PriceSmart

Last updated
PriceSmart, Inc.
Company type Public
Predecessor Price Club
Founded1993;31 years ago (1993)
Founder Sol Price
Headquarters,
U.S.
RevenueIncrease2.svgUS$2.9billion (2016) [1]
Number of employees
7,903 [2]  (2017)
Website pricesmart.com

PriceSmart, Inc. is an American operator of membership warehouse clubs in Central America, the Caribbean, and South America. PriceSmart was founded by Sol and Robert Price, founders of The Price Club; Robert Price is chairman of the board.

Contents

Warehouse clubs

The following table lists the warehouse clubs owned and operated currently by PriceSmart: [3]

CountryNr. of Stores
Aruba 1
Barbados 1
Colombia 10
Costa Rica 8
Dominican Republic 5
El Salvador 3
Guatemala 5
Honduras 3
Jamaica 2
Nicaragua 2
Panama 7
Trinidad and Tobago 4
U.S. Virgin Islands 1

Key dates

YearEvents
1976 Price Club founded by Sol and Robert Price
1993The Price Co. and Costco Wholesale Club merge, forming Price/Costco Inc (later renamed Costco Wholesale Corporation)
1994Price Enterprises Inc spun off from Price/Costco

Robert Price named chairman, president and CEO of Price Enterprises

PriceSmart operates as a wholly owned subsidiary of Price Enterprises

1995Licensees open two club stores (Micronesia and Guam)
1996PriceSmart opens its first club store (Panama)

Licensees open one club store (Indonesia)

1997PriceSmart opens its second club store (Panama)

Licensees open two club stores (China and Indonesia)

Price Enterprises Inc separates itself from PriceSmart by spinning off all non-real estate assets to PriceSmart

PriceSmart completes IPO and begins trading as PSMT on NASDAQ stock exchange

Gilbert A. Partida appointed president and CEO

1998Licensees open two club stores (China and Philippines)

Licensee stores in Guam and Philippines close

Licensee arrangement with operator of Indonesian club stores terminated

1999PriceSmart opens seven club stores (Guatemala, Costa Rica, El Salvador, Honduras, Panama, two in Dominican Republic)

Licensees open two club stores (China)

2000PriceSmart opens eight club stores (Dominican Republic, El Salvador, Honduras, two in Costa Rica, Panama, Guatemala, Trinidad)

Licensees open one club store (China)

PSMT Philippines created as a joint venture with S&R Membership Shopping, with PriceSmart holding 60% ownership

2001PriceSmart opens seven club stores (Aruba, USVI, Guatemala, Barbados, Trinidad, two in Philippines)

Licensees open three club stores (China)

2002PriceSmart opens three club stores (Guam, two in Philippines)

PriceSmart starts wholesale phone card sales program

Licensees open two club stores (China)

PSMT Mexico created as joint venture with Grupo Gigante, with PriceSmart holding 50% ownership

PSMT Mexico opens two club stores in Mexico

2003PriceSmart opens two club stores (Jamaica, Nicaragua)

PriceSmart closes four club stores (Dominican Republic, Guatemala, Guam, Philippines)

PriceSmart terminates wholesale phone card sales program

PSMT Mexico opens one club store

Licensees open two club stores (China)

Gilbert A. Partida resigns as president and CEO, Robert E. Price assumes role of interim president and CEO

PriceSmart announces it will restate financial results for 2002 and 2003.

2004PriceSmart opens one club store (Philippines)

Licensees close two club stores (China)

2005PriceSmart opens one club store (Costa Rica)

PSMT Mexico closes its three stores in Mexico (Irapuato and Celaya stores replaced with Home Depot)

Company sells its interest in PSMT Philippines to E-Class Corporation, one of PSMT Philippines' minority shareholders (all stores in Philippines became S&R)

Licensee arrangement with operator of Chinese club stores terminated

2006PriceSmart relocates San Pedro Sula, Honduras club store

PriceSmart added to Russell 2000 stock index

2007PriceSmart opens two club stores (Guatemala, Trinidad)

PriceSmart sells its interest in PSMT Mexico to Grupo Gigante

2009PriceSmart opens one club store (Costa Rica)

Ranked #55 on Fortune Magazine's list of 100 fastest growing companies

2011PriceSmart opens one club store (Colombia-Barranquilla)
2012PriceSmart opens one club store (Colombia-Cali)
2013PriceSmart opens two club stores (Colombia-Cali and Costa Rica)
2014PriceSmart opens three club stores (Honduras, Colombia-Medellin, Colombia-Pereira)
2015PriceSmart opens one club store (Colombia-Bogotá)
2016PriceSmart opens one club store (Colombia-Chia)
2018PriceSmart acquires Aeropost.com

PriceSmart opens one club store (Dominican Republic)

2019PriceSmart opens three club stores (Dominican Republic, Guatemala-San Cristobal, Panama-Metro Park)
2020PriceSmart opens two club stores (Costa Rica-Liberia and Colombia-Bogota)
2021PriceSmart opens two club stores (Colombia-Bucaramanga and Guatemala-Aranda)
2022PriceSmart opens one club store (Jamaica-Portmore)

Sherry Bahrambeygui removed from PriceSmart

Pricemart sells Aeropost.com

2023John Hildebrandt as COO

PriceSmart opens three club stores (Colombia-El Poblado, El Salvador-San Miguel and Guatemala-Escuintla)

2024PriceSmart Opens one club store

(El Salvador-Santa Ana)

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References

  1. "Annual Report 2016" (PDF). PriceSmart.com. PriceSmart Inc.
  2. "PriceSmart". Fortune. Retrieved 2019-03-17.
  3. Bedford, Emma (February 13, 2024). "PriceSmart warehouses worldwide 2023". Statista. Retrieved 2024-08-24.