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.
 | |
| Public | |
| Traded as | NASDAQ: PSMT S&P 600 Component Russell 2000 Component |
| Predecessor | Price Club |
| Founded | 1993 |
| Founder | Sol Price |
| Headquarters | San Diego, California , USA |
| Revenue |  |
Number of employees | 7,903[2] (2017) |
| Website | pricesmart |
Warehouse clubs
The following table lists the warehouse clubs owned and operated currently by PriceSmart:
| Country | Nr. of Stores |
|---|---|
| Aruba | 1 |
| Barbados | 1 |
| Colombia | 7 |
| Costa Rica | 8 |
| Dominican Republic | 5 |
| El Salvador | 2 |
| Guatemala | 4 |
| Honduras | 3 |
| Jamaica | 1 |
| Nicaragua | 2 |
| Panama | 6 |
| Trinidad and Tobago | 4 |
| U.S. Virgin Islands | 1 |
In addition to the warehouse clubs owned and operated PriceSmart, there is one warehouse club in operation in Saipan, Northern Mariana Islands that is licensed to and operated by local business people. The company earns a small royalty fee from this club.
Key dates
| 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 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
- "Annual Report 2016" (PDF). PriceSmart.com. PriceSmart Inc.
- "PriceSmart". Fortune. Retrieved 2019-03-17.