I am very happy to participate this morning with all of you in the inauguration of a new PriceSmart store in Managua. When I arrived to Nicaragua one month ago, one of my first errands was to purchase a PriceSmart membership, as I was told that it offered everything from frozen blueberries to almond butter, and that its “queques” were especially famous.
Twelve years ago, PriceSmart brought a new style of shopping to Nicaragua. For the first time, Nicaraguan consumers had the opportunity to experience shopping in a membership-based warehouse club, as do their neighbors in Central America and the United States.
Since PriceSmart opened its doors in 2003, it has become a recognized brand not only in Managua, but to shoppers throughout country who come to Managua for the experience. I love PriceSmart because of the convenient one-stop shopping it offers.
I feel very pleased that a U.S. company is doing so well in Nicaragua and is able to bring so much to the Nicaraguan consumer. The fifteen million dollars that PriceSmart invested in the construction of this new store reflect the PriceSmart commitment to Nicaragua, and the Nicaraguan public has embraced this company and its way of doing business. Nicaraguan consumers and employees appreciate PriceSmart’s corporate values of solid corporate governance, sound business ethics, environmental protection, job security and social responsibility, making them a leader in the Nicaraguan business sector.
In this regard, it is worth highlighting that PriceSmart, with its store already in operation in Managua and the one we are inaugurating today, provides jobs to hundreds of Nicaraguans, thus contributing to the Nicaraguan economy. Similarly, PriceSmart is doing excellent work with the “Aprender y Crecer” (Learning and Growing) program, which last year donated fifty-five thousand dollars (US$55,000) in learning materials to children and teachers in twelve public schools, enhancing their educational experience.
I congratulate PriceSmart for the opening of this new store and I wish it continuing success. I am sure I will see many of my colleagues from the Embassy happily shopping at the new store.