Jamaica has proven to be a star player for PriceSmart’s Caribbean business.
The popular membership warehouse known for bulk buying and savings has over 50 locations in the Latin America and Caribbean region, two of which are location in Jamaica.
Speaking on Taking Stock with Kalilah Reynolds, Journalist David Rose said Jamaica is now the company's best-performing market in the Caribbean segment.
“Jamaica saw a 12.2% increase in growth for the most recent financial year,” Rose shared. “And remember people were saying the economy was ‘slowing down’ last year.
According to the company’s financials, the Caribbean contributed US$1.35 billion in revenue for PriceSmart during the 2024 financial year, with Jamaica leading the way. Since opening its 50th location in Portmore in April 2022, the company has seen impressive growth, prompting plans for expansion of its Portmore location and a third location in Montego Bay.
Reynolds suggested that PriceSmart’s popularity might come from its ability to help families save money during tough times. “It’s a discount place where you buy in bulk, so when the economy isn’t doing well, people look for deals—and PriceSmart benefits,” he said.
With growing traffic at its Portmore location and more stores on the way, PriceSmart's success in Jamaica is a clear sign of its value to the local market.