PriceSmart to enter Portmore in 2020
Published:Sunday | October 27, 2019 | 12:13 AM
Retailer PriceSmart plans to open its second location in Jamaica by next October.
The company confirmed in filings that its complex will span more than 210,000 square feet, which would equate to roughly three football pitches.
“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,” said CEO of PriceSmart Sherry Bahrambeygui.
The move would result in the 48th PriceSmart location across Latin America and the Caribbean.
The Financial Gleaner reported in June that the retailer, to which its customers pay a membership fee to buy its stock, received planning approval to open its second store in Braeton Parkway, Portmore. However, the company has not responded to requests for comment made in the wake of its new filings.
The application for development approvals was made by PriceSmart Realty Jamaica Limited, a subsidiary of PriceSmart Inc.
PriceSmart, an American company based in San Diego, opened its first location in Jamaica in 2003. That complex recently underwent substantial renovation and expansion, finalised over the summer, that included a second floor for parking, reflecting increased business at the complex. The development sought to ease congestion at the superstore.
Outside of Jamaica, the company expects to grow its network of stores to 45 by year end, with four openings in Santiago, Panama, and Santo Domingo, the Dominican Republic, San Cristobal, Guatemala, and an additional club in Panama City, Panama.
The company’s network spans 13 markets – Colombia, Costa Rica, Panama, the Dominican Republic, Trinidad & Tobago, Guatemala, Honduras, El Salvador, Nicaragua, Aruba, Barbados, Jamaica, and the United States Virgin Islands – with Colombia, Costa Rica, and Panama hosting the largest chains as measured by numbers of stores.