Gilt disappearing for Casco entrepreneurs

CASCO VIEJO the second favorite destination for tourists since the introduction of tax incentives spurred a rash of renovating projects aided by the government resurfacing the streets.

It was followed by a swarm of small businesses and restaurants hoping to cash in on the increase in visitors but is now losing some of its attraction for entrepreneurs.

Restaurants come and go,  and some 30 shops have closed since last year.

Lack of planning and governance has created a hiatus in the anticipated income flow according to some merchants and residents who told La Prensa that several locations have closed due to operating costs, and the lack of tourists, while many Panama residents who once frequented restaurants have been turned off by parking problems.

The Association of Merchants of the Old Town (ACCA) and the Association of restaurants (ARCA) say  that the delays in the restoration  of some buildings, the narrow roads, the lack of parking lots and the use of them by official vehicles and officials who work in public institutions located in San Felipe have impacted negatively on the arrival of tourists reports  La Prensa,

Adelia Lee, president of the ACCA, says that for these reasons between 2016 and today 30 shops have closed, adding that another problem is the high costs that traders face for renting and taxes.

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