PriceSmart: Difference between revisions
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{{Short description|Latin American membership warehouse club}} |
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'''PriceSmart''' is a warehouse retailer base in [[San Diego, California]], but its market in Central and South America. It is founded by [[Sol Price]] of the PriceClub fame. |
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{{About|PriceSmart Inc warehouse clubs|the Canadian grocery store chain|PriceSmart Foods}} |
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{{cleanup|reason=List should possibly be prose or separate article?|date=May 2015}} |
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{{Infobox company |
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| name = PriceSmart, Inc. |
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| logo = PriceSmartLogo2.png |
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| image = PriceSmart Headquarters.jpg |
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| image_caption = PriceSmart headquarters in San Diego |
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| type = [[Public company|Public]] |
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| traded_as = {{ubl|{{NASDAQ|PSMT}}|[[S&P 600]] component|[[Russell 2000 Index|Russell 2000]] component}} |
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| foundation = {{start date and age|1993}} |
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| founder = [[Sol Price]] |
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| predecessor = [[Price Club]] |
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| location_city = [[San Diego, California]] |
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| location_country = U.S. |
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| revenue = {{up}}US$2.9billion (2016)<ref name="Annual Report 2016">{{cite web|title=Annual Report 2016|url=https://pricesmart.com/Investor/Annual-Reports/2016AnnRpt.pdf|website=PriceSmart.com|publisher=PriceSmart Inc.}}</ref> |
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| homepage = {{URL|https://pricesmart.com/}} |
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| num_employees = 7,903<ref>{{Cite web|url=http://fortune.com/fortune500/pricesmart/|title=PriceSmart|website=Fortune|access-date=2019-03-17}}</ref> |
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| num_employees_year = 2017 |
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| footnotes = |
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}} |
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'''PriceSmart, Inc.''' is an American operator of membership warehouse clubs in Central America, the Caribbean, and South America. PriceSmart was founded by Sol and Robert Price, founders of The [[Price Club]]; Robert Price is chairman of the board. |
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It began as a spin-off from the then PriceClub-Costco chain in [[1993]] and dates back to the founding of Price Club in 1976. |
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== Warehouse clubs == |
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Despite the [[United States|American]] concept and ownership, PriceSmart is located outside of the [[United States]]. |
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The following table lists the warehouse clubs owned and operated currently by PriceSmart:<ref>{{Cite web |last=Bedford |first=Emma |date=February 13, 2024 |title=PriceSmart warehouses worldwide 2023 |url=https://www.statista.com/statistics/1207944/number-pricesmart-warehouses-by-country/ |access-date=2024-08-24 |website=Statista |language=en}}</ref> |
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{| class="wikitable" |
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List of locations: |
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|- |
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! Country |
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! No. of stores |
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|- valign=top |
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| [[Aruba]] |
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|align=center | 1 |
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|- valign=top |
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| [[Barbados]] |
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|align=center | 1 |
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|- valign=top |
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| [[Colombia]] |
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|align=center | 10 |
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|- valign=top |
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| [[Costa Rica]] |
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|align=center | 8 |
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|- valign=top |
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| [[Dominican Republic]] |
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|align=center | 5 |
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|- valign=top |
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| [[El Salvador]] |
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|align=center | 3 |
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|- valign=top |
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| [[Guatemala]] |
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|align=center | 5 |
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|- valign=top |
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| [[Honduras]] |
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|align=center | 3 |
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|- valign=top |
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| [[Jamaica]] |
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|align=center | 2 |
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|- valign=top |
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| [[Nicaragua]] |
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|align=center | 2 |
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|- valign=top |
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| [[Panama]] |
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|align=center | 7 |
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|- valign=top |
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| [[Trinidad and Tobago]] |
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|align=center | 4 |
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|- valign=top |
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| [[U.S. Virgin Islands]] |
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|align=center | 1 |
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|- valign=top |
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|} |
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==Key dates== |
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* [[Costa Rica]] - 4 |
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{| class="wikitable" |
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* [[El Salvador]] - 2 |
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|- valign="bottom" |
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* [[Guatemala]] - 2 |
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! Year !! Events |
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* [[Honduras]] - 2 |
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|- valign="top" |
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* [[Nicaragua]] - 1 |
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|1976 |
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* [[Panama]] 4 |
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|[[Price Club]] founded by [[Sol Price|Sol]] and Robert Price |
