PriceSmart, Inc. (PSMT): Lienzo del Modelo de Negocio [Actualización de Ene-2025]

PriceMart, Inc. (PSMT) ha revolucionado el comercio minorista en América Central al crear un modelo de club de almacén de membresía único que combina estratégicamente poder adquisitivo a granel, precios competitivos y servicios centrados en el cliente. Con un enfoque comercial robusto que abarca 7 Componentes críticos del lienzo de modelo de negocio, esta empresa innovadora ha transformado cómo los consumidores de clase media y los propietarios de pequeñas empresas experimentan compras minoristas, ofreciendo un destino de compras único incomparable que prioriza el valor, la calidad y la asequibilidad.

PriceMart, Inc. (PSMT) - Modelo de negocio: asociaciones clave

Membresía Clubes de almacén y proveedores minoristas

PriceMart mantiene asociaciones estratégicas con múltiples proveedores globales para apoyar sus operaciones de Warehouse Club.

Categoría de proveedor	Número de asociaciones	Regiones clave
Proveedores de alimentos y comestibles	47	América Central, Caribe
Proveedores de electrónica de consumo	22	Panamá, Costa Rica, República Dominicana
Proveedores de artículos para el hogar	35	Múltiples mercados centroamericanos

Gobiernos locales en los mercados de América Central y Caribe

PrecioMart colabora con entidades gubernamentales locales en sus territorios operativos.

• Países operativos: 12 mercados
• Acuerdos activos de asociación gubernamental: 9
• Inversión en desarrollo económico local: $ 4.2 millones anuales

Proveedores internacionales de envío y logística

Socio de logística	Volumen de envío anual	Área de cobertura
Reenvío global de DHL	3.7 millones de metros cúbicos	América Central, Caribe
Línea de Maersk	2.5 millones de metros cúbicos	Rutas marítimas internacionales

Proveedores de servicios de tecnología y software

PriceMart invierte en asociaciones tecnológicas para mejorar la eficiencia operativa.

• Socios de planificación de recursos empresariales (ERP): 3
• Inversión tecnológica anual: $ 6.3 millones
• Proveedores de servicios en la nube: 2 proveedores principales

Procesamiento de tarjetas de crédito y socios de servicio financiero

Socio financiero	Volumen de transacción	Tarifas de procesamiento anual
Visa internacional	$ 287 millones	$ 4.2 millones
Tarjeta MasterCard	$ 213 millones	$ 3.7 millones

PriceMart, Inc. (PSMT) - Modelo de negocio: actividades clave

Clubes de almacenamiento de membresía operativo

A partir de 2024, PriceMart opera 48 clubes de almacenes de membresía en 12 países de América Central, el Caribe y Colombia. La compañía mantiene un tamaño de club de almacén promedio de aproximadamente 39,000 pies cuadrados.

Región	Número de clubes	Membresía anual promedio
América Central	26	$35
caribe	14	$35
Colombia	8	$35

Adquisición de productos a granel y gestión de inventario

La estrategia de adquisición de PriceMart se centra en la compra a granel con una relación de facturación de inventario anual de 10.2. La compañía obtiene productos de aproximadamente 1,200 proveedores a nivel mundial.

• Valor de inventario promedio: $ 203 millones
• Diversidad de proveedores: 65% internacional, 35% fabricantes locales
• Rango de descuento de compra a granel: 12-25%

Expansión minorista internacional

La estrategia de expansión internacional de la compañía se dirige a los mercados emergentes con operaciones actuales en 12 países, con planes de agregar 3-4 nuevas ubicaciones para 2025.

País	Número de clubes	Año de entrada al mercado
Panamá	12	1996
Costa Rica	8	1998
Trinidad y Tobago	4	2002

Desarrollo de la plataforma de comercio electrónico

PriceMart ha invertido $ 4.2 millones en infraestructura digital, con ventas en línea que representan el 6.5% de los ingresos totales en 2023.

