PriceSmart opens MoBay club with US$28m investment

PriceSmart has opened its first warehouse club in western Jamaica, investing more than US$28 million in a new Montego Bay location that is expected to create 182 jobs and further expand the retailer’s footprint on the island.

The membership warehouse operator opened the facility on Thursday at Lot C1, Ironshore, marking its third club in Jamaica and the 59th across the region.

PriceSmart said the new club will create 182 direct jobs, most of them filled by residents of Montego Bay and western Jamaica.

The opening comes as the town grapples with limited supermarket options following the exit of MegaMart and the closure of the Hi-Lo store at Fairview Shopping Centre, Shoppers Fair at Westgate Shopping Centre and several smaller retailers after they were battered by the record-breaking Hurricane Melissa nearly a year ago.

The facility spans 67,300 square feet, including 43,500 square feet of sales floor space, and provides 277 parking spaces. It is located roughly 100 miles from the company’s nearest existing club in Kingston.

Since entering Jamaica in 2003, PriceSmart has steadily expanded its footprint on the island, with established clubs in Portmore, St Catherine, and Red Hills, St Andrew. The Montego Bay opening follows the establishment of a distribution centre in Ferry, St Andrew, which is designed to reduce shipping costs, improve stock availability and shorten delivery times.

A fourth PriceSmart location is under construction on South Camp Road in Kingston and is expected to open next year.

Sustainability features prominently in the Montego Bay development. The facility incorporates solar panels, high-efficiency LED lighting, smart energy-management systems and carbon dioxide refrigeration technology, which has a low global-warming potential. The technologies are expected to reduce energy use and operating costs while lowering the environmental footprint of the development.

PriceSmart said the design aligns with standards required for the National Environment and Planning Agency’s Green Business Operator certification, including resource-management, recycling and donation programmes.

Members will have access to more than 1,700 stock-keeping units (SKUs), including over 700 food, fresh and non-food products sourced from local suppliers.

The expansion comes as PriceSmart continues to report strong financial results. The Nasdaq-listed company recorded third-quarter net merchandise sales of approximately US$1.5 billion, up 12.5 per cent year-on-year, while net income rose 12.3 per cent to US$39.7 million. Earnings per diluted share increased to US$1.28 from US$1.14 a year earlier.

For the first nine months of fiscal 2026, net merchandise sales climbed 11 per cent to approximately US$4.3 billion, while net income increased 10 per cent to US$128.9 million.

The company’s balance sheet shows property and equipment rising to US$1.11 billion as at May 31, 2026, from US$996.3 million at the end of fiscal 2025. Total assets increased to US$2.52 billion from US$2.27 billion over the same period.

Beyond retail operations, PriceSmart said it plans to extend its social responsibility and sustainability programmes into western Jamaica through the PriceSmart Foundation.

The company said it is partnering with the non-profit organisation Young Women/Young Men of Purpose on its Realise, Embrace, Achieve Your Purpose (R.E.A.P.) initiative, which is providing 130 young entrepreneurs in St James with training, mentorship, business-development support, seed funding and access to market and financing opportunities.

The foundation is also supporting recovery efforts in the Westgreen community following Hurricane Melissa, with programmes focused on educational continuity, livelihood restoration, support for small businesses and psychosocial assistance for affected families.