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* [[Aruba]] - 1 |
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|- valign="top" |
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* [[Barbados]] - 1 |
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|1993 |
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* [[Dominican Republic]] - 2 |
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|The Price Co. and [[Costco]] Wholesale Club merge, forming Price/Costco Inc (later renamed Costco Wholesale Corporation) |
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* [[Jamaica]] - 1 |
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|- valign="top" |
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* [[Trinidad and Tobago]] - 2 |
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|1994 |
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* [[United States Virigin Islands]] |
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|Price Enterprises Inc spun off from Price/Costco |
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* |
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Robert Price named chairman, president and CEO of Price Enterprises |
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* |
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PriceSmart operates as a wholly owned subsidiary of Price Enterprises |
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|- valign="top" |
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|1995 |
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|Licensees open two club stores (Micronesia and Guam) |
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|- valign="top" |
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|1996 |
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|PriceSmart opens its first club store (Panama) |
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* |
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Licensees open one club store (Indonesia) |
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|- valign="top" |
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|1997 |
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|PriceSmart opens its second club store (Panama) |
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* |
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Licensees open two club stores (China and Indonesia) |
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* |
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Price Enterprises Inc separates itself from PriceSmart by spinning off all non-real estate assets to PriceSmart |
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* |
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PriceSmart completes IPO and begins trading as PSMT on NASDAQ stock exchange |
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* |
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Gilbert A. Partida appointed president and CEO |
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|- valign="top" |
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|1998 |
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|Licensees open two club stores (China and Philippines) |
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* |
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Licensee stores in Guam and Philippines close |
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* |
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Licensee arrangement with operator of Indonesian club stores terminated |
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|- valign="top" |
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|1999 |
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|PriceSmart opens seven club stores (Guatemala, Costa Rica, El Salvador, Honduras, Panama, two in Dominican Republic) |
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* |
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Licensees open two club stores (China) |
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|- valign="top" |
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|2000 |
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|PriceSmart opens eight club stores (Dominican Republic, El Salvador, Honduras, two in Costa Rica, Panama, Guatemala, Trinidad) |
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* |
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Licensees open one club store (China) |
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* |
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PSMT Philippines created as a joint venture with [[S&R Membership Shopping]], with PriceSmart holding 60% ownership |
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|- valign="top" |
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|2001 |
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|PriceSmart opens seven club stores (Aruba, USVI, Guatemala, Barbados, Trinidad, two in Philippines) |
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* |
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Licensees open three club stores (China) |
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|- valign="top" |
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|2002 |
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|PriceSmart opens three club stores (Guam, two in Philippines) |
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* |
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PriceSmart starts wholesale phone card sales program |
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* |
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Licensees open two club stores (China) |
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* |
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PSMT Mexico created as joint venture with [[Grupo Gigante]], with PriceSmart holding 50% ownership |
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* |
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PSMT Mexico opens two club stores in Mexico |
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|- valign="top" |
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|2003 |
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|PriceSmart opens two club stores (Jamaica, Nicaragua) |
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* |
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PriceSmart closes four club stores (Dominican Republic, Guatemala, Guam, Philippines) |
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* |
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PriceSmart terminates wholesale phone card sales program |
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* |
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PSMT Mexico opens one club store |
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* |
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Licensees open two club stores (China) |
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* |
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Gilbert A. Partida resigns as president and CEO, Robert E. Price assumes role of interim president and CEO |
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* |
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PriceSmart announces it will restate financial results for 2002 and 2003. |
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|- valign="top" |
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|2004 |
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|PriceSmart opens one club store (Philippines) |
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* |
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Licensees close two club stores (China) |
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|- valign="top" |
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|2005 |
