Membership warehouse, PriceSmart, Inc., announced that it plans to begin the construction of its ninth warehouse club in Colombia, which is anticipated to open in the fall of 2021. With the addition of this new Colombia club and previously announced new clubs in Guatemala City, Guatemala and Portmore, Jamaica, the Company expects to have 50 clubs in operation by spring 2022.
In October 2019, the Company acquired nearly 210,000 square feet of land in Colombia upon which the Company plans to construct a smaller format club located in the Floridablanca Municipality, south of Bucaramanga, Colombia.
“The commitment to another warehouse club in Colombia reflects our continuing belief that Colombia represents a significant growth market for the Company. The club will be built as a smaller format in this secondary city market, which is located approximately 250 miles from our “Las Américas” club in Medellín, Colombia. The decision to proceed with the “Bucaramanga” club is also driven by our experience with our other small formats, the potential we see in secondary markets, and the opportunity to expand our reach with the support of our newly developed online and last-mile capabilities.
“We now have three new clubs under construction. We expect this club and our previously announced Guatemala City, Guatemala club to open in the fall of 2021 and our Portmore, Jamaica club to open in the spring of 2022. With the completion of these three clubs we will have reached the 50-club milestone, but continue to believe that we still have significant growth opportunities ahead. In addition to future club growth, we also continue to focus on driving comparable net merchandise sales in our existing locations and through our omni-channel shopping alternatives. This would not have been possible without the dedication of our team across all aspects of the business,” commented Sherry S. Bahrambeygui, CEO of PriceSmart, Inc.