PriceSmart records decline in sales in T&T market
Trinidad and Tobago was PriceSmart's least performing market in the Caribbean in 2016.
In its latest sales update, the international warehouse shopping company blamed the country's recession for its poor performance.
“The difficult economic environment resulted in a 5.0 percent decline in net warehouse sales compared to a year ago,” the company said.
Earlier this month, PriceSmart posted a notice at its branches advising shoppers that it was forced to limit the import of goods because of a shortage of US currency.
“Due to the shortage of available foreign currency in Trinidad, our ability to import merchandise has been limited and subsequently we are not able to offer our full selection of imported products. However, we are committed to stocking the range of imported products most frequently purchased by our members. We are working hard to find solutions until the foreign currency market improves,” the notice stated.
Overall, PriceSmart's Caribbean outlets recorded an overall dip of 2.3 per cent in warehouse sales.
Caribbean sales totaled US$203.9 million over three months ending November 30, 2016, down from US$208.6 million a year earlier.
PriceSmart operates 11 stores in the region, four in Trinidad, three in the Dominican Republic, one each in Jamaica, Barbados, Aruba and the US Virgin Islands.
PriceSmart also recorded a decline in sales in Barbados and the Dominican Republic; while Jamaica, The US Virgin Islands and Aruba recorded increases.
PriceSmart said it was not planning any more warehouse club openings for fiscal year 2017 but continues to explore other potential sites for future warehouse clubs in Central America, the Caribbean and Colombia.