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Plaza 5 de Mayo is a historic commercial district in Panama Citys Santa Ana neighborhood, built in 1916, covering 4,000 sqm of gross leasable area across pedestrian-friendly blocks on Avenida Central. It hosts approximately 40 tenants, with a mix emphasizing affordable retail: 60% independent shops offering apparel, household goods, and fast casual food; 20% services such as salons and money exchanges; and 20% informal vendors selling fresh produce and daily essentials, including clothing stores, electronics, and pharmacies.
Occupancy rate is 88%, slightly below the city average of 95% due to economic pressures on small operators, but supported by low turnover and long-term leases. Footfall reaches 25,000 daily visitors, equating to 750,000 annually, driven by the adjacent Plaza 5 de Mayo Metro station on Line 1, which handles over 15,000 passengers daily and 100,000 weekly, ensuring consistent commuter-driven traffic with an average dwell time of 45 minutes.
The district serves a middle to lower-middle class demographic of 25,000 residents in Santa Ana, with a density of 15,000 per sq km, median age of 29, average household size of 3.1, and median income of $1,200 monthly, reaching 500,000 people within 5 km.
Rent levels average $25-35 per sqm monthly, for example $3,950 total for a 150 sqm unit including utilities, 30-40% lower than upscale areas like Costa del Este at $50+ per sqm, with typical 3-5 year terms and 5-10% annual escalations tied to inflation.
Market position favors value-oriented retail targeting local consumers in Panamas growing urban sector, projected at 4-6% annual expansion through 2027, with advantages in high visibility, low entry barriers, and flexible leasing for startups. However, drawbacks include urban congestion, overcrowding during peaks, saturation in low-margin categories, informal competition from nearby markets like Mercado de Abastos, and proximity to larger venues such as Albrook Mall 5 km away, alongside risks from economic volatility affecting disposable income and aging infrastructure requiring maintenance.
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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 — 09:00 PM |
| Saturday | 10:00 AM — 09:00 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
Santa Ana district features 25,000 residents at 15,000 per sq km density, median age 29, household size 3.1, and median income $1,200 monthly, primarily services and trade workers including families and commuters. Broader 5 km radius covers 500,000 people with 1.5% annual growth. Footfall averages 25,000 daily or 750,000 yearly, fueled by metro station with 15,000 daily passengers, supporting steady retail traffic but risking overcrowding and reduced dwell time during peaks, impacting customer experience in this high-density urban setting.
Tenant Mix and Occupancy
Tenant mix includes 60% independent shops for apparel, goods, and fast casual; 20% services like salons; 20% informal vendors for produce, totaling 40 stores with medium competition rating. Occupancy at 88% reflects stability but trails prime malls due to small operator vulnerabilities and low-margin saturation, fostering cross-shopping yet challenging differentiation for new entrants in weak categories like budget electronics amid informal sector overlap.
Rent Levels and Competition
Rents range $25-35 per sqm monthly, e.g., $2,500-$4,500 for 100-200 sqm units with $3-5 maintenance fees, offering affordability 30-40% below upscale zones and flexible 3-5 year terms with inflation-linked escalations. Competition from local markets like El Chorillo and Albrook Mall (50,000+ daily visitors, 5 km away) provides visibility but heightens risks of market saturation and economic sensitivity, potentially diluting sales for higher-end tenants while favoring budget retailers with lower barriers.
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