In the bleak landscape of obsolescence that often defines the shopping centers of southern Gran Canaria, a piece of news emerges that, due to its uniqueness, deserves close scrutiny: Fund Grube, the Canarian family business, has reopened its establishment on Boulevard Faro, Maspalomas, after a "comprehensive renovation" valued at 800.000 euros.
This fact contrasts with the widespread chronicle of neglect and deterioration we have been highlighting in this forum. While many of these former "hubs" languish, becoming focal points of low-quality tourism, or simply functional ruins, Fund Grube is investing. And it is doing so in a strategic location, Meloneras, which the company's CEO, Dhiraj Chhabria, calls a "key landmark."
The figure of €800.000, while respectable, is a surgical investment, designed for a space of 410 square meters. It's not a mega-urban development, but rather a reaffirmation of the commitment to the high-end segment, to the quality of the product offering (Tom Ford, Prada, Hermès, Gucci, etc.), and to the shopping experience. This, in a context where much of the investment has been dedicated for decades to mere quantitative expansion rather than qualitative expansion, is noteworthy.
Chhabria makes it clear: they seek to "improve our business model and offer a better shopping experience for both our tourist customers and residents of the Canary Islands." This dual approach is key. A model that not only targets passing tourists, but also seeks to build loyalty, even beyond the islands, through its online store, which already accounts for 70% of its total sales from foreign and mainland customers. It's a clear sign that quality and the brand are cross-border assets.
Founded in 1983, Fund Grube closed 2024 with a 15,8% increase in revenue (to €170 million) and an operating profit (EBITDA) that climbed 51% (€14,1 million). These figures aren't a one-hit wonder, but rather the result of a decades-long strategy of positioning and specializing in perfumery, fashion, and beauty. These numbers, in a highly competitive sector with often slim margins, speak for themselves, reflecting efficient management and a clear market vision.
The Boulevard Faro store, celebrating its 23rd anniversary, is one of the most important for the chain. Its remodeling, with a reorganization of the space and the addition of a large-format digital display in the window, aims to achieve precisely that: a dynamic connection with customers, real-time information, and brand immersion.
The mayor of San Bartolomé de Tirajana, Marco Aurelio Pérez Sánchez, thanked Fund Grube for "the commitment to the town and its commitment to the economy and local job creation." A friendly and formal speech. But the underlying question remains: Is Fund Grube's investment in Boulevard Faro a true beacon for the rest of the area, or is it simply a drop in the ocean of neglect plaguing other nearby resorts? While the debate over the "tourism emergency" hovers over Playa del Inglés as a possible catalyst for a major renovation, Fund Grube's actions demonstrate that private initiative, when committed to excellence and a long-term strategy, can achieve results. The real question is whether this vision, this investment in quality and modernization, will spread to the rest of the business and property sectors in a south that is crying out for comprehensive reform.
