PriceSmart

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This article is about PriceSmart Inc warehouse clubs. For the Canadian grocery store chain, see PriceSmart Foods.
PriceSmart
Public
Traded as NASDAQPSMT
Predecessor Costco Wholesale Corporation
Founded 1993
Founder Sol Price
Headquarters San Diego, California, USA
Website www.pricesmart.com

PriceSmart Inc. is the largest operator of membership warehouse clubs in Central America and the Caribbean, with over 770,000 membership accounts and 1 million cardholders. PriceSmart is headquartered in San Diego, California, and it owns and operates 36 warehouse clubs in 12 countries and one U.S. territory. It also offers online shopping in all countries where PriceSmart operates.

The following table lists the warehouse clubs owned and operated by PriceSmart as of mid of 2014:

Country Nr. of Stores Locations
Aruba 1
  • Oranjestad
Barbados 1
  • St. Michael
Colombia 6
  • Barranquilla
  • Bogotá
  • Cali Menga
  • Cali Cañasgordas
  • Medellín
  • Pereira
Costa Rica 6
  • Alajuela
  • Escazú
  • Heredia
  • Llorente de Tibás
  • Zapote
  • Tres Rios
Dominican Republic 3
  • Arroyo Hondo
  • Los Prados
  • Santiago
El Salvador 2
  • Santa Elena
  • Los Héroes
Guatemala 3
  • Fraijanes
  • Miraflores
  • Pradera
Honduras 3
  • San Pedro Sula
  • Tegucigalpa
  • El Sauce
Jamaica 1
  • Kingston
Nicaragua 1
  • Managua
Panama 4
  • Brisas del Golf
  • David
  • El Dorado
  • Vía Brasil
Trinidad and Tobago 4
  • Chaguanas
  • Mausica
  • Port of Spain
  • San Fernando
U.S. Virgin Islands 1
  • St. Thomas

In addition to the warehouse clubs owned and operated PriceSmart, there is one warehouse club in operation in Saipan, Micronesia that is licensed to and operated by local business people. The company earns a small royalty fee from this club.

Key dates[edit]

Year Events
1976 Price Club founded by Sol and Robert Price
1993 The Price Co. and Costco Wholesale Club merge, forming Price/Costco Inc (later renamed Costco Wholesale Corporation)
1994 Price 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

1995 Licensees open 2 club stores (Micronesia and Guam)
1996 PriceSmart opens its first club store (Panama)

Licensees open 1 club store (Indonesia)

1997 PriceSmart opens its second club store (Panama)

Licensees open 2 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

1998 Licensees open 2 club stores (China and Philippines)

Licensee stores in Guam and Philippines close

Licensee arrangement with operator of Indonesian club stores terminated

1999 PriceSmart opens 7 club stores (Guatemala, Costa Rica, El Salvador, Honduras, Panama, two in Dominican Republic)

Licensees open 2 club stores (China)

2000 PriceSmart opens 8 club stores (Dominican Republic, El Salvador, Honduras, two in Costa Rica, Panama, Guatemala, Trinidad)

Licensees open 1 club store (China)

PSMT Philippines created as a joint venture, with PriceSmart holding 60% ownership

2001 PriceSmart opens 7 club stores (Aruba, USVI, Guatemala, Barbados, Trinidad, two in Philippines)

Licensees open 3 club stores (China)

2002 PriceSmart opens 3 club stores (Guam, two in Philippines)

PriceSmart starts wholesale phone card sales program

Licensees open 2 club stores (China)

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

PSMT Mexico opens 2 club stores in Mexico

2003 PriceSmart opens 2 club stores (Jamaica, Nicaragua)

PriceSmart closes 4 club stores (Dominican Republic, Guatemala, Guam, Philippines)

PriceSmart terminates wholesale phone card sales program

PSMT Mexico opens 1 club store

Licensees open 2 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.

2004 PriceSmart opens 1 club store (Philippines)

Licensees close 2 club stores (China)

2005 PriceSmart opens 1 club store (Costa Rica)

PSMT Mexico closes its 3 stores in Mexico

Company sells its interest in PSMT Philippines to E-Class Corporation, one of PSMT Philippines' minority shareholders

Licensee arrangement with operator of Chinese club stores terminated

2006 PriceSmart relocates San Pedro Sula, Honduras club store

PriceSmart added to Russell 2000 stock index

2007 PriceSmart opens 2 club stores (Guatemala, Trinidad)

PriceSmart sells its interest in PSMT Mexico to Grupo Gigante

2009 PriceSmart opens 1 club store (Costa Rica)

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

2010 PriceSmart opens 2 club stores (Trinidad, Dominican Republic)

PriceSmart relocates Panama City, Panama club store

Jose Luis Laparte appointed President and CEO

Ranked #94 on Fortune Magazine's list of 100 fastest growing companies

2011 PriceSmart opens 1 club store (Colombia)
2012 PriceSmart opens 1 club store (Colombia)
2013 PriceSmart opens 2 club stores (Colombia and Costa Rica)
2014 PriceSmart opens 1 club store (Honduras)
2014 PriceSmart opens 1 club store (Colombia-Medellin)
2014 PriceSmart opens 1 club store (Colombia-Pereira)

Controversies[edit]

On November 17, 2003, PriceSmart Inc was liable for inappropriately recorded transactions included in its 2002 to 2003 results,[1] and paid $2.35 million for settlement.

On Nov 10, 2005, PriceSmart restated interim fiscal 2005 financial statements to reflect a $20.6 million "deemed dividend" on Preferred Stock Conversion.[2]

References[edit]

External links[edit]