More from Kris Hudson at the Wall Street Journal on how builders look to ride the wave of increasing affluence here in Panama.
PANAMA CITY—Amid the bustle of downtown Panama City, a new twin-tower skyscraper is taking shape with the latest symbol of the country’s wealthy elite at its base.
The lower four floors of the $360 million Soho Panama project, which takes up an entire block, is a 120-store luxury mall. Developed by Westline Enterprises Inc., the project already has signed leases with retailers including Burberry Group PLC and LVMH Moët Hennessy Louis Vuitton SA ’s Fendi. It is expected to open in March.
“The luxury market is just starting to gain a foothold in Panama, and there is still a lot of room to grow,” Westline executives said in an email response to questions.