• Presupuesto de desarrollo de la plataforma digital: $ 4.2 millones
• Tasa de crecimiento de ventas en línea: 18.3% año tras año
• Usuarios de aplicaciones móviles: 275,000

Servicios de membresía del cliente

La compañía mantiene un modelo de membresía sólido con 1.9 millones de miembros activos y una tasa de renovación del 85%.

Tipo de membresía	Tarifa anual	Número de miembros
Negocio	$35	425,000
Individual	$35	1,475,000

PriceMart, Inc. (PSMT) - Modelo de negocio: recursos clave

Extensa red de almacén minorista

A partir de 2024, PriceMart opera 47 clubes de almacén de membresía en 12 países de América Central y el Caribe. La distribución geográfica incluye:

País	Número de almacenes
Panamá	12
Costa Rica	8
Colombia	7
Trinidad y Tobago	4
Otros países	16

Base de membresía

La estructura de membresía de PriceMart a partir de 2024:

• Total de miembros activos: 2.1 millones
• Tasa de renovación de membresía anual: 85%
• Tarifa de membresía estándar: $ 50 por año
• Tarifa de membresía ejecutiva: $ 110 por año

Infraestructura de la cadena de suministro

Métricas clave de la cadena de suministro:

• Centros de distribución totales: 5
• Tasa de facturación de inventario anual: 10.2 veces
• Tamaño promedio del almacén: 52,000 pies cuadrados
• Porcentaje de importación directa: 42% de la mercancía total

Sistemas de gestión de inventario

Detalles de la infraestructura tecnológica:

• Sistema de seguimiento de inventario en tiempo real
• Plataforma de análisis predictivo avanzado
• Inversión tecnológica anual: $ 8.3 millones
• Software de gestión de inventario patentado

Equipo de gestión

Posición	Años con la empresa
CEO	12 años
director de Finanzas	8 años
Oficial de Operaciones	10 años
Tenencia ejecutiva promedio	9.3 años

PriceMart, Inc. (PSMT) - Modelo de negocio: propuestas de valor

Compras a granel a precios competitivos

PriceMart ofrece compras a granel con ahorros promedio de 20-30% en comparación con los precios minoristas tradicionales. A partir del cuarto trimestre de 2023, la compañía mantuvo 49 clubes de almacén de membresía en América Latina y el Caribe.

Métrico	Valor
Descuento masivo promedio	20-30%
Número de clubes de almacén	49
Cobertura geográfica	América Latina y Caribe

Amplia gama de productos de alta calidad

PriceMart ofrece aproximadamente 4,000-5,000 SKU por club de almacén, con categorías de productos que incluyen:

• Electrónica
• Comestibles
• Artículos para el hogar
• Vestir
• Productos frescos

Modelo de ahorro basado en membresía

A partir de 2024, PriceMart mantiene la siguiente estructura de membresía:

Tipo de membresía	Tarifa anual	Miembros estimados
Membresía básica	$50	Aproximadamente 1.5 millones
Membresía comercial	$75	Aproximadamente 250,000

Experiencia de compra única

PriceMart genera ingresos anuales de aproximadamente $ 4.2 mil millones (2023 año fiscal), con un tamaño promedio del club de almacén de 50,000-55,000 pies cuadrados.

Calidad y disponibilidad consistentes del producto

PriceMart mantiene una cartera de productos de etiqueta privada que representa aproximadamente el 15-20% de las ventas totales, con Tasa de llenado de inventario del 99.5%.

Métrica de calidad	Actuación
Porcentaje de ventas de etiquetas privadas	15-20%
Tasa de llenado de inventario	99.5%
Ingresos anuales	$ 4.2 mil millones

PriceMart, Inc. (PSMT) - Modelo de negocio: relaciones con los clientes

Programas de fidelización de membresía

PriceMart opera un modelo de negocio basado en la membresía con 1,386,000 miembros activos al 30 de noviembre de 2023. Las tarifas anuales de membresía son $ 55 por membresía individual. La tasa de renovación es de aproximadamente el 86.5% en sus ubicaciones internacionales de Warehouse Club.

