Punta Allen isn’t a foodie’s village, but it does have a handful of eateries, all specializing in fresh seafood. A few minimarts and a tortilleria round things out a bit, especially if you’re planning on staying more than a couple days.
With a gorgeous view of the Caribbean, 
Bonefish (1.5 blocks south of the central plaza, no phone, 11 a.m.–10 p.m. Mon.–Sat., US$6–14) is an excellent choice for seafood and cold beers—perfect for a long lazy lunch. If it’s full, try Muelle Viejo (just south of the central plaza, no phone), which has a similar menu and prices.
The hotel restaurant at Casa de Ascensión (tel. 984/801-0034, www.casadeascensionhotel.com [1], 8 a.m.–10 p.m. daily, US$4–17) offers a wide variety of Mexican dishes, pizza and pasta, and (of course) seafood. Seating is outdoors, under a large palapa. It’s located two blocks from the beach, near the entrance to town.
Taco Loco (just north of the central plaza, no phone, 8 a.m.–10 p.m. Mon.–Sat., US$3–8) is a locals’ joint with good, cheap eats.
There are three minimarts in town: on the north end (near the road to the lagoon-side dock), south end (two blocks west of Cuzan Guesthouse), and near the central plaza (one block west). Each sells basic foodstuffs and snacks, though you may have to visit all three to find what you’re looking for. If you plan to cook a lot, stock up on supplies in Tulum [2].
Links:
[1] http://www.casadeascensionhotel.com
[2] http://www.moon.com/destinations/cancun-the-yucatan/cancun-cozumel-and-the-riviera-maya/tulum-and-southern-quintana-roo/tulum