PriceSmart announces major investments in Jamaica. The company is set to open two new warehouse clubs. It will also expand its Portmore store. This marks a significant business expansion. The company is investing US$27.6 million. This is for a new location in Kingston. It will be built on South Camp Road. This new Kingston club is scheduled to open in autumn 2026. It will occupy a three-acre property. This will be PriceSmart’s fourth club in Jamaica.
Furthermore, PriceSmart will open a third club. This new store will be in Montego Bay. It will be located on a five-acre site. The Montego Bay club should open by summer 2026. These new stores will double PriceSmart’s Jamaican footprint.
PriceSmart also plans upgrades for its Portmore store. This location opened in April 2022. The company has already expanded its floor space there. Now, further expansions and remodels are planned for fiscal year 2026. These investments show strong confidence in the Jamaican market.
This expansion follows robust sales growth in Jamaica. Net merchandise sales from its two Jamaican clubs rose 13.1% in the 2025 financial year. PriceSmart’s overall business shows strong performance. In Q1 fiscal year 2026, total revenue grew 10% to US$1.38 billion. Net merchandise sales increased by 10.6%. Operating profit rose 8% to US$62.9 million.
The Caribbean segment also shows positive trends. Revenue increased 6% to US$365.31 million in Q1 FY26. Total membership grew 5% to 510,819 accounts. However, operating profit in this segment saw a slight dip due to higher expenses. Net profit also declined marginally. Despite this, comparable net merchandise sales in the Caribbean rose 5.6% in Q1 FY26.
PriceSmart operates warehouse clubs across Latin America and the Caribbean. The company is expanding its presence in key markets. These new Jamaican stores will bring PriceSmart’s total to 59 clubs. The company acquired land for these new locations in previous fiscal quarters.
Hurricane Melissa briefly impacted operations. It caused temporary closures of Jamaican stores. However, operations resumed quickly. PriceSmart anticipates no further delays to its new club openings. The company focuses on delivering value to its members. Strategic investments in real estate and technology support this goal. PriceSmart’s business news highlights its commitment to growth.