The setting for "A Very Old Man with Enormous Wings" is an unidentified sea coast village where crabs are plentiful. The names of the central characters are Latin American in nature so it may possibly be a village in the author's, Gabriel Garcia Marquez's, native country of Colombia.
Magicalism in magical realism introduces elements of magic and fantasy into stories taking place in real-world setting and during recognizable time periods. In this story, Spider-woman and the wings on the old man are elements of fantasy while the growing of new wings and the falling from the sky of an angel may be considered elements of magic.
Realism is shown by the village and the otherwise ordinary lives of Pelayo, Elisenda and their neighbors.