PriceSmart, Inc. (NASDAQ: PSMT) today announced that on August 21, 2019, it acquired approximately 111,000 square feet of land in the far north of the capital city, Bogotá upon which the company plans to construct its 47th warehouse club. This club will be located within the city of Bogota, Colombia.
“Securing our third location in the Bogota metropolitan area underscores our commitment to growth in this important market. The 170th Street Bogota Club will be the 8th club in Colombia and our fourth currently under development, including clubs in Guatemala, Panama, and Costa Rica,” commented Sherry Bahrambeygui, CEO of PriceSmart, Inc.
The 170th Street Bogota club is expected to open, approximately, in the fall of 2020. PriceSmart already operates their original Bogotá location near the El Dorado International airport, and another in Chia, a bedroom suburb north of the capital city. Very popular with Colombian shoppers, institutional purchasers, and expatriates living in Colombia, PriceSmart operates stores in Barranquilla, Cali, Pereira, Bogotá, Medellín, and the aforementioned Bogotá suburb of Chia.
In most countries where it operates, such as Trinidad & Tobago, Colombia, Jamaica or Guatemala, PriceSmart is often the only retail outlet that consistently offers brands and products common in North America such as pure maple syrup, cottage cheese or bacon. Founded by warehouse club pioneer Sol Price, the chain offers many of the same products offered by warehouse club Costco in the US. Many of Costco’s Kirkland store-brand products can be found in PriceSmart warehouse clubs in Latin America and The Caribbean..