Business
PriceSmart Announces Plans to Build Two New Warehouse Clubs in Jamaica and Colombia
SAN DIEGO, Oct. 3, 2019 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that in September of 2019, it secured approximately 218,000 square
About this update from Pricesmart, Inc.
[{"type":"text","content":"SAN DIEGO, Oct. 3, 2019 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that in September of 2019, it secured approximately 218,000 square feet of land in Jamaica upon which the Company plans to construct its second warehouse club in that country. This club will be located within the city of Portmore, Jamaica. Portmore is a suburb west of the capital city of Kingston, Jamaica. The Portmore club is expected to open, approximately, in the fall of 2020.\n\n \nIn October of 2019, the Company acquired nearly 210,000 square feet of land in Colombia upon which the Company plans to construct its ninth warehouse club in that country. This club will be located in the Floridablanca Municipality, south of Bucaramanga, Colombia. The Bucaramanga club is also expected to open, approximately, in the fall of 2020.\n\"We are pleased to announce two new clubs expected to open next fall. The first is the Portmore club, marking our second club in Jamaica. Our first club, located in Kingston, Jamaica, has been a strong performer for PriceSmart, and we believe that there is solid demand for multiple warehouse clubs in this country. The second new club will be located in Bucaramanga, Colombia and will bring our club count in Colombia to nine. The Bucaramanga club and the recently announced club at 170th Street in Bogota reinforce our belief in the growth opportunities in Colombia for PriceSmart and our membership warehouse club model,\" commented Sherry Bahrambeygui, CEO of PriceSmart, Inc.\nThese additional properties will account for the Company's 48th and 49th warehouse clubs, respectively.\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 Panama City, Panama in October, 2019, and San Cristobal, Guatemala, in November, 2019. The Company also plans t...