The Gold Coast Bulletin reports one witness as saying there was blood on the floor outside the Sony store on the ground floor and shoppers were running away from the scene shouting "someone's got a gun".
Another said a woman was lying injured inside the Vodafone store.
It is believed two men, one of whom may have had a "big silver gun" according to one witness, were arguing.
A man, described as around 35 years old, of solid build, wearing a black hooded jumper, was last seen running to the Woolworths car park.
A shop assistant at Rebel Sports who served at least one of the two men before the incident, described them as "bikies" and heavily tattooed.
Police are looking for a man who is described as Pacific Islander in appearance, approximately 180cm tall with a muscular build and a full neck tattoo.
While some parts of the centre remain in lock down police believe the man has fled the scene with police following up several inquiries.
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