{"id":401769,"date":"2020-12-17T08:03:52","date_gmt":"2020-12-17T13:03:52","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=401769"},"modified":"2020-12-17T08:03:52","modified_gmt":"2020-12-17T13:03:52","slug":"pricesmart-announces-plans-to-build-two-new-warehouse-clubs-in-guatemala-and-jamaica","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/pricesmart-announces-plans-to-build-two-new-warehouse-clubs-in-guatemala-and-jamaica\/","title":{"rendered":"PriceSmart Announces Plans to Build Two New Warehouse Clubs in Guatemala and Jamaica"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">SAN DIEGO<\/span>, <span class=\"xn-chron\">Dec. 17, 2020<\/span> \/PRNewswire\/ &#8212; PriceSmart, Inc. (NASDAQ: PSMT) today announced that it plans to proceed with the construction of its 48<sup>th<\/sup> warehouse club in <span class=\"xn-location\">Guatemala City<\/span>, <span class=\"xn-location\">Guatemala<\/span>, expected to open in the fall 2021, and its 49<sup>th<\/sup> warehouse club in Portmore, <span class=\"xn-location\">Jamaica<\/span>, expected to open in spring of 2022.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/475169\/PriceSmart_Band_Logo.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/475169\/PriceSmart_Band_Logo.jpg\" title=\"PriceSmart, Inc.\" alt=\"PriceSmart, Inc.\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>In <span class=\"xn-chron\">June 2019<\/span>, the Company acquired nearly 150,000 square feet of \u00a0land in Cayal\u00e1 (Zone 5 municipality), southeast of <span class=\"xn-location\">Guatemala City<\/span>, <span class=\"xn-location\">Guatemala<\/span>, where it plans to build its fifth club in <span class=\"xn-location\">Guatemala<\/span>. In <span class=\"xn-chron\">September 2019<\/span>, the Company acquired approximately 218,000 square feet of land in Portmore, a suburb west of the capital of <span class=\"xn-location\">Jamaica<\/span>, where it plans to build its second club in <span class=\"xn-location\">Jamaica<\/span>.<\/p>\n<p>&#8220;Despite the roller coaster we rode with most of the world in this last year, we are ready to proceed with the construction of two new clubs, one each in <span class=\"xn-location\">Guatemala<\/span> and <span class=\"xn-location\">Jamaica<\/span>. We expect to open these clubs in the next fiscal year. The Cayal\u00e1\u00a0Guatemala club, our fifth club in <span class=\"xn-location\">Guatemala<\/span>, follows the successful opening and solid performance thus far of our fourth club opened in <span class=\"xn-location\">Guatemala<\/span> last year. We also believe there is strong demand for expansion of our business model and warehouse clubs in <span class=\"xn-location\">Jamaica<\/span>. As I&#8217;ve frequently mentioned before, new club openings are likely to initially adversely impact our comparable net merchandise sales. However, as we move forward with new club openings, as in this case, when we believe that in the long run, such expansion provides opportunities for growth by way of incremental membership, growth in net merchandise sales and services, and a better shopping experience for our members.\u00a0Thanks to the incredible commitment of our employees, we are nearing the end of this calendar year excited about future possibilities,&#8221;\u00a0 commented <span class=\"xn-person\">Sherry S. Bahrambeygui<\/span>, CEO of PriceSmart, Inc.<\/p>\n<p>\n        <b><br \/>\n          <i>About\u00a0PriceSmart <\/i><br \/>\n        <\/b>\n      <\/p>\n<p>PriceSmart, headquartered in <span class=\"xn-location\">San Diego<\/span>, owns and operates U.S.-style membership shopping warehouse clubs in <span class=\"xn-location\">Latin America<\/span> and the <span class=\"xn-location\">Caribbean<\/span>, selling high quality merchandise and services at low prices to PriceSmart Members. PriceSmart operates 47 warehouse clubs in 12 countries and one U.S. territory (eight in <span class=\"xn-location\">Costa Rica<\/span> and <span class=\"xn-location\">Colombia<\/span>; seven in <span class=\"xn-location\">Panama<\/span>; five in the <span class=\"xn-location\">Dominican Republic<\/span>, four in <span class=\"xn-location\">Trinidad<\/span> and <span class=\"xn-location\">Guatemala<\/span>; three in <span class=\"xn-location\">Honduras<\/span>; two each in <span class=\"xn-location\">El Salvador<\/span> and <span class=\"xn-location\">Nicaragua<\/span>; and one each in <span class=\"xn-location\">Aruba<\/span>, <span class=\"xn-location\">Barbados<\/span>, <span class=\"xn-location\">Jamaica<\/span> and the <span class=\"xn-location\">United States Virgin Islands<\/span>). The Company also plans to open new warehouse clubs in Cayal\u00e1, <span class=\"xn-location\">Guatemala<\/span> and Portmore, <span class=\"xn-location\">Jamaica<\/span> in the fall of 2021 and the spring of 2022, respectively. Once these two new clubs are open, the Company will operate 49 warehouse clubs.