Casa del Sol (a branch of the renowned crafts store in San Pedro Sula [1]) on the boardwalk has a range of good quality items, and Bazar y Suvenir Jameth (9 Calle between 3 and 4 Avenidas) has some decent cigars and leather items.
Links:
[1] http://www.moon.com/destinations/honduras/central-honduras/san-pedro-sula