The market town of Penzance is historically the commercial capital of the Land's End peninsula (known as Penwith). Professional services of all kinds are available in the town covering the legal, financial, architectural, design and other needs of the business community. The commercial interests of the town are many and diverse ranging from shipping, dry dock facilities and manufacturing through to transport and the very important tourist industry.

The tourism industry is well-placed to cater for all manner of accommodation needs. The industry is represented by an active Tourism Association. There are some large hotels, many smaller ones and a great many guest-houses, together offering a price range to suit most pockets. Additionally, there is no shortage of houses, flats and chalets for those seeking self-catering holidays. Of great benefit to both the tourist industry and the town as a whole are the facilities for visiting the Isles of Scilly, with both the Isles of Scilly Skybus and Steamship Companies providing day-trip services.

While Penzance is considered to be the commercial centre of Penwith, the nearby port of Newlyn boasts the largest fishing fleet in the south of England. There have been several improvements recently, which include doubling the floor area of the fish market and constructing a new pier. Much of the catch is exported and finds ready customers on the continent. Newlyn also boasts the Cornish Mead Company, which brews the traditional honeymoon drink for which West Cornwall is famous.

Penzance is part of the Development Area of Penwith and attracts grant aid for firms wishing to establish themselves here. There are several small industrial estates offering a wide range of services close to the town. Although its hey-day as a thriving commercial port may be long past, the Penzance harbour area still attracts much work for the dry-dock facilities. The Isles of Scilly Steamship Company also plays an important role in harbour life, together with the ever-increasing interest in leisure boating.

A major re-development of Penzance Harbour is presently proposed which will add significant new facilities for users of all types of craft.