Shopping in Panama City is very popular because is a shopping destination for many countries in Central and South America. The city offers a wide variety of brands and products at all price points.
Currency
It is important to keep in mind that the local currency is the US dollar (also known as the Balboa). This can affect the price of products when you exchange your currency for dollars. However, for Europeans and Britons, their currency is worth more than the dollar, so Panama may be cheaper for them
Discounts and Sales
During special seasons, such as Black Friday, Christmas, and Cyber Monday, it is possible to find discounts of up to 70% on brand-name products. Throughout the rest of the year, you can find a variety of products at very low prices.
Store Prices
Some stores in Panama may increase their prices depending on their exclusivity and location. In these brand-name stores, the prices may not be very different from those in Europe or the United States.
Best Time to Shop
The best time to shop in Panama is in the middle of the year, between July and October. This is outside of the Christmas and New Year’s holiday seasons. During this time, stores tend to lower their prices to get rid of unsold merchandise and make room for new inventory for the upcoming holiday season.
Where to Shop
There are many shopping malls throughout Panama City. However, tourists and travelers may not want to spend their entire trip shopping. Therefore, it is important to save time by visiting malls that offer security, air conditioning, and a variety of products.
Multiplaza
If you are looking for brand-name stores, the largest concentration of them is in Multiplaza. There is a section of the mall where all the luxury brands are located. This is a small mall that will allow you to quickly find what you are looking for.
However, Multiplaza is not a mall known for its great deals, as it has several exclusive and luxury stores.
Albrook Mall
A mall that offers more variety, lower costs, and still has exclusive stores is Albrook Mall. This is the largest mall in the country, and almost all of the stores and brands in the country are located there.
In Albrook Mall several Panamanian department stores offer products such as underwear, shorts, t-shirts, etc.; at USD 5 and even less if there is an offer. It is common to find offers of less than 20 dollars for pieces of clothing.
Other Shopping Destinations
Other popular shopping destinations in Panama City include:
- Soho Mall
- Metromall
- El Dorado Mall
Tips for Shopping in Panama City
- Do your research before you go shopping. This will help you know what products you want and how much they should cost.
- Compare prices at different stores. This will help you find the best deals.
- Be aware of the sales tax. The sales tax in Panama is 7%.
In Panama, it is easy to find brands of all kinds at good prices. Unless you are looking for a very specialized product or brand.
Places where you can bargain in Panama:
- Traditional markets: In local markets like Mercado de las Pulgas or the Artesanal market, haggling is part of the shopping experience. Prices are often inflated, so don’t be afraid to make an offer starting at 50-70% less than the initial price.
- Independent stores: Small, independent shops, particularly those selling souvenirs or artisan goods, are more open to negotiation.
- Street vendors: Bargaining is expected when buying trinkets, handcrafted souvenirs, or snacks from street vendors.
Places where bargaining is uncommon:
- Supermarkets and chain stores: Prices in these establishments are usually fixed and non-negotiable.
- Luxury stores: High-end brands typically have fixed prices and are not likely to budge on negotiations.
- Large shopping malls: While individual stores within the mall might be open to negotiation in some cases, it’s less frequent than in markets or independent shops.
Overall:
- Use your discretion and cultural sensitivity when deciding whether to bargain. Don’t be pushy or disrespectful, and be prepared to walk away if you cannot agree on a price.
- Research typical prices beforehand so you have a good idea of a fair offer.
- Bargaining is usually done with a smile and friendly banter, not aggression.
Additional tips:
- Learn some basic Spanish phrases for negotiating.
- Be aware of body language and cues.
- Be prepared to pay with cash, as some vendors may not accept credit cards.