Spanish Government Announces €5 Million Fund for Canary Islands Retail Transformation

Overview

The Spanish government has announced a nearly €5 million fund aimed at transforming the retail sector across the Canary Islands into a 'Smart Commercial Destination'. This initiative seeks to boost economic growth, cultural promotion, and tourism by modernizing commercial areas through infrastructure investment, digital innovation, and sustainability efforts.

The funds, co-financed by the European Union's FEDER program, will support local authorities, business associations, and markets in implementing projects that enhance competitiveness and community engagement.

Beneficiaries

• Local governments
• Business organizations
• Commercial federations
• Market operators within the Canary Islands

Project Details

• Projects can be spread over multiple years
• Key deadlines:
  • Project start: beginning of 2025
  • Completion: mid-2026
• Applications are open for one month following the official publication
• Advances on funding are possible if justified

Objectives and Impact

This funding underscores a broader push to modernize Canary Islands’ commercial infrastructure and integrate cultural and tourism promotion.

With this move, authorities aim to position the islands as a cutting-edge, environmentally friendly shopping and leisure destination, which can positively impact residents, workers, and visitors alike.