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Special EU & EURO Warning – December 14, 2011Offshore Jurisdiction Comparison 
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What I Saw - I just got back from a trip around Multiplaza Mall which is considered our luxury mall in Panama City. I was shocked to see the names of the stores either open or opening. When I say opening let me add that construction was going on. Right across the aisle from the bustling Louis Vuitton store a Cartier shop is going in. Louis Vuitton has about 250 sq. meters of showroom space and Cartier looks even larger. Vuitton has the whole line – some luggage, purses, totes, wallets, purses, sunglasses, shoes, umbrellas, watches and all. Cartier and Vuitton have the entrance spots in the Rodeo Drive section of the mall with exterior window space. Right down from them is a now open Caroline Herrera shop, which was loaded with shoppers just like Vuitton. Folks I went into Vuitton and saw people making purchases, multiple people at the same time.
The men’s clothier Zegna is coming. Zegna makes beautiful men’s shirts for $295. Next to these shops is an Emporio Armani, unisex, not exactly a cheap line of clothes and accessories. Armani was open but we did not go inside. Across the aisle from Armani there is a H. Stern Jewelry store opening up. This line of jewelry is sold in their own shops and also by Neiman Marcus. It is very high-end jewelry. These high-end shops are all clustered together right next to the Montblanc, Breitling, and Omega watch dealers. On top on the second level sort of over these shops is a large impressive Benihana and some other shops. Downstairs we have a new Sbarro Italian eatery, which is standard mall food up north. The mall was full of shoppers spending money. Business was brisk. There is a lot of money in Panama.
Discussion – So either Panama as always had people here with money looking to spend it on designer brands or these are newcomers who are used to shopping in this type of gourmet store. We need to see some steak houses charging $85 a person, instead of our usual $10.00 for a great steak dinner and then we will be all set. I expect we will soon see the high-end salons opening where one can drop several hundred dollars in a day getting facials and hair treatments. Elizabeth Arden where are you?
We should be looking for high-end department stores like Neiman Marcus, Saks, Bloomingdales, and Harrods etc. Imagine having the privilege of shopping in Neiman Marcus and then sitting down in their cafÈ and blowing $195 on an ounce of caviar with a double espresso for an extra $8.95. They are not here yet but give it a few months and I’ll bet some of them will be here.
Well I must say all of this is very consistent with residential real estate prices of $5,000 a sq. meter or higher. Major cities around the world have real estate prices of $7,000 to $20,000 a sq. meter, so once again Panama may prove to be a bargain. The infrastructure is coming in, the entertainment is showing up. This week there is a European Opera Company here. Granted they are just performing for one day but heck they have to stick their toes in the water first don’t they. They’ll be back and then the orchestras, plays, concerts will all be coming. The rumors concerning Disney building a resort or park on the Pacific side are still circulating around but we are not sure what to make of it. Disney denied coming here last year but then again the rumors are still coming. If Disney doesn’t do it they are dumb because one of their competitors will for sure do it.
Copa Airlines is expanding to make Panama a major air hub for Latin America and the expansion of our international airport sure helps a lot. Royal Caribbean is coming here for the new cruise ship port in Colon, Dec. 2008 first cruise scheduled. Panama seems to be very successfully reinventing themselves.
Holy Rolex Batman it looks like they are doing it!!!!
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