Sonae Sierra has just inaugurated the expansion of AlgarveShopping, an investment of € 4.5 million with the purpose of modernizing and strengthening the commercial offer of the Centre located in Guia (Albufeira). The intervention adds about 3,000 m² of Gross Lettable Area (GLA) to AlgarveShopping which now makes available 130 shops in a GLA of approximately 45,500 m².
According to Fernando Guedes de Oliveira, Sonae Sierra's CEO, "the expansion of AlgarveShopping reflects Sonae Sierra's ongoing concern of adding value to its shopping centers and strengthening its commercial offer and capacity to attract relevant tenants to Sonae Sierra's Shopping Centers. This investment is also an important contribution to the region, since it creates around 100 new jobs which will reinforce the one thousand direct jobs that already exist in the Centre."
AlgarveShopping, focused on local development and attracting tourists
AlgarveShopping plays a very significant role in the development of commerce and the commercial offer for tourists visiting the region.
According to a survey for tourists visiting AlgarveShopping, Albufeira is the place that welcomes the most tourists in the Algarve region, receiving 53% of tourists in 2012. In the summer, tourists represent an important share of the Centre's visitors, totaling around 2.9 million between June and September and representing about 40% of total visits in that period, while in August that percentage climbs to 51%, which illustrates the relevance of the 2 / 3 Centre in this tourist region, becoming a shopping and leisure destination also for this specific public.
70% of tourists visiting the Centre are Portuguese, mainly from the Lisbon area (32%); 26% come from the European Union, particularly from England (32%) and 4% from outside the European Union, mainly from Brazil (26%).
Over the last three years, Sonae Sierra invested €13 million in expansions and refurbishments in the Algarve
This inauguration is another important step for Sonae Sierra's clear bet in the Algarve, a region where the Company has already invested a total of €13 million since 2010, which contributed to the creation of a total of two thousand direct jobs in our three shopping centers. In 2010, Sonae Sierra finished the refurbishment of AlbufeiraShopping through a €5 million investment, thus making available 45 shops in 10.500 m² of GLA and employing about 300 people.
The highlight of this project was the total refurbishment and expansion of the food 3 / 3 court, making it more comfortable and functional for its visitors. Its privileged location in the region, as well as its acknowledged qualities and commercial success, attract more than 3.5 million visitors every year. In 2012, Sonae Sierra inaugurated the first stage of the refurbishment of Centro Comercial Continente de Portimão in a €3.5 million investment, thus making available 60 shops in 13.553 m² of GLA and employing 600 people.
The refurbishment enhanced the offer with the entry of new shops and also strengthened the services. New escalators were created in the food court, enabling a better connection to the upper level. With an affluence of about six million visitors, the purpose of the refurbishment was to answer the current market trends, visitor demands and further adjust it to the region's tourist offer.
Source: Sonae Sierra