SAN DIEGO, Oct. 3, 2019 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ: PSMT) today announced that in September of 2019, it secured approximately 218,000 square feet of land in Jamaica upon which the Company plans to construct its second warehouse club in that country. This club will be located within the city of Portmore, Jamaica. Portmore is a suburb west of the capital city of Kingston, Jamaica. The Portmore club is expected to open, approximately, in the fall of 2020.
In October of 2019, the Company acquired nearly 210,000 square feet of land in Colombia upon which the Company plans to construct its ninth warehouse club in that country. This club will be located in the Floridablanca Municipality, south of Bucaramanga, Colombia. The Bucaramanga club is also expected to open, approximately, in the fall of 2020.
"We are pleased to announce two new clubs expected to open next fall. The first is the Portmore club, marking our second club in Jamaica. Our first club, located in Kingston, Jamaica, has been a strong performer for PriceSmart, and we believe that there is solid demand for multiple warehouse clubs in this country. The second new club will be located in Bucaramanga, Colombia and will bring our club count in Colombia to nine. The Bucaramanga club and the recently announced club at 170th Street in Bogota reinforce our belief in the growth opportunities in Colombia for PriceSmart and our membership warehouse club model," commented Sherry Bahrambeygui, CEO of PriceSmart, Inc.
These additional properties will account for the Company's 48th and 49th warehouse clubs, respectively.
About PriceSmart
PriceSmart, headquartered in San Diego, owns and operates U.S.-style membership shopping warehouse clubs in Latin America and the Caribbean, selling high quality merchandise at low prices to PriceSmart members. PriceSmart operates 43 warehouse clubs in 12 countries and one U.S. territory (seven each in Colombia and Costa Rica; six in Panama; five in the Dominican Republic, four in Trinidad; three each in Guatemala and Honduras; two each in El Salvador and Nicaragua; and one each in Aruba, Barbados, Jamaica and the United States Virgin Islands). The Company is currently constructing and plans to open warehouse clubs in Panama City, Panama in October, 2019, and San Cristobal, Guatemala, in November, 2019. The Company also plans to build a new warehouse club in Liberia, Costa Rica with plans to open in the summer of 2020. The Company also plans to build new warehouse clubs in Portmore, Jamaica and Bogota and Bucaramanga, Colombia and open them in the fall of 2020. Once these six new clubs are open, the Company will operate 49 warehouse clubs. PriceSmart is expanding its omni-channel capabilities, including through its e-commerce platform, by investing in and integrating the technology, talent and cross-border logistics infrastructure obtained as part of the acquisition of a company in March 2018. PriceSmart expects these investments and this integration to enhance the membership shopping experience, drive efficiencies and fuel sales growth. The Company acquired by PriceSmart also operates a legacy (i.e., marketplace and casillero) business through the Aeropost brand in 38 countries in Latin America and the Caribbean, many of which overlap with markets where PriceSmart operates its warehouse clubs.
This press release may contain forward-looking statements concerning the Company's future performance. These forward-looking statements include, but are not limited to, statements containing the words "expect," "believe," "will," "may," "should," "project," "estimate," "anticipated," "scheduled," and like expressions, and the negative thereof. These statements are subject to risks and uncertainties that could cause actual results to differ materially including, but not limited to, the following risks:
The risks described above as well as the other risks detailed in the Company's U.S. Securities and Exchange Commission ("SEC") reports, including the Company's Annual Report on Form 10-K filed for the fiscal year ended August 31, 2018 filed on October 25, 2018, pursuant to the Securities Exchange Act of 1934, see "Part I - Item 1A - Risk Factors," could materially and adversely affect our business, financial condition and results of operations. These risks are not the only risks that the Company faces. The Company could also be affected by additional factors that apply to all companies operating globally and in the U.S., as well as other risks that are not presently known to the Company or that the Company currently considers to be immaterial.
For further information, please contact Maarten O. Jager, Chief Financial Officer and Principal Accounting Officer (858) 404-8826.
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SOURCE PriceSmart, Inc.