Tipo de membresía	Tarifa anual	Miembro Count
Membresía individual	$55	1,386,000
Membresía comercial	$55	Datos no revelados

Compromiso directo del cliente a través de plataformas digitales

PRICESSMART mantiene la participación digital a través de:

• Aplicación móvil con seguimiento de inventario en tiempo real
• Sitio web con capacidades de compra en línea
• Canales de redes sociales en 12 países de operación

Experiencia de compra personal

PriceMart opera 47 ubicaciones de Warehouse Club en 12 países de América Latina y el Caribe a noviembre de 2023. El tamaño promedio de la tienda es de aproximadamente 45,000 pies cuadrados.

Centros de apoyo al cliente

PRICEDMART mantiene los centros de atención al cliente en:

• Miami, Florida (sede corporativa)
• Centros de apoyo locales en cada país operativo

Comunicación regular a través de boletines y promociones

PRESPRESMART GENERA $ 4.48 mil millones en ingresos anuales a través de comunicaciones de marketing específicas. Presupuesto de marketing digital estimado en 3.2% de los ingresos totales.

Canal de comunicación	Frecuencia	Alcanzar
Boletines por correo electrónico	Quincenal	1,386,000 miembros
Notificaciones de aplicaciones móviles	Semanalmente	Usuarios de aplicaciones registradas

PriceMart, Inc. (PSMT) - Modelo de negocio: canales

Ubicaciones de Warehouse Club

A partir de 2024, PriceMart opera 47 ubicaciones de Warehouse Club en América Latina y el Caribe. Estas ubicaciones están ubicadas estratégicamente en 12 países, incluidos:

• Colombia
• Costa Rica
• El Salvador
• Guatemala
• Honduras
• Nicaragua
• Panamá
• Trinidad y Tobago

País	Número de ubicaciones
Colombia	9
Costa Rica	7
Panamá	6
Otros países	25

Plataforma de comercio electrónico en línea

PriceMart lanzó su plataforma de comercio electrónico en línea en mercados seleccionados. A partir de 2024, la plataforma digital cubre aproximadamente el 35% de sus territorios operativos, con Ventas digitales que representan el 4.7% de los ingresos totales de la compañía.

Aplicación móvil

La aplicación móvil de la compañía se ha descargado 276,000 veces en tiendas de aplicaciones latinoamericanas. Usuarios mensuales activos de la plataforma móvil: 82,000.

Representantes de ventas directas

PriceMart emplea a 1.237 representantes de ventas directas en sus territorios operativos. Estos representantes se centran en:

• Adquisiciones de membresía comercial
• Ventas corporativas
• Compromiso institucional del cliente

Centros de llamadas de servicio al cliente

La compañía mantiene 5 centros de llamadas de servicio al cliente ubicados en:

• Ciudad de Panamá, Panamá
• San José, Costa Rica
• Bogotá, Colombia
• Ciudad de Guatemala, Guatemala
• San Salvador, El Salvador

Representantes de servicio al cliente total: 412 Tiempo de resolución de llamadas promedio: 7.2 minutos

PriceMart, Inc. (PSMT) - Modelo de negocio: segmentos de clientes

Consumidores de clase media en América Central

PriceMart atiende a aproximadamente 1,4 millones de miembros en 12 países de América Central y el Caribe. El ingreso familiar promedio para clientes objetivo varía de $ 20,000 a $ 50,000 anuales.

País	Miembro Count	Ingresos familiares promedio
Costa Rica	215,000	$35,000
Panamá	180,000	$42,000
República Dominicana	165,000	$28,000

Propietarios de pequeñas empresas

Los segmentos comerciales dirigidos incluyen:

• Restaurantes
• Tiendas minoristas
• Pequeñas empresas de hospitalidad
• Proveedores de servicios locales

Aproximadamente el 45% de las ventas B2B de PriceMart provienen de clientes de pequeñas empresas, que representan aproximadamente $ 180 millones en ingresos anuales.

Compradores institucionales

PRUEPESMART atiende a varios clientes institucionales que incluyen:

• Agencias gubernamentales
• Instituciones educativas
• Instalaciones de atención médica
• Organizaciones sin fines de lucro

Segmento institucional	Porcentaje de ventas	Volumen de compra anual
Gobierno	22%	$ 88 millones
Cuidado de la salud	15%	$ 60 millones
Educación	8%	$ 32 millones

Familias que buscan opciones de compra a granel

La membresía familiar promedio representa el 60% de la base total de membresía, con aproximadamente 840,000 miembros orientados a la familia en los mercados.

