Confirms fourth location in Kingston following lease agreement

Multinational warehouse club PriceSmart will open its third location in Jamaica in the summer of 2026.

Chief Executive Officer David Price made the disclosure during the company’s fourth quarter earnings call on Friday, October 31, 2025. During the call he also revealed that PriceSmart will begin construction of a fourth warehouse club in Kingston next year.

“In the first quarter of fiscal year [2025], we purchased land for our third warehouse club in Jamaica, located in Montego Bay, about 100 miles west of the nearest club in Kingston. This club will also be built on a five-acre site and is anticipated to open in summer 2026,” he told listeners.

PriceSmart received approval to begin construction on the five-acre property located near Ironshore in March 2024. The company already operates a Fresh Bakery outlet that has been serving customers at its Bogue City location for a few years.

The property at Ironshore will become PriceSmart’s third location, the company having opened its second branch on Braeton Parkway in Portmore, St Catherine, in March 2022. Its flagship store on Red Hills Road in the Corporate Area in March 2003.

Price also shared that, “Additionally, we executed a land lease for our fourth warehouse club in Jamaica, located on South Camp Road, about six miles southeast from the nearest club in the capital of Kingston. The club will be built on a three-acre property and is anticipated to open in fall 2026.”

This disclosure confirms a report from the Jamaica Observer in March that the company’s property management arm, PriceSmart Realty, had received approval from the National Environmental and Planning Agency for the construction of a new office and commercial complex on 14 South Camp Road.

The Jamaica Observer article outlined that based on National Land Agency records, South Camp Fourteen Limited (SCFL), under directors Margaret Mahfood with Joanna Mahfood, owns the property, which was acquired in October 2015 for $95 million.

Despite a smaller footprint, Price said the layout of its fourth Jamaican warehouse on South Camp Road will mirror that of its predecessors.

“We’re going to have to do some changes in our parking format to support the sort of parking that we require, but the intention is to have a typical-sized club there,” he responded to a question on the three-acre property.

Hurricane Melissa update

The PriceSmart CEO during the earnings call on Friday pointed out that the Jamaica stores were undamaged by Hurricane Melissa.

“Before I continue, I want to take a moment to acknowledge the impact of Hurricane Melissa on our team members, their families, and our members in Jamaica, the Dominican Republic, and across the region. Our thoughts are with everyone affected, and we remain committed to supporting recovery efforts and ensuring the safety and well-being of our people and communities,” he said.

“Our operations in Jamaica were affected by both the preparations for and the impact of the storm’s landfall, resulting in the closure of our Jamaica clubs for a couple of days earlier this week. I’m deeply grateful for the dedicated efforts of our team. With those efforts, we were able to reopen our clubs on Wednesday, October 29, 2026. Going forward, our focus continues to be the safety of our employees and our members,” Price added.

Financial performance

For the fourth quarter of 2025, PriceSmart generated revenue of US$1.33 billion, exceeding forecasts by 1.53 per cent. It however missed earning per share target by 8.11 per cent at US$1.02.

For financial year 2025, net merchandise sales grew by 6.7 per cent compared to fiscal year 2024. the Colombia had the highest increase in net merchandise sales of 11.8 per cent followed by the Caribbean with a 7.2 per cent improvement, then Central America with 5.6 per cent growth.

Commenting on Jamaica’s performance, the PriceSmart financials highlighted that, “Our Jamaica market continued its strong performance in the 52-week period, with 13.1 per cent comparable net merchandise sales growth.”

This was despite Jamaica being one of two markets experiencing currency devaluation, the other being the Dominican Republic.

When asked if the increased due diligence on remittance in the United States has impacted sales in countries dependent on remittance, Price indicated that there was no evidence of that.

“You’re right that several of our markets have a significant portion of GDP represented by remittances, particularly Jamaica, Honduras, El Salvador, the largest. Guatemala is not insignificant, neither is Nicaragua. Having said that, we have no indication so far of a slowdown that’s impacted consumption that we can see. Certainly, it’s not out of the realm of possible that there could be an impact, but at this point, we don’t have an indication that there’s an impact from that flow of income for Jamaica,” he remarked, concluding the earnings call