The PIMM commercial city will have 6800 showrooms in the 34 buildings on 530 hectares of land. Manufacturers from all over the world will showcase their products for local and international wholesale buyers to access.

Identifying a business opportunity and seizing the moment to make billions of dollars is the concept that drove Reynald Henry Katz to create reportedly the largest merchandise mart in the world, the only one of its kind in Latin America and the Caribbean. Investors looking for a safe place to invest their money with fast returns, manufacturers looking for an easy penetration into the Latin market and companies seeking trading partnerships are expected to converge on the Panama International Merchandise Mart (PIMM).

Katz declared, “The PIMM will be more like a commercial city involving an estimated 566 million Latin American consumers, international manufacturers and worldwide investors.

“There will be 6,800 showrooms in the 34 buildings on the 530 hectares (1,302 acres) of land close to the second largest free zone in the world – the Colon Free Zone – benefiting from the most efficient logistics center in Latin America. Manufacturers from all over the world can showcase their products permanently here where local and international wholesale buyers, especially Latin American businesses, can place their order at PIMM without entering the United States of America or the home ports of manufacturers.”

“Embassies have expressed the interest to have country-specific pavilions. We are looking forward to having a global commercial city right here in Panama where the whole of Latin America can trade with commercial world leaders without leaving their continent!”

Katz is on the verge of realizing this dream as construction starts in 2008 with a completion date projected for 2011. This project will cost an estimated $1 billion. “PIMM will trade an estimated $35 billion a year. The cost of a showroom starts at $125,000 and each showroom is estimated to have an annual return on investment of $2 million per showroom,” said Katz.

Reynald Henry Katz, founder and CEO of Panama International Merchandise Mart. Photo by Seeta T. Shaw Roath

“This will be a city of commerce. The PIMM city will have all the facilities that a commercial city needs. There will be three-, four-, and five-star international hotels, 10 local and international restaurants, 10 fast-food restaurants, police and fire stations, medical centers, parking for 5,000 cars, 500 office spaces in 10 office buildings, 200 public rest rooms, electrical power plants, wireless Internet services, recreational centers and condominium buildings, just to mention a few of the facilities,” Katz said.

He has sold over 800 showrooms and has already made plans to expand into France where his son, Kevin, was born and now lives. The French PIMM will be established and operated by Kevin. In addition, plans are already afoot to establish another PIMM in New Jersey.

The long-term plan includes building similar commercial cities at an estimated $1 billion in South Africa, Russia, Vietnam, India, China, Malaysia, Australia, Belgium, the United States of America, Brazil and Mexico.

Reflecting on the first time the idea of PIMM was conceived, Reynald Katz recalls his experience while trying to rent a showroom at the Colon Free Zone.

“They told me there were 2,500 companies vying for the single and only available showroom, and the best bid will win! That is when I decided that this was an opportunity to create additional showrooms – there was a ready market just waiting to be tapped!

Kevin Katz shares a moment with his father, Reynald Katz. Kevin is spearheading the establishment of PIMM's operations in France. Photo by Seeta T. Shaw Roath

“The companies on the waiting list would have their space, I would have a new business, the Colon Free Zone would be serving an even larger clientele and everyone would make millions!”

The site for PIMM is between the Colon Free Zone and Panama’s Tocumen International Airport. Access roads are being built to link to a new freeway which is planned to alleviate the current traffic difficulties as commuters compete with the 3,000 container trucks making their daily runs. A helipad is also planned to provide additional transportation options.

“PIMM will have fully equipped fire stations, a security force and a medical center. There will also be a helipad for easy access to the Tocumen International Airport, ,” said Katz.