Compradores conscientes de los precios

El grupo demográfico objetivo incluye a los consumidores que buscan valor, con el 75% de los miembros que citan el precio como motivación de compra principal. El miembro promedio ahorra aproximadamente 25-30% en comparación con los precios minoristas tradicionales.

Categoría de comprador	Porcentaje de membresía	Ahorros anuales promedio
Consciente del presupuesto	65%	$1,200
Valorado por valor	25%	$900
Buscadores de valor de primera calidad	10%	$1,500

PriceMart, Inc. (PSMT) - Modelo de negocio: Estructura de costos

Mantenimiento de bienes raíces y almacén

A partir del año fiscal 2023, PriceMart operó 47 clubes de almacenes de membresía en varios países. Los gastos anuales de mantenimiento de bienes raíces y instalaciones totalizaron $ 58.3 millones.

Categoría de gastos	Costo anual ($)
Alquiler de almacén	34,500,000
Mantenimiento de la instalación	23,800,000

Costos de adquisición de productos

El costo total de los bienes vendidos (COGS) para PriceMart en el año fiscal 2023 fue de $ 3.94 mil millones.

• Costo promedio de adquisición por producto: $ 12.45
• Relación de facturación de inventario: 11.3 veces al año
• Términos de pago promedio del proveedor: 45-60 días

Salarios y beneficios de los empleados

Los gastos totales de personal para el año fiscal 2023 alcanzaron $ 245.6 millones.

Tipo de gasto	Costo anual ($)
Salarios base	185,300,000
Beneficios de atención médica	32,600,000
Contribuciones de jubilación	27,700,000

Inversiones de tecnología e infraestructura

La tecnología y las inversiones en infraestructura digital en 2023 totalizaron $ 22.7 millones.

• Desarrollo de la plataforma de comercio electrónico: $ 8.5 millones
• Sistemas de gestión de almacenes: $ 6.2 millones
• Infraestructura de ciberseguridad: $ 4.3 millones
• Herramientas de análisis de datos: $ 3.7 millones

Gastos de marketing y adquisición de clientes

Los gastos de marketing para el año fiscal 2023 fueron de $ 37.9 millones.

Canal de marketing	Gasto anual ($)
Marketing digital	15,600,000
Publicidad tradicional	12,300,000
Eventos promocionales	7,200,000
Programas de fidelización de clientes	2,800,000

PriceMart, Inc. (PSMT) - Modelo de negocio: flujos de ingresos

Tarifas de membresía

Tarifa de membresía anual: $ 55 por membresía individual

Tipo de membresía	Tarifa anual	Totales miembros (2023)
Membresía individual	$55	1,500,000
Membresía comercial	$110	250,000

Marcado de ventas de productos

Porcentaje de marcado promedio: 12-15% en todas las categorías de productos

Categoría de productos	Porcentaje de marcado	Ingresos anuales (2023)
Comestibles	12%	$ 750 millones
Electrónica	15%	$ 450 millones
Artículos para el hogar	14%	$ 350 millones

Venta de productos de etiqueta privada

Contribución del producto de etiqueta privada a los ingresos totales: 8-10%

• Ventas totales de etiqueta privada en 2023: $ 280 millones
• Número de Skus de etiqueta privada: 500
• Margen promedio del producto de etiqueta privada: 18-22%

Ventas corporativas e institucionales

Ingresos de ventas corporativas para 2023: $ 125 millones

Segmento de ventas	Ingresos anuales	Índice de crecimiento
Ventas de pequeñas empresas	$ 75 millones	7.5%
Ventas institucionales	$ 50 millones	5.2%

Servicios y ofertas de valor agregado

Flujos de ingresos adicionales de los servicios complementarios

• Ingresos de servicios de viaje: $ 15 millones
• Servicios financieros y seguros: $ 10 millones
• Ventas de garantía extendida: $ 8 millones

PriceSmart, Inc. (PSMT) - Canvas Business Model: Value Propositions

PriceSmart, Inc. delivers value by focusing on the 'Six Rights': right merchandise, right time, right place, right price, right condition, and right quantity. This core promise is what drives member loyalty, evidenced by a 90% renewal rate as of May 31, 2025, across its 1.97 million members.

