PriceSmart operates membership warehouse clubs across Central America, the Caribbean, and Colombia, with 56 clubs in 13 countries as of August 2025. The format mirrors the U.S. warehouse club model — members pay an annual fee to access bulk merchandise at low prices, including imported North American and international branded goods often unavailable through local retailers. PriceSmart's customer base includes both household consumers and small businesses, the latter served through a dedicated Business Membership tier. PriceSmart has two membership tiers: a standard Diamond or Business membership at $40/year and a Platinum tier at $80/year that includes a 2% purchase rebate. Platinum accounts grew from roughly 12% to 18% of the membership base in FY25 and tend to drive higher spending and renewal rates. PriceSmart's revenue is split between merchandise sales (the large majority) and membership fees. Merchandise gross margins are thin, consistent with the warehouse club model, while membership fees — though small relative to merchandise sales — contribute disproportionately to operating income. PriceSmart sources roughly half its merchandise internationally, routing it through free trade zone facilities in Miami and Costa Rica, and is expanding in-country distribution to lower landed costs. Growth is focused on new club openings (targeting Chile as a potential new market), expanding health and wellness services, growing its Member's Selection private label brand, and scaling its digital channel, which reached $307M in FY25. Notably, PriceSmart faces no direct competition from U.S. warehouse club operators in any of its current markets.