PRICESMART Inc is set to launch its third Jamaican store Wednesday, September 30 as it continues to commit billions into the Jamaican economy through new locations and logistical investments.

The Nasdaq-listed company launches at Sugar Mill Road, Ironshore, St James, with customers to begin shopping on October 1. The launch and ribbon-cutting ceremony will take place at the Montego Bay warehouse club which will host several PriceSmart executives, including co-founder and Chairman Robert Price. Minister of Industry, Investment and Commerce Aubyn Hill will deliver the keynote remarks on behalf of Prime Minister Dr Andrew Holness.

“The doors are about to open, and we’re excited to welcome the community to the newest PriceSmart club,” the Jamaican subsidiary said on its Instagram page a week ago.

This is the company’s 59th overall store and is coming on stream four years after it opened its 50th club in Portmore, St Catherine. PriceSmart Realty (Jamaica) Limited received approval from the National Environmental and Planning Agency in February and June 2025 to develop the location.

The company spent US$3.75 million ($606.30 million) to acquire the land from Blue Shore Development (No 2) Limited.

PriceSmart expects to open its fourth Jamaican location at 14 South Camp Road, Kingston, in the winter season which begins on December 21. Its Jamaican subsidiary indicated earlier this month on its Instagram page that it was hiring for several new jobs at this location.

Th South Camp store is set to be PriceSmart’s 60th warehouse club in Central America and the Caribbean, coinciding with the 30th anniversary of opening its first warehouse club in Panama.

A recent drone shot of PriceSmart’s South Camp Road location under construction. (Photo: Drone View Jamaica)

The location is being built at a cost of US$27.6 million ($4.40 billion) on land leased from South Camp Fourteen Limited (SCFL).

Although PriceSmart developed these two locations from its cash resources, there was a recent private placement by PriceSmart (Jamaica) to raise a $1.5-billion senior secured bond. This bond has an 8.00 per cent interest rate which was payable quarterly and had a five-year tenure. The proceeds of this bond were allocated towards the buildout of two new clubs in Jamaica and to cover transaction costs.

The bond is being secured by a mortgage over the company’s 111 Red Hills Road location which has an appraised market value of $4.32 billion. This property was purchased in January 2012 from Consolidated Bakeries (Jamaica) Limited (trading as Purity) for US$850,000 ($73.44 million).

PriceSmart’s Jamaican operations also took over former Nestlé distribution complex at Ferry Pen, St Catherine, for its new Jamaican distribution centre. This will help streamline its logistics network and support the movement of dry goods across its warehouse clubs.

PriceSmart’s Jamaican stores have been the best performing Caribbean market for the last two years, as measured by net merchandise sales. PriceSmart will be disclosing its full year August 2026 financials on October 26 and will have its earnings call on the following days.

Pricesmart’s stock price closed Tuesday at $170.38, leaving the stock up 38 per cent with a market capitalisation of US$5.26 billion. PriceSmart paid US$1.40 in dividends for its August 2026 financial year totalling US$43.31 million.