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PriceSmart, Inc. In partnership with Allbrands. Sector Discount Stores. All rights reserved. Continue to focus on driving efficiencies in sourcing, supply chain, and operations to deliver the best value to our members. Investors Investor Overview. Sherry S. Acting in partnership with the U. Merchandise tailored to local preferences as well as for retail and wholesale customers. Learn More. Under Partida's leadership, the execution of Price's retailing strategy went according to plan—at first.
A second store was opened in Panama the same month Partida arrived, a unit located in Via Brazil. No additional stores were opened in , but the company compensated for the lack of activity by assuming an aggressive expansion posture in , when PriceSmart opened seven new warehouse outlets.
He made sure that each grand opening was a celebrated affair, orchestrating spectacular events that often included a visit by the home country's prime minister. Unfortunately for Price-Smart, Partida's talents ended there, and the chain began to suffer from poor management as it entered the 21st century. Partida had never led a company before joining PriceSmart. The year-old attorney had no retailing experience either.
The profits recorded by the chain were meager, and some of Partida's actions were questionable. In August , he flew to New York to solicit interest in a private-equity offering, extolling Price-Smart's strengths to investors.
In , PriceSmart began straying from its original strategic course, causing further anxiety among shareholders. In January, the company announced it was opening three stores in Mexico, a country dominated by Wal-Mart—the type of competitor the Prices had said they wanted to avoid.
Suspicious of the move, and tired of lackluster profitability, the largest Price-Smart shareholders organized a meeting to discuss their grievances. Next, Partida began offering telephone cards at Price-Smart units, turning to a business that yielded exceptionally low profit margins. Partida resigned abruptly in April before the full extent of PriceSmart's problems were revealed. Robert Price took over as the company's interim chief executive officer and tried to correct some of the mistakes made by Partida, getting PriceSmart out of the telephone card business and closing four stores during the year.
The worst was yet to come, however. As PriceSmart prepared for the future, the company was working to set its operations on a proper course. In February , the company announced it was closing its warehouses in Mexico. As the company pressed ahead in , Robert Price held onto his title as interim chief executive officer. The search continued for a permanent replacement, one whose task would be ensuring that the Price's third retail chain enjoyed as much success as their first two ventures.
PriceSmart Guatemala S. Virgin Islands; Ventures Services, Inc.
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