PriceSmart Buys Land for 3rd Colombian StoreTuesday, March 20, 2012
PriceSmart Inc., a San Diego-based operator of warehouse club stores in Latin America and the Caribbean, acquired about 12,000 square meters of land in North Cali, Colombia, on which it intends to build its third store in that nation, according to a press announcement March 19.
The company did not disclose the price it paid for the land.
PriceSmart opened its first store in Barranquilla in August and recently began building a second store in South Cali that should open in October. The North Cali store should open in the spring of 2013, the company said.
In other news, PriceSmart said net sales for February were $153 million, up 23 percent from the prior year’s February. For the six months ended February 2012, net sales increased 23 percent to $1 billion. The company had 29 stores as of last month, compared to 28 stores in February 2011.