Business
PriceSmart Announces Plans to Build a New Warehouse Club in Costa Rica
SAN DIEGO, Aug. 6, 2019 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that on July 31, 2019, it acquired approximately 227,000 square feet
About this update from Pricesmart, Inc.
[{"type":"text","content":"SAN DIEGO, Aug. 6, 2019 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that on July 31, 2019, it acquired approximately 227,000 square feet of land in Costa Rica, upon which the Company plans to open its 46th warehouse club. This club will be located within the city of Liberia, Costa Rica, which is situated in the northwestern part of Costa Rica and is approximately three hours from the capital city of San Jose, Costa Rica. \n\n \nThis club will be PriceSmart's eighth warehouse club in Costa Rica and will be built as a small-club format in this secondary city. This club is expected to open in approximately the summer 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 and open a new warehouse club in Liberia, Costa Rica, in the summer of 2020. Once these three new clubs are open, the Company will operate 46 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. \nThis press release may contain forward-looking statements concerning the Company's future performance. These forward-looking statements inclu...