And you thought that your rent was steep!!  Check out the sales prices paid for duty free shop space in the Tocumen Airport here in Panama.  The store in the report would be around 800 square feet.

Space in the duty free section of the Panamanian international airport is being given in concession via tenders where bids are in the millions.

An offer has been made by Waked International Inc. (Wisa) superseding that of Motta International in a tender for 80 meters of commercial space in the north terminal of Tocumen International Airport.

“Wisa offered $1.7 million for the rights to sell toys and $2.7 million to market luxury handbags at the airport. In therefore exceeded by $1.2 million the bids submitted Motta Internacional, which also sought to win the business,” reported Prensa.com.

Is the second time the two companies have bid for the Tocumen duty free space. In 2007, Motta had to match an offer of $57 million by Wisa in order to get one of the three 500 meter blocks of commercial space in the terminal.

Alberto Bissot, commercial manager of Tocumen SA, said the next competition will be held on April 18th. It will be for clothes stores. Three shop spaces will be auctioned and the base price for each space will be $3 million.

Source: Prensa.com