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PriceSmart to Lease Property in Guam

SAN DIEGO-PriceSmart Inc. has entered into a lease agreement for property in the U.S. territory of Guam, where PriceSmart will open a membership-shopping store next year.

By Randyl J. Drummer | Updated on August 16, 2001

SAN DIEGO-PriceSmart Inc. has high hopes for Guam, where the company has entered into a lease agreement. The company plans to open a membership-shopping store next year.

PriceSmart will have sole ownership of the business, according to the San Diego-based warehouse retailer.

“In addition to the strategic growth in sales volume and membership, this additional presence in the Pacific region will allow the company to benefit from operational efficiencies and synergies, as we have similarly benefited in Central America and the Caribbean,” said Allan Youngberg, executive vice president and chief financial officer.

The warehouse will be located in the middle class Barrigada Heights area with adjacent commercial enterprises and light industry, says Brud Drachman, PriceSmart senior vice president for real estate andconstruction.

PriceSmart plans to open its first warehouse in Barbados on Aug. 31 and to open six new warehouses in fiscal 2002. PriceSmart now operates 21 membership-shopping warehouses worldwide.

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