The access to high-quality, imported, and local merchandise at low prices is directly supported by the company's private label strategy. Private label sales, under the Member's Selection brand, represented 28.1% of total merchandise sales for the full fiscal year 2025. This focus on offering value-priced alternatives without compromising quality helped support total net merchandise sales of $5.15 billion for fiscal year 2025.

Bulk-buying savings resonate strongly with the core customer base, including small businesses and middle-class families. The overall membership base is growing, with membership accounts increasing 6.2% year-over-year to total over 2 million as of August 31, 2025. Furthermore, the premium Platinum membership tier, which offers a 2% rebate on purchases (up to $500), has seen significant adoption, growing to 317,154 members as of May 31, 2025. This Platinum penetration now stands at 16.1% of the total membership base.

The curated product selection helps reduce decision fatigue for members shopping across PriceSmart, Inc.'s 56 warehouse clubs operating in 12 countries and one U.S. territory as of August 31, 2025. This curated approach is complemented by the integration of digital channels, where omni-channel members spend approximately twice as much as in-club only members. Digital channel sales grew 21.6% year-over-year in fiscal year 2025, making up 6% of total net merchandise sales.

Exclusive member services are layered on top of the core merchandise offering to enhance the annual membership value proposition. These services are available across the club network, making the membership fee stickier. You can see the reach of these key services below:

Value-Added Service	Number of Clubs Offering Service (as of late 2025)	Key Benefit Included with Membership
Optical Centers	54	Four free eye exams
Pharmacy Services	19 (expected in substantially all clubs in key countries by end of FY25)	Access to prescriptions and wellness products
Audiology Centers	30	Four free evaluations per membership

The commitment to providing these tangible benefits directly supports the recurring revenue model. The company's overall financial performance, with total revenues reaching $5.27 billion for fiscal year 2025, reflects this value resonance. The value proposition is also driven by the mix of merchandise available to members:

• Private label sales penetration: 28.1% of total merchandise sales for FY2025.
• Comparable net merchandise sales growth (constant currency): 7.5% for the 52 weeks ended August 31, 2025.
• Total PriceSmart warehouse clubs in operation: 56 as of August 31, 2025.
• Platinum members as a percentage of total membership: 16.1% as of May 31, 2025.

The growth in the higher-tier Platinum membership, which reached 317,154 members, shows that a segment of your customer base is willing to pay more for enhanced savings. Finance: review the Q1 2026 budget allocation for expanding audiology services to the remaining 26 clubs by the end of the fiscal year.

PriceSmart, Inc. (PSMT) - Canvas Business Model: Customer Relationships

You're looking at how PriceSmart, Inc. keeps its members coming back, which is the engine for their recurring revenue. The relationship is built on a tiered membership structure and a strong commitment to member retention, even as they push digital adoption.

The core of the relationship is the paid membership, which grants access to the warehouse clubs. While the historical tiers included Diamond and Platinum, the focus in late 2025 is clearly on the higher-value Platinum segment, which offers enhanced benefits. The company ended fiscal year 2025 with over 2.01 million membership accounts. Membership income for the fourth quarter of fiscal year 2025 hit $22.6 million, marking a 14.9% increase over the prior year period.

Here's a quick look at how the membership base is evolving as of the end of fiscal year 2025:

Metric	Value (Latest Reported 2025)	Context/Period
Total Membership Accounts	Over 2.01 million	As of Fiscal Year End August 31, 2025
Platinum Membership Penetration	17.9%	As of Q4 FY2025
Q4 FY2025 Membership Income	$22.6 million	Q4 FY2025
Total Warehouse Clubs in Operation	56	As of August 31, 2025

High-touch, in-club customer service remains foundational, delivered through the physical warehouse experience across its 56 operating clubs in 12 countries and one U.S. territory as of August 31, 2025. The strategy involves driving value through a 'carefully curated merchandise selection' and expanding in-club wellness services like optical, pharmacy, and audiology centers. For instance, by the end of fiscal 2025, management expected pharmacies to be in substantially all clubs in Costa Rica, Panama, and Guatemala, and El Salvador.