\u00a0 <\/p>\n<p>This press release may contain forward-looking statements concerning the Company&#8217;s anticipated future revenues and earnings, adequacy of future cash flows, omni-channel initiatives, proposed warehouse club openings, the Company&#8217;s performance relative to competitors, the outcome of tax proceedings and related matters. These forward-looking statements include, but are not limited to, statements containing the words &#8220;expect,&#8221; &#8220;believe,&#8221; &#8220;will,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;project,&#8221; &#8220;estimate,&#8221; &#8220;anticipated,&#8221; &#8220;scheduled,&#8221; 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: adverse changes in economic conditions in the Company&#8217;s markets, natural disasters, compliance risks, volatility in currency exchange rates, competition, consumer and small business spending patterns, political instability, increased costs associated with the integration of online commerce with our traditional business, whether the Company can successfully execute strategic initiatives, breaches of security or privacy of member or business information, cost increases from product and service providers, interruption of supply chains, COVID-19 related factors and challenges, including among others, the duration of the pandemic, the unknown long-term economic impact, the impact of government policies and restrictions that have limited access for our Members, and shifts in demand away from discretionary or higher priced products to lower priced products, exposure to product liability claims and product recalls, recoverability of moneys owed to PriceSmart from governments, and other important factors\u00a0discussed in the Risk Factors section of the\u00a0Company&#8217;s most recent Annual Report on Form 10-K, and other factors discussed from time to time in other filings with the SEC,\u00a0which are accessible on the SEC&#8217;s website at\u00a0www.sec.gov, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward-looking statements speak only as of the date that they are made, and the Company does not undertake to update them, except as required by law.<\/p>\n<p>For further information, please contact <span class=\"xn-person\">Michael L. McCleary<\/span>, EVP, Chief Financial Officer and Principal Accounting Officer (858) 404-8826 or send an email to <a target=\"_blank\" href=\"mailto:ir@pricesmart.com\" rel=\"nofollow noopener noreferrer\">ir@pricesmart.com<\/a>.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=LA27379&amp;sd=2020-12-17\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/pricesmart-announces-plans-to-build-two-new-warehouse-clubs-in-guatemala-and-jamaica-301195012.html\">http:\/\/www.prnewswire.com\/news-releases\/pricesmart-announces-plans-to-build-two-new-warehouse-clubs-in-guatemala-and-jamaica-301195012.html<\/a><\/p>\n<p>SOURCE  PriceSmart, Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=LA27379&amp;Transmission_Id=202012170800PR_NEWS_USPR_____LA27379&amp;DateId=20201217\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire SAN DIEGO, Dec. 17, 2020 \/PRNewswire\/ &#8212; PriceSmart, Inc. (NASDAQ: PSMT) today announced that it plans to proceed with the construction of its 48th warehouse club in Guatemala City, Guatemala, expected to open in the fall 2021, and its 49th warehouse club in Portmore, Jamaica, expected to open in spring of 2022. In June 2019, the Company acquired nearly 150,000 square feet of \u00a0land in Cayal\u00e1 (Zone 5 municipality), southeast of Guatemala City, Guatemala, where it plans to build its fifth club in Guatemala. In September 2019, the Company acquired approximately 218,000 square feet of land in Portmore, a suburb west of the capital of Jamaica, where it plans to build its second club in Jamaica. &#8220;Despite the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pricesmart-announces-plans-to-build-two-new-warehouse-clubs-in-guatemala-and-jamaica\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;PriceSmart Announces Plans to Build Two New Warehouse Clubs in Guatemala and Jamaica&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-401769","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>PriceSmart Announces Plans to Build Two New Warehouse Clubs in Guatemala and Jamaica - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pricesmart-announces-plans-to-build-two-new-warehouse-clubs-in-guatemala-and-jamaica\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PriceSmart Announces Plans to Build Two New Warehouse Clubs in Guatemala and Jamaica - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire SAN DIEGO, Dec. 17, 2020 \/PRNewswire\/ &#8212; PriceSmart, Inc. (NASDAQ: PSMT) today announced that it plans to proceed with the construction of its 48th warehouse club in Guatemala City, Guatemala, expected to open in the fall 2021, and its 49th warehouse club in Portmore, Jamaica, expected to open in spring of 2022. In June 2019, the Company acquired nearly 150,000 square feet of \u00a0land in Cayal\u00e1 (Zone 5 municipality), southeast of Guatemala City, Guatemala, where it plans to build its fifth club in Guatemala. In September 2019, the Company acquired approximately 218,000 square feet of land in Portmore, a suburb west of the capital of Jamaica, where it plans to build its second club in Jamaica. &#8220;Despite the &hellip; Continue reading &quot;PriceSmart Announces Plans to Build Two New Warehouse Clubs in Guatemala and Jamaica&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/pricesmart-announces-plans-to-build-two-new-warehouse-clubs-in-guatemala-and-jamaica\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-17T13:03:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/475169\/PriceSmart_Band_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pricesmart-announces-plans-to-build-two-new-warehouse-clubs-in-guatemala-and-jamaica\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pricesmart-announces-plans-to-build-two-new-warehouse-clubs-in-guatemala-and-jamaica\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"PriceSmart Announces Plans to Build Two New Warehouse Clubs in Guatemala and Jamaica\",\"datePublished\":\"2020-12-17T13:03:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pricesmart-announces-plans-to-build-two-new-warehouse-clubs-in-guatemala-and-jamaica\\\/\"},\"wordCount\":777,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pricesmart-announces-plans-to-build-two-new-warehouse-clubs-in-guatemala-and-jamaica\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/475169\\\/PriceSmart_Band_Logo.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pricesmart-announces-plans-to-build-two-new-warehouse-clubs-in-guatemala-and-jamaica\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pricesmart-announces-plans-to-build-two-new-warehouse-clubs-in-guatemala-and-jamaica\\\/\",\"name\":\"PriceSmart Announces Plans to Build Two New Warehouse Clubs in Guatemala and Jamaica - 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(NASDAQ: PSMT) today announced that it plans to proceed with the construction of its 48th warehouse club in Guatemala City, Guatemala, expected to open in the fall 2021, and its 49th warehouse club in Portmore, Jamaica, expected to open in spring of 2022. In June 2019, the Company acquired nearly 150,000 square feet of \u00a0land in Cayal\u00e1 (Zone 5 municipality), southeast of Guatemala City, Guatemala, where it plans to build its fifth club in Guatemala. In September 2019, the Company acquired approximately 218,000 square feet of land in Portmore, a suburb west of the capital of Jamaica, where it plans to build its second club in Jamaica. &#8220;Despite the &hellip; Continue reading \"PriceSmart Announces Plans to Build Two New Warehouse Clubs in Guatemala and Jamaica\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/pricesmart-announces-plans-to-build-two-new-warehouse-clubs-in-guatemala-and-jamaica\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-17T13:03:52+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/475169\/PriceSmart_Band_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pricesmart-announces-plans-to-build-two-new-warehouse-clubs-in-guatemala-and-jamaica\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pricesmart-announces-plans-to-build-two-new-warehouse-clubs-in-guatemala-and-jamaica\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"PriceSmart Announces Plans to Build Two New Warehouse Clubs in Guatemala and Jamaica","datePublished":"2020-12-17T13:03:52+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pricesmart-announces-plans-to-build-two-new-warehouse-clubs-in-guatemala-and-jamaica\/"},"wordCount":777,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pricesmart-announces-plans-to-build-two-new-warehouse-clubs-in-guatemala-and-jamaica\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/475169\/PriceSmart_Band_Logo.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pricesmart-announces-plans-to-build-two-new-warehouse-clubs-in-guatemala-and-jamaica\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/pricesmart-announces-plans-to-build-two-new-warehouse-clubs-in-guatemala-and-jamaica\/","name":"PriceSmart Announces Plans to Build Two New Warehouse Clubs in Guatemala and Jamaica - 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