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PriceSmart

From Alfawiki
PriceSmart, Inc.
Company typePublic
IndustryRetail (warehouse clubs)
Founded1993; 33 years ago (1993)
FounderSol Price, Robert Price
Area served
Central America, the Caribbean, South America
Key people
Robert Price (Chairman)
ProductsMembership-based warehouse clubs
Websitewww.pricesmart.com

PriceSmart, Inc. is a publicly traded American company specializing in membership-based warehouse clubs located across Central America, the Caribbean, and South America. Established by Sol and Robert Price—the original creators of Price Club—Robert Price currently serves as the chairman of the board.

Warehouse Clubs

Below is a detailed overview of the warehouse club locations presently owned and managed by PriceSmart:[1]

Country Number of Stores
Aruba 1
Barbados 1
Colombia 10
Costa Rica 9
Dominican Republic 5
El Salvador 4
Guatemala 5
Honduras 3
Jamaica 2
Nicaragua 2
Panama 7
Trinidad and Tobago 4
U.S. Virgin Islands 1

Significant Milestones

Template:Prose

Year Notable Events
1976 Sol and Robert Price establish the original Price Club.
1993 The merger between The Price Company and Costco Wholesale Club results in Price/Costco Inc, later renamed Costco Wholesale Corporation.
1994 Price Enterprises Inc is spun off from Price/Costco.
  • Robert Price assumes roles as chairman, president, and CEO of Price Enterprises.
  • PriceSmart begins functioning as a wholly owned subsidiary under Price Enterprises.
1995 Two club stores launch under license agreements in Micronesia and Guam.
1996 PriceSmart inaugurates its first club in Panama.
  • Licensees open a club store in Indonesia.
1997 Second PriceSmart club opens in Panama.
  • Licensees establish two additional clubs in China and Indonesia.
  • Price Enterprises spins off all non-real estate assets to PriceSmart, separating the two entities.
  • PriceSmart completes its initial public offering, commencing trading as PSMT on NASDAQ.
  • Gilbert A. Partida is appointed president and CEO.
1998 Licensees open two clubs in China and the Philippines.
  • Closure of licensee-operated stores in Guam and the Philippines occurs.
  • The licensing agreement with Indonesian club operators is terminated.
1999 Seven new PriceSmart clubs open across Guatemala, Costa Rica, El Salvador, Honduras, Panama, and two in the Dominican Republic.
  • Licensees add two more clubs in China.
2000 Eight new clubs launched by PriceSmart in Dominican Republic, El Salvador, Honduras, two in Costa Rica, Panama, Guatemala, and Trinidad.
  • Licensees open one additional club in China.
  • Formation of PSMT Philippines joint venture with S&R Membership Shopping; PriceSmart holds a 60% stake.
2001 Seven club openings by PriceSmart in Aruba, U.S. Virgin Islands, Guatemala, Barbados, Trinidad, and two in the Philippines.
  • Licensees establish three more clubs in China.
2002 Three new stores opened by PriceSmart (Guam and two in the Philippines).
  • Launch of wholesale phone card sales program by PriceSmart.
  • Licensees open two additional clubs in China.
  • Creation of PSMT Mexico joint venture with Grupo Gigante; PriceSmart owns 50%.
  • Two club stores begin operations under PSMT Mexico.
2003 Two new club openings in Jamaica and Nicaragua by PriceSmart.
  • Closure of four stores (Dominican Republic, Guatemala, Guam, Philippines).
  • Discontinuation of wholesale phone card sales program.
  • PSMT Mexico opens one more store; licensees add two clubs in China.
  • Gilbert A. Partida resigns as president and CEO; Robert E. Price becomes interim president and CEO.
  • Announcement to restate financial results for fiscal years 2002 and 2003 made public.
2004 One new club store opens in the Philippines under PriceSmart's operation.
  • Two licensee-operated stores close in China.
2005 PriceSmart inaugurates one new store in Costa Rica.
  • Closure of three PSMT Mexico stores; Irapuato and Celaya locations replaced by Home Depot outlets.
  • Sale of PriceSmart's stake in PSMT Philippines to E-Class Corporation; all Philippine stores rebranded as S&R Membership Shopping.
  • Termination of license agreement with Chinese club operators finalized.
2006 Relocation of San Pedro Sula club store in Honduras executed by PriceSmart.
  • Inclusion of PriceSmart into the Russell 2000 stock index achieved.
2007 Two new clubs established by PriceSmart in Guatemala and Trinidad.
  • Divestiture of interest in PSMT Mexico to Grupo Gigante completed.
2009 Opening of one club store in Costa Rica by PriceSmart.
  • Ranked number 55 on Fortune Magazine's list recognizing the fastest-growing companies globally.
2011 Launch of a new club location in Barranquilla, Colombia by PriceSmart.
2012 Opening of a club store in Cali, Colombia under PriceSmart's management.
2013 Two new clubs inaugurated: one each in Cali (Colombia) and Costa Rica.
2014 Three additional stores opened across Honduras, Medellín (Colombia), and Pereira (Colombia).
2015 'PriceSmart expands with a new store opening in Bogotá, Colombia.'
2016 'A new location launches in Chia, Colombia.'
2018 'Acquisition of Aeropost.com completed.'
  • Opening of a new club store in the Dominican Republic.'
  • -
2019 'Three new stores opened: Dominican Republic; San Cristobal (Guatemala); Metro Park (Panama).'


References

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External links

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