PriceSmart, Inc. is actively migrating relationship management toward digital self-service tools. This is where you see the real near-term growth focus. The digital channel is becoming a significant part of the member interaction:

• Digital channel sales reached $306.7 million in fiscal year 2025.
• This digital sales figure represents 6% of total net merchandise sales for the year.
• Digital channel sales grew 21.6% year-over-year for fiscal 2025.
• Orders placed directly through the website or app grew 22.4% in fiscal 2025.
• As of August 31, 2025, approximately 60.1% of members had created an online profile.
• 32.4% of the membership base has made a purchase on pricesmart.com or the app as of the fiscal year end.

The ultimate measure of relationship strength is loyalty, which PriceSmart, Inc. demonstrates through exceptionally high renewal rates. The 12-month membership renewal rate held strong at 88.8% as of the fourth quarter of fiscal year 2025. That number is defintely a key indicator of member satisfaction with the value proposition, even with the push toward digital adoption.

PriceSmart, Inc. (PSMT) - Canvas Business Model: Channels

You're looking at how PriceSmart, Inc. gets its goods and services into the hands of its members as of late 2025. The channel strategy is a blend of the traditional big-box experience and growing digital capabilities across Latin America and the Caribbean.

The core of the business remains the physical warehouse clubs. As of the end of fiscal year 2025, on August 31, 2025, PriceSmart, Inc. operated 56 warehouse clubs across 12 countries and one U.S. territory. This represented an increase from the 54 clubs operating at the same point in the prior year, August 31, 2024. Management has plans in place that, once executed, will bring the total to 59 clubs by late 2026.

The distribution of these 56 locations across the operating segments as of August 31, 2025, shows the geographic focus:

• Ten in Colombia.
• Nine in Costa Rica.
• Seven each in Panama and Guatemala.
• Five in the Dominican Republic.
• Four each in Trinidad and El Salvador.
• Three in Honduras.
• Two each in Nicaragua and Jamaica.
• One each in Aruba, Barbados, and the United States Virgin Islands.

The e-commerce platform, accessible via pricesmart.com and the mobile app, is a significant growth area. For the full fiscal year 2025, digital channel sales hit $306.7 million. That's a year-over-year increase of 21.6%. To put that in perspective, these digital sales accounted for 6% of the total net merchandise sales for the year. The engagement behind those numbers is also telling; orders placed directly through the website or app grew by 22.4% compared to the previous fiscal year, and the average transaction value for those online purchases rose by 3.7%.

Member adoption of the digital tools is climbing steadily. As of August 31, 2025, about 60.1% of the total membership base had successfully created an online profile. Furthermore, 32.4% of the membership base has actually completed a purchase on pricesmart.com or the mobile application. This shows the digital channel is moving past simple browsing to actual transaction completion.

PriceSmart, Inc. also supports its omnichannel strategy with services designed for convenience. The company utilizes Click-and-Collect (Buy Online, Pick-up In-Club) services, allowing members to order digitally and retrieve items at their local warehouse. Additionally, home delivery options are available, though these are selectively offered in certain markets where the logistics infrastructure supports it efficiently.

Here's a quick look at the Channel metrics as of the end of fiscal year 2025:

Channel Metric	Value/Amount	Period/Date
Total Physical Warehouse Clubs in Operation	56	August 31, 2025
Prior Year Club Count	54	August 31, 2024
Projected Club Count (Post-2026 Openings)	59	Planned for 2026
Digital Channel Sales	$306.7 million	Fiscal Year 2025
Year-over-Year Digital Sales Growth	21.6%	Fiscal Year 2025
Digital Sales as % of Total Net Merchandise Sales	6%	Fiscal Year 2025
Online Order Growth (Website/App)	22.4%	Fiscal Year 2025
Online Average Transaction Value Increase	3.7%	Fiscal Year 2025
Members with Online Profile	60.1%	As of August 31, 2025
Members Making an Online Purchase	32.4%	As of August 31, 2025

PriceSmart, Inc. (PSMT) - Canvas Business Model: Customer Segments

PriceSmart, Inc. targets a diverse base across its operating regions, which include Central America, the Caribbean, Colombia, and the United States, with a majority of revenue derived from Central America. The core value proposition of low prices on bulk/quality goods inherently appeals to two primary groups: household shoppers and business owners.