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|PriceSmart opens one club store (Costa Rica) |
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* |
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PSMT Mexico closes its three stores in Mexico (Irapuato and Celaya stores replaced with [[Home Depot]]) |
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* |
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Company sells its interest in PSMT Philippines to E-Class Corporation, one of PSMT Philippines' minority shareholders (all stores in Philippines became S&R) |
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* |
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Licensee arrangement with operator of Chinese club stores terminated |
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|- valign="top" |
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|2006 |
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|PriceSmart relocates San Pedro Sula, Honduras club store |
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* |
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PriceSmart added to Russell 2000 stock index |
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|- valign="top" |
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|2007 |
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|PriceSmart opens two club stores (Guatemala, Trinidad) |
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* |
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PriceSmart sells its interest in PSMT Mexico to Grupo Gigante |
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|- valign="top" |
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|2009 |
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|PriceSmart opens one club store (Costa Rica) |
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* |
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Ranked #55 on Fortune Magazine's list of 100 fastest growing companies |
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|- valign="top" |
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|2011 |
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|PriceSmart opens one club store (Colombia-Barranquilla) |
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|- valign="top" |
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|2012 |
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|PriceSmart opens one club store (Colombia-Cali) |
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|- valign="top" |
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|2013 |
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|PriceSmart opens two club stores (Colombia-Cali and Costa Rica) |
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|- valign="top" |
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|2014 |
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|PriceSmart opens three club stores (Honduras, Colombia-Medellin, Colombia-Pereira) |
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|- |
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|2015 |
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|PriceSmart opens one club store (Colombia-Bogotá) |
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|- |
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|2016 |
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|PriceSmart opens one club store (Colombia-Chia) |
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|- |
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|2018 |
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|PriceSmart acquires Aeropost.com |
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* |
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PriceSmart opens one club store (Dominican Republic) |
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* |
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|- |
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|2019 |
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|PriceSmart opens three club stores (Dominican Republic, Guatemala-San Cristobal, Panama-Metro Park) |
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|- |
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|2020 |
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|PriceSmart opens two club stores (Costa Rica-Liberia and Colombia-Bogota) |
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|- |
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|2021 |
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|PriceSmart opens two club stores (Colombia-Bucaramanga and Guatemala-Aranda) |
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|- |
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|2022 |
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|PriceSmart opens one club store (Jamaica-Portmore) |
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Sherry Bahrambeygui removed from PriceSmart |
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Pricemart sells Aeropost.com |
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==Refernece== |
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|- |
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* [http://www.pricesmart.com/Contact/ PriceSmart] |
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|2023 |
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|John Hildebrandt named COO |
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PriceSmart opens three club stores (Colombia-El Poblado, El Salvador-San Miguel and Guatemala-Escuintla) |
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|- |
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|2024 |
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|PriceSmart opens one club store |
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(El Salvador-Santa Ana) |
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|} |
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==References== |
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[[Category:Companies based in California]] |
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{{reflist}} |
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==External links== |
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* [https://pricesmart.com/ PriceSmart] |
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* [http://www.referenceforbusiness.com/history/Pa-Ql/PriceSmart-Inc.html Company Information] |
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{{DEFAULTSORT:Pricesmart}} |
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[[Category:Companies based in San Diego]] |
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[[Category:Retail companies of the United States]] |
[[Category:Retail companies of the United States]] |
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[[Category: |
[[Category:Retail companies established in 1993]] |
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[[Category:Companies |
[[Category:Companies listed on the Nasdaq]] |
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[[Category:Warehouse clubs]] |
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Latest revision as of 11:53, 20 October 2024
 | This article may require cleanup to meet Wikipedia's quality standards. The specific problem is: List should possibly be prose or separate article? (May 2015) |
 | |
 PriceSmart headquarters in San Diego | |
| Company type | Public |
|---|---|
| |
| Predecessor | Price Club |
| Founded | 1993 |
| Founder | Sol Price |
| Headquarters | , U.S. |
| Revenue |  US$2.9billion (2016)[1] |
Number of employees | 7,903[2] (2017) |
| Website | pricesmart |
PriceSmart, Inc. is an American operator of membership warehouse clubs in Central America, the Caribbean, and South America. PriceSmart was founded by Sol and Robert Price, founders of The Price Club; Robert Price is chairman of the board.
