Porto City Hall granted already one million euros to support historic shops in town

Porto City Hall has already invested circa 1 million euros to support historical shops, under the Porto de Tradição Municipal Fund to financially assist establishments and shops, regarding not only conservation and restoration projects, but also investment in modernisation and innovation that would guarantee business sustainability.

“This was an innovative measure, which allowed shops the ambition to ensure sustainability and maintenance in this type of competitive businesses”, advanced Ricardo Valente, councillor for Economy, Tourism and Trade at Porto City Hall.

Ricardo Valente also explained that this programme was established prior to the pandemic and it was even more crucial in helping re-capitalize failing businesses amid the ongoing Covid-19 pandemic. “We feel that we are creating the conditions for trade relations to remain in the city, and I normally say that the identity of a city is, to a large extent, its trade”, enhanced Ricardo Valente.

Often times, business owners are out of the means to restore, renovate or maintain their patrimony, and for that reason, investment aids in means and modernisation tools or business promotion fade into the background, which means that there will be a reduced capacity towards business sustainability.

This municipal fund has already supported 42 historic shops and one entity.