The customer base is segmented by purchasing power, loyalty tier, and business need. As of the end of fiscal year 2025 (August 31, 2025), PriceSmart, Inc. served 2.01 million membership accounts across its 56 warehouse clubs.

The key customer segments are:

• Middle-to-upper-income families in Central America, the Caribbean, and Colombia.
• Small-to-medium-sized businesses (SMEs) buying for resale or operations.
• Platinum members, a growing segment seeking enhanced rewards.
• Value-seeking consumers in emerging markets.

The growth in the premium tier and the adoption of digital channels highlight evolving member behavior within these segments.

Platinum Members: The Premium Segment

This segment represents the most loyal and highest-spending customers, attracted by enhanced benefits. Platinum members pay an annual fee of $80, compared to $40 for Diamond members. This tier has seen significant growth, indicating a strong appetite for enhanced rewards among PriceSmart, Inc.'s customer base.

Here's a look at the growth metrics for this premium segment as of late 2025:

Metric	Value (as of August 31, 2025)	Value (as of May 31, 2025)
Number of Platinum Members	360,605	317,154
Penetration of Total Memberships	17.9%	16.1%
Year-over-Year Growth in Members (Q4 FY25)	54.7%	N/A
Annual Fee	$80	$80

The focus on digital integration also targets these segments, as omni-channel members spend approximately twice as much as in-club only members. As of August 31, 2025, 60.1% of members had created an online profile, and 32.4% of the membership base had made a purchase on pricesmart.com or the app.

SME and Value-Seeking Consumers

The general membership base captures both SMEs purchasing for operations or resale and value-seeking consumers. The entire model is built on offering low prices, which is the primary draw for value-seeking consumers in emerging markets. The company's private label penetration reached 28.1% of merchandise sales for the fiscal year, which directly serves the value-seeking customer by offering lower-priced alternatives to national brands. The total net merchandise sales for fiscal year 2025 were $5.15 billion.

The geographic distribution of the customer base is reflected in the club count:

• Colombia: 10 warehouse clubs
• Costa Rica: 9 warehouse clubs
• Panama: 7 warehouse clubs
• Guatemala: 7 warehouse clubs
• Dominican Republic: 5 warehouse clubs
• Trinidad and El Salvador: 4 each
• Honduras: 3 warehouse clubs
• Nicaragua and Jamaica: 2 each
• Aruba, Barbados, and the United States Virgin Islands: 1 each

Finance: review the Q1 2026 membership projections against the FY2025 Platinum growth rate of 37% CAGR over five years.

PriceSmart, Inc. (PSMT) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive the PriceSmart, Inc. machine for the fiscal year ending August 31, 2025. Understanding this structure is key to seeing where the money goes before it hits the bottom line.

The single largest cost component, by far, is the inventory you move. Cost of Goods Sold (COGS) for PriceSmart, Inc. was reported at approximately $4.356 billion for Fiscal Year 2025. This number reflects the wholesale cost of the merchandise sold across the 56 clubs operating in 12 countries and one U.S. territory.

Operating expenses are heavily weighted toward the physical footprint and the people running it. While a precise, isolated figure for just club staff and logistics isn't broken out separately from the total Selling, General, and Administrative (SG&A) line, we know that compensation is a major driver of that total cost.

The Selling, General, and Administrative (SG&A) expenses for PriceSmart, Inc. represented 12.9% of total revenues for the full fiscal year 2025. With total revenues hitting $5.27 billion, this translates to an SG&A total of approximately $679.83 million. That percentage was slightly up from the prior year, largely due to strategic spending.

