PRICESMART - THE US - style shopping warehouse that is soon to begin doing business in Jamaica has indicated that its Jamaican operation will be a major seller of local products, and will also open the door for such products to be sold through other PriceSmart outlets.
PriceSmart has an extensive buying and retail network that currently links the Caribbean, Central America, Mexico, Asia and the US.
"In some cases, partnering with PriceSmart may present the opportunity for local manufacturers to expand their market by exporting their products to other PriceSmart outlets," said John Hildebrandt, PriceSmart executive vice president for the region.
This commitment by PriceSmart is in addition to the foreign direct investment of US$11 million that the company's presence in Jamaica represents. The planned start of business here will also result in the creation of between 95 and 130 new jobs, and in opportunities for training, acquiring merchandising skills and for promotion.
Mr. Hildebrandt added that PriceSmart would introduce international best practices and bring modern technology to local suppliers.
"We believe that this represents an opportunity to expand and strengthen the retail industries of this country because it fosters the production of quality goods which, in turn, improves competitiveness," he said. The company is already well advanced in its discussions with Jamaican manufacturers and vendors to determine the locally sourced product mix.
Jamaica's retail trade is also expected to benefit from the presence of the US Membership Shopping warehouse here, starting end first quarter/start of second quarter of 2003.
Charlie Hyde, PriceSmart's country manager for Jamaica, said that both large and small enterprises will find that PriceSmart enhances their ability to do business.
"Because there are no minimum quantities that will have to be purchased, it means that retailers or van salesmen servicing the shop community can buy merchandise at low PriceSmart prices for resale at a profit," Mr. Hyde explained. Among the items from which they will be able to choose at warehouse prices are a variety of fresh and frozen foods, beverages, paper products, staple and other groceries, as well as clothes, electronics, business supplies, computer software and hardware, tools, health and beauty aids, sporting goods, toys, and home
furnishings.
