PriceSmart

PriceSmart, Inc. (NASDAQ: PSMT) is the largest operator of membership warehouse clubs in Central America and the Caribbean, and has recently entered the South American region with clubs in Colombia. PriceSmart serves over 3 million cardholders at 40 owned and operated warehouse clubs in 12 countries and one U.S. territory, which is their only domestic operation despite being based in California. PriceSmart was founded by Sol and Robert Price, founders of The Price Club; Robert Price is Chairman of the Board.

PriceSmart
TypePublic
NASDAQ: PSMT
S&P 600 Component
Russell 2000 Component
PredecessorPrice Club
Founded1993
FounderSol Price
Headquarters,
USA
RevenueUS$2.9billion (2016)[1]
Number of employees
7,903[2] (2017)
Websitepricesmart.com

Warehouse clubs

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

Country Nr. of Stores
Aruba 1
Barbados 1
Colombia 8
Costa Rica 8
Dominican Republic 5
El Salvador 2
Guatemala 4
Honduras 3
Jamaica 1
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
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

                                                                  Sherry Bahrambeygui President and CEO

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

                                                                    2011 PriceSmart opens 1 club store (Colombia-Barranquilla)
                                                                    2012 PriceSmart opens 1 club store (Colombia-Cali)
                                                                    2013 PriceSmart opens 2 club stores (Colombia-Cali and Costa Rica)
                                                                    2014 PriceSmart opens 3 club stores (Honduras, Colombia-Medellin, Colombia-Pereira)
                                                                    2015 PriceSmart opens 1 club store (Colombia-Bogotá)
                                                                    2016 PriceSmart opens 1 club store (Colombia-Chia)
                                                                    2018 PriceSmart acquires Aeropost.com

                                                                      PriceSmart opens 1 club store (Dominican Republic)

                                                                        2019 PriceSmart opens 2 club stores (Dominican Republic, Guatemala-San Cristobal)

                                                                        References

                                                                        1. "Annual Report 2016" (PDF). PriceSmart.com. PriceSmart Inc.
                                                                        2. "PriceSmart". Fortune. Retrieved 2019-03-17.
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