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SAN DIEGO - PriceSmart Inc. on Monday announced the acquisition of property for its first Jamaican membership club warehouse store in Kingston, Jamaica. The company said it expects to have the store built and opened before the 2002 Christmas holiday season.
"Our Kingston location will be our ninth store in six Caribbean islands, four of which opened last year alone," stated Brud Drachman, senior vice president, real estate and construction.
PriceSmart will open two stores shortly, with its first store in Guam due to open this week, and its third in the Philippines in the middle of March.
PriceSmart is a 1997 spinoff of Price Enterprises (now Price Legacy), which itself was spun off by Costco. Chairman Robert Price and his father, Sol -? who created club retailing in the 1950s -- own nearly 38 percent of PriceSmart. Headquartered in San Diego, the company now operates 24 warehouse clubs in 11 countries in Central America, the Caribbean and Asia. It also licenses 10 warehouses in China and one in Saipan, Micronesia.