New shopping centre to open in Costa Adeje with 90 shops and restaurants

The new lifestyle shopping centre, called "Las Fuentes," is getting ready to open its doors in the south of Tenerife in the second half of this year. This project, driven by the pan-European investor VA Finance, promises a unique experience of fashion and gastronomy in Costa Adeje, just two minutes from the golf course.

The "Las Fuentes" shopping centre is being built on the former Tropicana building, which is already 90% complete. With a total area of ​​12,000 square metres, of which more than 8,000 will be usable space, spread over three floors with ample parking facilities.

The mall will have around 90 fashion and gastronomy outlets, including restaurants serving Canarian and international cuisine, a gourmet market, and several cafes. Additionally, it will feature 5,000 square metres of outdoor space and a variety of areas, from breakfast spots to high-end nightlife establishments, aiming to attract an exclusive audience.

Marianna Pomazkova, a representative of VA Finance, said, "The shopping centre will generate around 900 jobs, both direct and indirect, which will provide a boost to the local economy and job creation."

She added, "For us, this investment represents a significant expansion of our current real estate and hospitality portfolio throughout Europe. After analysing many growing markets as potential investment targets, we have decided to come to Tenerife not only because of the island's attractiveness as a year-round tourist destination but also, and very importantly, because we see a niche where we can serve the local population with a range of high-end lifestyle products."

“Southern Tenerife, where Costa Adeje is located, is the epicentre of the island's tourist activity. Destinations like Arona, Adeje, Granadilla, and San Miguel offer a wide variety of services and attractions for visitors. The subtropical climate, golden sandy beaches, volcanic landscape, cultural richness, and gastronomy are just some of the elements that make this area an ideal place for leisure and relaxation, which will be complemented by the proposal of this new shopping centre.”

Costa Adeje boasts an extensive network of establishments that have been renovated or expanded in recent years. Tenerife led tourism in the Canary Islands in 2023 with a significant growth rate, surpassing the records of 2022 and 2019, welcoming nearly six million tourists whose spending reached 1,329 euros per person in 2023, a 19.3% increase over 2019 (1,114 euros).

According to data from the Hotel Investment Report in Spain, prepared by Colliers in 2023, the Canary Islands led national tourism figures with 1.175 billion euros invested and a 28% share of the total quota.