Sonae invests €16 million in GaiaShopping

GaiaShopping, a Sonae Sierra shopping centre which was opened in 1995, is to undergo a €16 million refurbishment over the next year.

“More than just a refurbishment, GaiaShopping is currently going through an integral renovation sustained by a strategic €16 million investment which aims to reflect our vision for asset management”, said Ricardo Vilaça Pereira, asset manager for Sonae Sierra in an interview with business daily Negócios.

The works currently underway aim to profoundly change the centre, from the façades to the car park and the inside aisles and food court so as to improve the experience of visitors and strengthen the centre’s relevance in the urban ecosystem in which it is placed.

The works underway, which are slated for completion in the third quarter of 2026, are aligned with our overall strategy to future proof Sierra assets for challenges, making them more efficient, sustainable and more adapted to new consumer and retailer demands.

From a total of 139 shops, around 20 will have new concepts – which have not been divulged – that will strengthen the retail offer at GaiaShopping, contributing to making the tenant mix more dynamic.

GaiaShopping will have at least one new anchor store – Primark – which has just opened its 13th store at the Palácio do Gelo Shopping in Viseu in what is the third opening of four stores announced in the first half of 2024 and represent an investment of €40 million in Portugal’s retail market.