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For cruise ship passengers participating in excursions, the time and options you have to shop might be limited. The length and specifics of your tour, vehicular traffic, and weather are deciding factors and are out of your control.
I highly recommend you purchase souvenirs during your excursion because it's impossible to predict what awaits you upon returning to the port. If you return late, you might have precious little time to shop. I have seen it happen all too often when tour buses arrive, the doors open, and immediately the passengers are directed to the ramp for boarding. You should consult with your cruise ship before departing on your excursion to confirm when they expect you back.
Shopping in Panama – the Panama Hat! Did you know that Panama Hats are hand-woven in Monticristi, Ecuador, using distinct straw derived from the "paja toquilla," a palm-like plant? Authentic Panama Hats are wholly produced in Ecuador and nowhere else. Arguably Panama's #1 selling souvenir, they are available in different sizes and styles, though the most common and recognizable are tan in color with black trim.
The Duty-Free store is a mixed blessing. It is a beautiful, large, and spacious store with many items you will not find in most other souvenir-related stores, like electronics, watches, perfumes, wines, soft drinks, snacks, etc. It has, it's fair to say, everything you'd expect to see in a duty-free store. Unfortunately, despite its size, they have a limited assortment of souvenirs, which tend to be more expensive when compared to similar items in other stores. You'll find t-shirts, hats, bags, key-chains, magnets, etc. But, there isn't much indigenous craft; you won't find hand-knit Molas or hand-woven baskets and plates.
Many of the excursions to Panama City — Casco Antiguo, Biodiversity Museum, and Panama Viejo — visit the Duty-Free store.
Casco Antiguo is, without question, the best place to find variety and reasonably priced souvenirs.
With so few suppliers, most stores sell the same products, though a few specialize in select items (see map below). Generally speaking, the larger the store, the greater the variety. In addition to the stores, indigenous people sell handicrafts on the streets.
If it's a Panama Hat you're after, this is the place! In addition, you'll find an assortment of t-shirts, bags, key-chains, magnets, hammocks, coffee cups, drinking glasses, paintings, assorted clothing, etc. Local indigenous crafts include colorful Molas and headbands hand-sewn by indigenous women of Guna Yala ethnicity, intricately-woven plates and bowls by Embera Indians, wristbands, earrings, ponchos, and hammocks from Ecuador, Colombia, Peru, and Guatemala. It's all here!
Despite the sheer number of stores, you need to prepare for the possibility that you will not be permitted to enter them. Guides are under tremendous pressure to keep everyone together, so they don't customarily allow passengers to wander; the risk of losing track of people is legitimate. In addition, cruise lines have pre-arranged agreements with select stores; e.g., the Duty-Free on Flamenco Island is a good example. Shopping is big business, and stores in Casco don't pay commissions, providing little incentive for them to encourage people to shop there. It's just the way things are.
With that said, I'm recommending the following stores because they are closest to the tourist sites, making them easier to access. You may or may not find ample time to enter.
The numbers in parentheses correspond to those on the accompanying map below. All but the last two, which are more specialized, reside on the same road, the one your excursion will most likely take when entering Casco Antiguo.
Angie Panama Hat & Souvenirs (#7). The store entrance is only 30-40 ft. to the right of Saint Joseph's Church (Golden Altar), making it a good option if you visit the nearby church.
Next would be either Bellezas de Panama (#8) or Latin Style (#9). The two stores reside across and catercorner to each other and alongside the "La Compañia" Ruins.
The third would be Souvenirs Arco Chato (#15), across from the Flat Arch (Arco Chato) Ruins.
Fourth would be El Mercadito or "Little Market" (#19). Adjacent to the promenade, many tour guides return here after the excursion concludes; it's common for large groups of people to assemble. The entrance is to the bar's left, and the area inside is partitioned among 15-20 vendors. If time permits, this might be your best opportunity in Casco.
For authentic Cuban cigars, visit La Casa del Habano (#22).
For indigenous crafts, e.g., bowls, plates, Molas, etc., I recommend Galeria de Arte Indígena (#28). They have the largest selection of handmade crafts from Panama's Embera and Guna Yala communities.
You will find a large souvenir store on the second floor of the IMAX 3D movie theater; it occupies the entire floor. After entering, you will pass by it en route to the movie theater entrance. A second, smaller souvenir store resides left of the entrance door leading to the sole observation platform inside the main visitor center. And a third, inside the building, behind the viewing platform.
You will find canal souvenirs that are difficult to find or unavailable elsewhere, like coffee table books, maps, and CDs. Many items are exclusive.
The gift shop at Agua Clara Locks is noticeably larger than at Miraflores. After entering through the gate, proceed straight towards the viewing platform. After passing the projection room and before the public bathrooms, you'll find the gift shop off to the right.
The Panama Viejo gift shop resides on the ground floor, opposite the entrance to the museum. It is my understanding that your excursion includes a visit. It isn't too large, and most of its souvenirs relate to the Colonial City.
There is also a two-story souvenir center near the main entrance — off to the right of the ticket window — where vendors, primarily of indigenous descent, sell hand-sewn handicrafts, e.g., Molas, etc. Your tour to Panama Viejo may also include the souvenir center; I have seen large buses parked out front.
You will find a limited supply of souvenirs aboard the vessels offering Panama Canal transits. Hats, t-shirts, and a few other items are all they have. Unfortunately, space is far too limited to allow for much more.