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Centro Comercial 24 de Diciembre, also known as Plaza 24 de Diciembre, is a neighborhood shopping center located in the 24 de Diciembre district of Panama City, approximately 10 km east of the city center. Built in 1980, it spans about 15,000 sqm of gross leasable area across one level, serving a densely populated area with over 60,000 residents characterized by young, family-oriented demographics where 60% are aged 15-44 and average monthly household incomes reach $1,200.
The broader 5 km catchment area encompasses 500,000 people with 1.3% annual population growth, an average age of 30.3 years, and 3.0 persons per household. The tenant mix comprises 25 stores focused on essential retail and services, including a 2,000 sqm supermarket anchoring 40% of traffic, pharmacies, budget clothing outlets, quick-service restaurants from local chains, fast-casual dining, and utility providers such as banks and mobile services.
Anchor tenants include El Fuerte supermarket and Joyeria Sapir. Occupancy stands at 88%, with annual tenant turnover below 10%, lower than the city average of 12%, reflecting stable demand for necessities amid Panama Citys overall retail occupancy of 92%. Daily footfall averages 7,000 to 9,000 visitors, peaking on evenings and weekends, translating to about 41,666 monthly visits, supported by sales per sqm of $6,000-7,000 annually compared to $10,000 in prime malls.
Accessibility is facilitated by multiple bus lines and proximity to the Corredor Sur highway, offering 20-minute travel times to central Panama City, though moderate rush-hour congestion presents minor challenges; parking accommodates 300 vehicles. In the market, it positions as an affordable, convenience-oriented venue for value-conscious consumers from middle-lower income households averaging $1,000-1,500 monthly, with 2% projected growth.
Leasing advantages include flexible 3-5 year terms, rents of $7-12 per sqm monthly plus 8% overage on sales exceeding $500/sqm, minimal common area maintenance fees of $2-3 per sqm, and tenant improvement allowances up to $20/sqm. However, it faces intensified competition from larger centers like MegaMall and Albrook Mall, which attract entertainment-seeking shoppers and saturate similar categories, alongside risks from local economic fluctuations, potential anchor underperformance leading to higher vacancy, and aging infrastructure in an established urban setting.
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Hours of Operation
Hours
| Monday | 10:00 AM — 09:00 PM |
| Tuesday | 10:00 AM — 09:00 PM |
| Wednesday | 10:00 AM — 09:00 PM |
| Thursday | 10:00 AM — 09:00 PM |
| Friday | 10:00 AM — 10:00 PM |
| Saturday | 10:00 AM — 10:00 PM |
| Sunday | 11:00 AM — 06:00 PM |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographics and Catchment
The 24 de Diciembre district hosts over 60,000 residents with a young, family-focused profile: 60% aged 15-44, average household income of $1,200 monthly, and 3.0 persons per household. The 5 km radius catchment includes 500,000 people, 1.3% annual growth, average age 30.3 years, supporting steady demand for essential goods. This middle-lower income base ($1,000-1,500 monthly) favors value retail, but limits luxury category viability, with consumer spending at 311 USD per capita on relevant metrics, per Panama census data. Operational quality remains standard, with community loyalty aiding consistent traffic but exposing to economic downturns affecting spending power.
Competition and Market Factors
Intense rivalry from nearby MegaMall (50,000 sqm, 90% occupancy, 15,000 daily footfall) and Albrook Mall draws discretionary shoppers, saturating budget clothing and dining categories and pressuring sales growth to $6,000-7,000 per sqm annually versus $10,000 in primes. Panama Citys retail market shows 4.5% sector growth but e-commerce penetration at 20% and high digital competition erode physical visits. Weaknesses include absence of lifestyle amenities like cinemas, capping appeal; risks involve market saturation and 12% vacancy potential if anchors falter, advising focus on necessity-driven tenants for resilience.
Lease Terms and Operational Risks
Flexible 3-5 year leases offer rents of $7-12 per sqm monthly plus 8% overage above $500/sqm thresholds, with low CAM fees ($2-3 per sqm) and TI allowances up to $20/sqm, below premium centers ($20+ per sqm). Largest spaces reach 500 sqm, suiting small-medium retailers. Strengths lie in cost predictability and low turnover (<10%), but aging 1980s infrastructure raises maintenance risks, potentially increasing operational costs. Accessibility via highway and buses is strong, yet rush-hour congestion and limited parking (300 spots) pose access issues; security is standard, with quarterly events boosting 15% traffic but vulnerable to local fluctuations eroding occupancy.
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Panama City
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Panama City
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