Business
PriceSmart Announces Plans to Build a New Warehouse Club in Colombia
SAN DIEGO, Aug. 21, 2019 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that on August 21, 2019, it acquired approximately 111,000 square
About this update from Pricesmart, Inc.
[{"type":"text","content":"SAN DIEGO, Aug. 21, 2019 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that on August 21, 2019, it acquired approximately 111,000 square feet of land in Colombia upon which the Company plans to construct its 47th warehouse club. This club will be located within the city of Bogota, Colombia.\n\n \n\"Securing our third location in the Bogota metropolitan area underscores our commitment to growth in this important market. The 170th Street Bogota Club will be the 8th club in Colombia and our fourth currently under development, including clubs in Guatemala, Panama, and Costa Rica,\" commented Sherry Bahrambeygui, CEO of PriceSmart, Inc.\nThe 170th Street Bogota club is expected to open, approximately, in the fall of 2020. \nAbout PriceSmart \nPriceSmart, headquartered in San Diego, owns and operates U.S.-style membership shopping warehouse clubs in Latin America and the Caribbean, selling high quality merchandise at low prices to PriceSmart members. PriceSmart operates 43 warehouse clubs in 12 countries and one U.S. territory (seven each in Colombia and Costa Rica; six in Panama; five in the Dominican Republic, four in Trinidad; three each in Guatemala and Honduras; two each in El Salvador and Nicaragua; and one each in Aruba, Barbados, Jamaica and the United States Virgin Islands). The Company is currently constructing and plans to open warehouse clubs in San Cristobal, Guatemala and Panama City, Panama, in the fall of 2019. The Company also plans to build a new warehouse club in Liberia, Costa Rica, and Bogota, Colombia and open them in the summer and fall of 2020, respectively. Once these four new clubs are open, the Company will operate 47 warehouse clubs. PriceSmart is expanding its omni-channel capabilities, including through its e-commerce platform, by investing in and integrating the technology, talent and cross-border logistics infrastructure obtained as part of the acquisition of a company in March 2018. PriceSmart expects these investments and this integration to enhance the membership shopping experience, drive efficiencies and fuel sales growth. The Company acquired by PriceSmart also operates a legacy (i.e., marketplace and casillero) business through the Aeropost brand in 38 countries in Latin America and the Caribbean, many of which overlap with markets where PriceSmart operates its warehouse clubs. ...