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PriceSmart to Invest South of the Border

SAN DIEGO-A local retailer has joined with a Mexican partner to launch a joint venture in Mexico that will begin with a $40 million investment.

By Randyl J. Drummer | Updated on January 16, 2002

SAN DIEGO-Mexican retailer Grupo Gigante and locally based warehouse club chain PriceSmart Inc. say they have launched a joint venture in Mexico that will begin with a $40 million investment.

The two retailers will each invest $20 million and open four PriceSmart stores in Mexico within the next 18 months, two at the end of this year, with the possibility of further expansion investment.

“We are very excited about the opportunity to work with Gigante to develop PriceSmart into a respected name in retail in Mexico,” says PriceSmart Chief Executive Officer Gil Partida. “This is a remarkably good fit for us.”

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