Warehouse clubs
[edit]The following table lists the warehouse clubs owned and operated currently by PriceSmart:[3]
| Country | No. of stores |
|---|---|
| Aruba | 1 |
| Barbados | 1 |
| Colombia | 10 |
| Costa Rica | 8 |
| Dominican Republic | 5 |
| El Salvador | 3 |
| Guatemala | 5 |
| Honduras | 3 |
| Jamaica | 2 |
| Nicaragua | 2 |
| Panama | 7 |
| Trinidad and Tobago | 4 |
| U.S. Virgin Islands | 1 |
Key dates
[edit]| 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 two club stores (Micronesia and Guam) |
| 1996 | PriceSmart opens its first club store (Panama)
Licensees open one club store (Indonesia) |
| 1997 | PriceSmart opens its second club store (Panama)
Licensees open two 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 two club stores (China and Philippines)
Licensee stores in Guam and Philippines close Licensee arrangement with operator of Indonesian club stores terminated |
| 1999 | PriceSmart opens seven club stores (Guatemala, Costa Rica, El Salvador, Honduras, Panama, two in Dominican Republic)
Licensees open two club stores (China) |
| 2000 | PriceSmart opens eight club stores (Dominican Republic, El Salvador, Honduras, two in Costa Rica, Panama, Guatemala, Trinidad)
Licensees open one club store (China) PSMT Philippines created as a joint venture with S&R Membership Shopping, with PriceSmart holding 60% ownership |
| 2001 | PriceSmart opens seven club stores (Aruba, USVI, Guatemala, Barbados, Trinidad, two in Philippines)
Licensees open three club stores (China) |
| 2002 | PriceSmart opens three club stores (Guam, two in Philippines)
PriceSmart starts wholesale phone card sales program Licensees open two club stores (China) PSMT Mexico created as joint venture with Grupo Gigante, with PriceSmart holding 50% ownership PSMT Mexico opens two club stores in Mexico |
| 2003 | PriceSmart opens two club stores (Jamaica, Nicaragua)
PriceSmart closes four club stores (Dominican Republic, Guatemala, Guam, Philippines) PriceSmart terminates wholesale phone card sales program PSMT Mexico opens one club store Licensees open two 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 one club store (Philippines)
Licensees close two club stores (China) |
| 2005 | PriceSmart opens one club store (Costa Rica)
PSMT Mexico closes its three stores in Mexico (Irapuato and Celaya stores replaced with Home Depot) Company sells its interest in PSMT Philippines to E-Class Corporation, one of PSMT Philippines' minority shareholders (all stores in Philippines became S&R) 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 two club stores (Guatemala, Trinidad)
PriceSmart sells its interest in PSMT Mexico to Grupo Gigante |
| 2009 | PriceSmart opens one club store (Costa Rica)
Ranked #55 on Fortune Magazine's list of 100 fastest growing companies |
| 2011 | PriceSmart opens one club store (Colombia-Barranquilla) |
| 2012 | PriceSmart opens one club store (Colombia-Cali) |
| 2013 | PriceSmart opens two club stores (Colombia-Cali and Costa Rica) |
| 2014 | PriceSmart opens three club stores (Honduras, Colombia-Medellin, Colombia-Pereira) |
| 2015 | PriceSmart opens one club store (Colombia-Bogotá) |
| 2016 | PriceSmart opens one club store (Colombia-Chia) |
| 2018 | PriceSmart acquires Aeropost.com
PriceSmart opens one club store (Dominican Republic) |
| 2019 | PriceSmart opens three club stores (Dominican Republic, Guatemala-San Cristobal, Panama-Metro Park) |
| 2020 | PriceSmart opens two club stores (Costa Rica-Liberia and Colombia-Bogota) |
| 2021 | PriceSmart opens two club stores (Colombia-Bucaramanga and Guatemala-Aranda) |
| 2022 | PriceSmart opens one club store (Jamaica-Portmore)
Sherry Bahrambeygui removed from PriceSmart Pricemart sells Aeropost.com |
| 2023 | John Hildebrandt named COO
PriceSmart opens three club stores (Colombia-El Poblado, El Salvador-San Miguel and Guatemala-Escuintla) |
| 2024 | PriceSmart opens one club store
(El Salvador-Santa Ana) |
References
[edit]- ^ "Annual Report 2016" (PDF). PriceSmart.com. PriceSmart Inc.
- ^ "PriceSmart". Fortune. Retrieved 2019-03-17.
- ^ Bedford, Emma (February 13, 2024). "PriceSmart warehouses worldwide 2023". Statista. Retrieved 2024-08-24.