Since the 1960s, Panama has been a shopping destination in the region, receiving caravans from Central America who came to buy in our country. This is because the country has had for years in its sales offer a great diversity of high quality brands and very good prices.
Competitive Advantages of Panama
Our country is full of key ingredients that help make it an international shopping center. Nadkyi Duque, President of the Association of Shopping Centers of Panama (APACECOM) believes that the privileged geographical position that has made us a logistics “hub”, as well as the proximity to important markets such as Colombia and Venezuela, make Panama a regional shopping center.
She also adds that shopping centers have almost all brands, from the most popular to the luxury ones, a variety that few countries in the region have. An additional fact is that Visitors from Brazil, Colombia and Central America do not require a Visa to enter the country and come for “shopping”.
Post-Pandemic Update and Evolution
Currently, Panama has more than 25 shopping centers with all the comforts so that local and foreign visitors have the best experience.
For Nadkyi Duque, sales in shopping centers had been recovering rapidly after the pandemic thanks to the offers and promotions that a large number of stores throughout the country have been offering. The President of APACECOM continues explaining that the continuity in the promotions has helped to move the inventory that was stalled during the confinement period, demonstrating the resilience of the Panamanian market when it comes to buying.
The pandemic also opened the opportunity for brands that previously had not been able to enter the Panamanian market due to lack of space, to enter and boost the offer. Another element that has been important for the recovery of “retail” is the internal rotation where new brands have entered and other existing ones have found better locations. Likewise, successful ventures decided to open their own stores inside shopping centers.
Another important factor was the inclusion of other sales channels such as online purchases and “pick up” mode where customer looks for their purchase packages without getting out of the vehicle.
Black Weekend, the Largest SALE in the Region
This long history as a regional shopping center has allowed the country to create an international product such as the “Black Weekend” returning this year from September 14 to 18. A tourist product that attracts buyers from Panama and Latin America. Nadkyi Duque comments that they have began promoting it in the Central America, South America and the Caribbean markets with great receptivity in groups of Visitors from Costa Rica and Ecuador who have already confirmed their visit during that week to take advantage of discounts of up to 70% in a lot of the merchandise that is offered.
According to the President of APACECOM, they are already prepared, and the official launch will be in September, only waiting for the airlines to join in, since they always offer special prices on tickets, as well as hotels, car rentals and restaurants.
The New Cultural and Entertainment Centers
Malls have become more than just shopping centers, today are places to create experiences, where family meets, friends get together and many things can be done at the same time.
For Nadkyi Duque, shopping malls have become the favorite places of entertainment for Panamanians. Apart from being places to no buy products, are cultural places, where people can enjoy a series of events that are regularly offered, providing the best experiences. She goes on to explain that as shopping malls continue to fill people’s emotional and recreational needs more, stores will also continue to evolve with different concepts, more modern visual merchandising and even new experiences never seen before.
Photos courtesy: Nadkyi Duque