Here's a quick look at the major cost categories for FY 2025:

• Cost of Goods Sold (COGS): $4.356 billion
• Total SG&A Expenses: Approximately $679.83 million (12.9% of Revenue)
• Capital Expenditures (CapEx): $158.1 million

Growth requires investment, and that shows up in capital expenditures. For the year ended August 31, 2025, PriceSmart, Inc. spent $158.1 million on capital expenditures. This spending covered both maintaining the existing fleet of clubs and funding growth initiatives.

The investment in the future is also visible in technology spending. The company incurred costs related to growth and technology projects, such as the implementation of the RELEX and ALERA systems, totaling approximately $3.7 million for the full fiscal year 2025. These technology investments are aimed squarely at improving the supply chain efficiency and enhancing digital platforms.

To put the scale of the largest costs into perspective against the revenue base, consider this breakdown:

Cost Component	FY 2025 Amount	As Percentage of Total Revenue ($5.27B)
Cost of Goods Sold (COGS)	$4,356,000,000	Approximately 82.66%
SG&A Expenses	$679,830,000 (Calculated)	12.90%
Capital Expenditures	$158,100,000	Approximately 3.00%

The technology spend, while small compared to COGS, is a deliberate choice to drive down future operating costs. Finance: draft 13-week cash view by Friday.

PriceSmart, Inc. (PSMT) - Canvas Business Model: Revenue Streams

You're looking at the core ways PriceSmart, Inc. brings in money, which is pretty straightforward for a membership warehouse club. The model relies heavily on moving product, but the high-margin fees are what really sweeten the pot. Here's the quick math on the streams for the fiscal year ended August 31, 2025.

Net Merchandise Sales is the engine, plain and simple. This is the money coming directly from selling goods across the 56 warehouse clubs PriceSmart, Inc. operated as of the end of FY 2025. For the full fiscal year 2025, this primary stream totaled $5.15 billion.

The next major component is the high-margin, recurring revenue that comes from keeping members happy and signed up. Total revenues for the fiscal year 2025 were $5.27 billion. When you take the Net Merchandise Sales out of the Total Revenues, you are left with the combined income from membership fees and other services, which amounts to exactly $120 million for the full year ($5.27 billion minus $5.15 billion).

To give you a sense of the recurring nature of the membership stream, in the third quarter of fiscal year 2025 alone, Membership Income grew by 13.4% to reach $21.9 million. This high-margin income is crucial for covering fixed overhead.

The growth in the digital footprint is also a significant, though smaller, revenue stream now. Digital Channel Sales for the entire fiscal year 2025 reached $306.7 million, which was a 21.6% increase year-over-year. This digital revenue represented 6% of the total Net Merchandise Sales for the year.

Here is a summary of the key revenue components for the fiscal year ended August 31, 2025:

Revenue Stream Category	FY 2025 Amount	Notes/Context
Net Merchandise Sales	$5.15 billion	Primary revenue driver.
Total Other Revenue (Membership + Ancillary)	$120 million	Total of Membership Fee Income and Ancillary Services revenue.
Digital Channel Sales (Included in Net Sales)	$306.7 million	Represents 6% of total Net Merchandise Sales.
Membership Fee Income (Q3 FY25 only)	$21.9 million	Illustrates the high-margin, recurring component.

Revenue from ancillary services is embedded within the $120 million figure above, but the company continues to build out these value-adds to support membership retention. You can see the focus on these services in their club build-out plans:

• Optical centers are present in 53 locations as of Q1 2025.
• Pharmacy centers are established in all 8 clubs in Costa Rica, 5 in Panama, and 4 in Guatemala as of Q1 2025.
• PriceSmart, Inc. plans to have pharmacies in substantially all clubs in Costa Rica, Panama, Guatemala, and El Salvador by the end of fiscal 2025.
• Health services growth was noted at 15.5% in Q2 2025.

Honestly, the growth in digital sales shows they are adapting the pure warehouse model effectively. Finance: review the Q3 Membership Income growth rate against the full-year $120 million estimate by next Tuesday.