US$28-m PriceSmart opens in St James

IRONSHORE, St James — Wednesday’s much-anticipated opening of the US$28-million PriceSmart in this western parish has been hailed by Rodrigo Calva, the company's Executive Vice President of Real Estate, as the fulfilment of a broader investment strategy in Jamaica. “This new club, our third one in Jamaica, represents an investment of more than US$28 million and is part of our larger commitment to invest in Jamaica,” stated Calva during the official ribbon-cutting opening ceremony held at the facility located at Lot C1, Ironshore, on the outskirts of Montego Bay. “A couple of years ago, we announced our plans to make several large investments in this beautiful country. Accordingly, last year, we opened a new and modern $5 million central bakery facility, the first of its kind in the PriceSmart portfolio, which is already making a big impact in our ability to serve our Jamaican members' bakery needs,” added Calva. The executive further provided insight into future expansion plans for the island. “This club is the second step towards such a plan, and in just a few months, we anticipate opening our fourth club and our new distribution centre, which combined represent US$33 million of additional investment,” revealed Calva. He noted that active consideration is currently being given to additional investment opportunities at the Portmore club, bringing the total combined investment across all projects to approximately US$70 million in just a few years. Calva credited the Jamaican Government and the Jamaica Promotions Corporation (JAMPRO) in particular for playing a key role in making these investments possible. “Thank you for your partnership. This club will support the development of your country's western region. We have built a modern facility of over 67,000 square feet, including almost 44,000 square feet of sales floor space, complemented by a parking area with 277 spaces for the convenience of our members,” revealed Calva. “It was designed and built according to rigorous sustainability and efficiency standards. It features high-efficiency LED lighting, smart energy management systems, modern CO2 refrigeration technology, and in the near future, we’ll add solar panels which will allow more responsible energy consumption. We also incorporated systems that help us use resources more effectively and reduce our environmental impact,” added Calva, who also recognised the workforce that made the club possible.

Executive Vice President of Real Estate for PriceSmart, Rodrigo Calva addressing the ribbon cutting ceremony in Ironshore, St James on Wednesday.

“In addition to the many professionals who worked behind the scenes, approximately 150 people participated in the construction of this club, alongside numerous contractors and specialised teams who contributed their knowledge and expertise to transform this project from blueprints into the facility we see today,” stated Calva. In response, Minister of state in the Ministry of Industry, Investment and Commerce Delano Seiveright said he was particularly impressed by PriceSmart's significant offering of Jamaican-made products on its shelves. “That is exactly the relationship we want, major international investment creating real opportunities for Jamaican manufacturers, farmers, distributors and small businesses to sell more, grow and scale,” stated Seiveright. “Minister [of Industry] Aubyn Hill has been very deliberate in driving an investment agenda that translates into production, trade, jobs and stronger Jamaican enterprises, and PriceSmart’s continued expansion fits squarely within that mission,” added Seiveright. The state minister noted that the investment arrived at a time when Montego Bay and western Jamaica are clearly on a strong growth and investment path. “PriceSmart’s investment is another strong vote of confidence in that trajectory. Our focus at the ministry is to ensure that Jamaican businesses, especially our manufacturers and MSMEs, are not spectators in this growth, but are supplying it, employing more people and building businesses that can themselves become major regional players,” added Seiveright. For his part, Montego Bay Mayor Richard Vernon noted that PriceSmart’s investment takes place within one of the most significant periods of development in the city’s modern history. He explained that across Montego Bay, approximately J$178 billion in private sector investments are currently underway, including major real estate projects such as the four-tower luxury residential development, The Pinnacle; five-star luxury resort UNICO; mixed resort-style residential development Vista Montego Bay; the boutique apartments and townhouses of One Reading, the ambitious Richmond Hill Club, lifestyle hotel AC Marriott, and the Racquet Club development. “Complementing this activity are approximately J$293 billion in public investments, led by the MBJ Airports Limited expansion, the Western Water Resilience Programme, the Montego Bay Perimeter Road, Cornwall Regional Hospital, and the Western Child and Adolescent Hospital. Together, these initiatives represent approximately J$471 billion in investment activity across western Jamaica. Beyond their monetary value, they reflect a shared belief that Montego Bay’s strongest years are ahead. They signal confidence in our people, confidence in our institutions, and confidence in the region’s capacity to generate sustained economic growth,” said Vernon.