PriceSmart Inc., which operates a chain of discount warehouse club stores in Central America and the Caribbean, announced plans to open its seventh outlet in Costa Rica.
The business said Feb. 3 that it acquired 242,000 square feet of land in the town of Santa Ana. It plans to open the new store there in the fall.
PriceSmart (Nasdaq: PSMT) also said it acquired a new, 330,000-square-foot distribution center in Medley, Fla., in the Miami metro area. The company plans to occupy the space in March. It plans to retain 102,000 square feet in its current building in Medley and sublease the remaining 260,000 square feet. Offices will go in the new building.
PriceSmart, a business founded by the same family that founded Price Club, operates 39 warehouse club stores in 12 countries and the U.S. Virgin Islands. The company’s footprint includes one country in South America, Colombia, where it has seven stores