A Bazaar is a particular kind of shop.
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Every port has a Bazaar. They can be accessed through the menu on the left, appearing just before the options for the port's regular shops.
At major hub ports (in the centre of the map), the Bazaar will not sell anything. However, there you can sometimes pick up Prospects, and deliver the specified items for Sovereigns and other rewards.
In comparison, all minor ports' Bazaars will offer Bargains, where you can buy items for a cheaper price than in shops. Up to two Bargains will appear at a time, each having a limited number of items available to buy, and appearing for a limited time. Hovering the mouse over the associated port on the map will highlight if new Bargains are available.