PriceSmart, Inc.announced that on February 1, 2017, it acquired approximately 242,000 square feet (22,500 square meters) of land in Santa Ana, San Jose, Costa Rica upon which the Company plans to construct a new warehouse club. This new warehouse club is currently planned to open in the fall of 2017.

With the six warehouse clubs currently operating in Costa Rica, this new club will bring the number of PriceSmart warehouse clubs operating in Costa Rica to seven.

No additional information regarding the exact location of the new PriceSmart or the cost of the same has been released as of yet.

PriceSmart, Inc. also announced that on January 27th, the Company acquired a new 330,000 square-foot distribution center located in Medley, Florida that it plans to occupy in March 2017.

In addition to the new building, PriceSmart will retain approximately 102,000 square feet of space from its currently occupied leased building also located in Medley, Florida, where it will continue to operate a recently expanded refrigerated and frozen distribution facility. PriceSmart will relocate its local administrative office and distribution center for dry goods into the new, larger and more efficient building and subsequently vacate and make available for sublease approximately 260,000 square feet at its current facility.

The expansion and configuration of PriceSmart’s new facility enables the Company to more effectively serve its growing customer base in Central America, the Caribbean, and Colombia.

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 now operates 39 warehouse clubs in 12 countries and one U.S. territory (seven in Colombia; six in Costa Rica; five in Panama; four in Trinidad; three each in Guatemala, the Dominican Republic and Honduras; two each in El Salvador and Nicaragua; and one each in Aruba, Barbados, Jamaica and the United States Virgin Islands). // Source: Marketwired