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El Dorado Mall, located in the El Dorado neighborhood of Panama City, Panama, serves as a community-oriented retail center in a hybrid residential-commercial district near the Metropolitan National Park and known as the citys second Chinatown. Built in 1976 and spanning approximately 50,000 square meters of gross leasable area across three levels, it features 250 stores, 20 restaurants, a food court, and entertainment options including a Cinemark cinema and bowling alley.
Anchor tenants such as Riba Smith Supermarket drive 60% of traffic, focusing on everyday essentials alongside categories like electronics, apparel, services, and casual dining. Occupancy stands at 85%, with ground and lower levels nearly fully utilized while upper floors exhibit 20-30% vacancies following recent renovations that improved accessibility with ramps and a new parking garage accommodating 1,619 vehicles.
Monthly footfall averages 333,333 visitors, supported by a 5 km radius demographic of 1.2 million people, average age 30.3 years, household size 3.2, and 1.3% annual population growth, primarily middle-class families, young professionals, and expats. In Panama Citys saturated market with over 20 major malls and 3 per 100,000 residents, El Dorado positions as a mid-tier, affordable option with stable 3-5% growth, offering leasing advantages for budget-conscious retailers in underserved upper-floor spaces at rents around 25 USD per square meter monthly, though challenges include aging infrastructure and competition from upscale venues like Multiplaza and Albrook.
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Hours of Operation
Hours
| Monday | 10:00 AM — 08:00 PM |
| Tuesday | 10:00 AM — 08:00 PM |
| Wednesday | 10:00 AM — 08:00 PM |
| Thursday | 10:00 AM — 08:00 PM |
| Friday | 10:00 AM — 08:00 PM |
| Saturday | 10:00 AM — 08:00 PM |
| Sunday | 11:00 AM — 07:00 PM |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographics and Footfall
The catchment area within 5 km includes 1.2 million residents with an average age of 30.3 years, household size of 3.2, and 1.3% annual growth, comprising middle-class families, young professionals, and expats in a densely populated urban zone of about 50,000 within walking distance. Monthly footfall reaches 333,333, equating to roughly 4 million annually, with 10,000-15,000 daily visitors on weekdays rising on weekends due to entertainment anchors; average dwell time is 90 minutes, supporting consistent traffic for convenience and service-oriented retail.
Tenant Mix and Occupancy
Tenant mix emphasizes practical everyday needs with anchors like Riba Smith Supermarket and Cinemark cinema generating 60% of visits, complemented by 200+ small shops in electronics, phone accessories, apparel, souvenirs, and food services across a food court and upper-level entertainment. Occupancy is 85% overall, near 100% on ground and lower levels for high-visibility spots, but 20-30% vacant on upper floors post-renovation, creating opportunities for new entrants in non-saturated categories while risks include overrepresentation in tech and casual dining.
Market Position and Leasing Considerations
As a mid-tier community mall in a competitive landscape of over 20 properties, El Dorado offers stable 3-5% growth and positions well for budget brands seeking visibility without premium costs, with rents at 25 USD per square meter monthly and negotiation potential on upper spaces totaling about 5,000 square meters available. Strengths include improved accessibility and steady local draw, but drawbacks encompass aging infrastructure raising maintenance issues, category saturation, and rivalry from larger modern malls like Albrook and Multiplaza, potentially impacting sales in weak economic periods.
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Panama City
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