, April 6, 2024

“Las Fuentes,” a new lifestyle shopping center in the south of Tenerife, is preparing to welcome visitors in the latter part of this year, promising an unparalleled mix of fashion and culinary delights in Costa Adeje, a location merely two minutes away from the local golf course. Spearheaded by the pan-European investor, VA Finance, this venture is set to redefine the shopping experience in an area known for its touristic appeal.

Constructed on the site of the erstwhile Tropicana building, which is now 90% completed, “Las Fuentes” spans 12,000 square meters, with over 8,000 of those designated as retail space across three floors, complemented by extensive parking. The center will host approximately 90 outlets focusing on fashion and gastronomy, boasting a selection of Canarian and international cuisine restaurants, a gourmet market, and various cafes. It also plans to offer 5,000 square meters of outdoor space to cater to a broad spectrum of visitors, from those seeking a morning coffee spot to those looking for upscale nightlife options, thereby targeting a discerning clientele.

Marianna Pomazkova, speaking on behalf of VA Finance, highlighted that the shopping center is anticipated to create approximately 900 jobs, significantly benefiting the local economy and employment landscape. This investment is a crucial expansion of VA Finance’s portfolio across Europe, with Tenerife being chosen for its year-round appeal to tourists and a recognized need for high-end lifestyle offerings for the local populace.

Costa Adeje, situated in Southern Tenerife—the heart of the island’s tourism sector—, and neighboring areas like Arona, Adeje, Granadilla, and San Miguel, are renowned for their diverse attractions and services for tourists. The region’s subtropical climate, golden beaches, volcanic scenery, cultural heritage, and culinary scene are key factors attracting leisure and relaxation seekers, which “Las Fuentes” aims to complement.

Recent years have seen significant growth and renovation in Costa Adeje’s establishment network, with Tenerife leading the Canary Islands in tourism growth in 2023, recording nearly six million visitors. The economic impact is notable, with tourist spending per person increasing by 19.3% over 2019. Moreover, the Canary Islands topped Spain’s tourism investment chart in 2023, capturing a 28% share of the national total, according to Colliers’ Hotel Investment Report.

This development not only enhances Tenerife’s appeal as a premier tourist destination but also marks a significant boost for the global travel and tourism industry, promising an enriched visitor experience through its blend of retail and gastronomy.

« Back to Page

• BIT Milan: Unveiling global tourism trends and destinations