PriceSmart, Inc. (NASDAQ: PSMT) today announced that it plans to proceed with the construction of its 48th warehouse club in Guatemala City, Guatemala, expected to open in the fall 2021, and its 49th warehouse club in Portmore, Jamaica, expected to open in spring of 2022.
In June 2019, the California based warehouse club operator acquired nearly 150,000 square feet of land in Cayalá (Zone 5 municipality), southeast of Guatemala City, Guatemala, where it plans to build its fifth club in Guatemala. In September 2019, the company acquired approximately 218,000 square feet of land in Portmore, a suburb west of the capital of Jamaica, where it plans to build its second club in Jamaica.
Once open, these would be PriceSmart’s second location in Jamaica, and its 5th location in Guatemala.
“Despite the roller coaster we rode with most of the world in this last year, we are ready to proceed with the construction of two new clubs, one each in Guatemala and Jamaica. We expect to open these clubs in the next fiscal year. The Cayalá Guatemala club, our fifth club in Guatemala, follows the successful opening and solid performance thus far of our fourth club opened in Guatemala last year. We also believe there is strong demand for expansion of our business model and warehouse clubs in Jamaica. As I’ve frequently mentioned before, new club openings are likely to initially adversely impact our comparable net merchandise sales. However, as we move forward with new club openings, as in this case, when we believe that in the long run, such expansion provides opportunities for growth by way of incremental membership, growth in net merchandise sales and services, and a better shopping experience for our members. Thanks to the incredible commitment of our employees, we are nearing the end of this calendar year excited about future possibilities,” commented Sherry S. Bahrambeygui, CEO of PriceSmart, Inc.