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Multiplaza David is a regional shopping center in David, Chiriqui Province, Panama, catering to local residents and visitors from nearby areas including the Costa Rica border.
Spanning approximately 30,000 square meters of gross leasable area, it features around 70-80 stores with a balanced tenant mix that includes anchor tenants such as supermarkets like Super 99 and department stores, alongside mid-range fashion outlets, electronics shops, and specialty retailers. The food and beverage section comprises over 10 eateries offering a variety of local Panamanian dishes and international fast food options.
Entertainment amenities include a multi-screen cinema operated by Cinemark, contributing to its appeal as a family destination.
Occupancy rates hover around 88-92% based on recent commercial real estate assessments, reflecting stable demand in a market with moderate growth.
Accessibility is facilitated by its location on major avenues like Avenida Obaldia, with over 700 parking spaces and proximity to public transportation routes. The demographic profile of the area includes a population of about 160,000 in David, characterized by middle-income households averaging $1,000-1,500 monthly, young families, and a growing expatriate community drawn to Chiriquis natural attractions like Boquete.
Market position is solid as a community-oriented mall, benefiting from cross-border shopping traffic that adds 15-20% to weekday footfall. Leasing opportunities present advantages such as competitive base rents of $15-22 per square meter per month, percentage rents on sales over thresholds, and promotional support from mall management. However, drawbacks include competition from larger nearby centers like City Mall David and Federal Mall, which offer more diverse high-end options, potential slowdowns in footfall during off-peak agricultural seasons, and regional risks from economic ties to coffee and banana exports.
Infrastructure is functional but shows signs of aging in common areas, requiring periodic investments.
Overall, it suits retailers targeting value-conscious consumers in a stable, growing secondary market outside Panama City.
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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 Footfall
David, as Panamas second-largest city, has a population of roughly 160,000 with a provincial catchment of 500,000, featuring a median age of 28 and household incomes centered at $1,200 monthly, supporting everyday retail needs. Footfall estimates reach 4,000-6,000 daily visitors, with peaks of 10,000 on weekends driven by family outings and cinema attendance. Tourism from Boquete and border trade enhance variability, boosting numbers by 25% in high seasons, though economic fluctuations in agriculture can reduce mid-week traffic by 10-15%. This profile favors durable goods and casual dining over luxury segments.
Tenant Mix and Occupancy
The tenant composition includes 35% apparel and accessories, 25% food services, 20% general merchandise like groceries, and 20% entertainment and services, promoting a community-focused environment with limited ultra-premium brands. Occupancy remains at 90%, with anchors fully leased and smaller spaces turning over occasionally due to local business cycles. Strengths lie in essential categories with consistent performance, while weaknesses appear in electronics facing online rivalry, leading to occasional vacancies of 5-8% in specialty areas. Management efforts maintain operational quality through regular events.
Lease Terms and Market Risks
Leasing structures offer base rents of $18-25 per sqm monthly, plus 7-10% of gross sales exceeding $500/sqm annually, with typical terms of 3-5 years including escalation clauses of 5% yearly. Advantages include flexible fit-out allowances up to $50/sqm and co-op advertising budgets. Risks encompass intense local competition from four major malls within 10 km, potentially pressuring rents downward by 5-10% in saturated categories, alongside access challenges from traffic congestion on key routes and vulnerability to regional events like volcanic activity near Baru, impacting footfall by up to 20% temporarily.
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David
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City Snapshot
David
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