Global retail operation

PriceSmart is a members-only retail club with more than 30 membership clubs in Central America and the Caribbean and more than $3 billion in sales.

Responding to tremendous growth

Along with high quality groceries and fresh produce, PriceSmart offers brand name merchandise including electronics, computers, home appliances, office equipment, hardware, sporting goods, apparel, and more. Founded in 1976, PriceSmart has experienced tremendous growth in the past 15 years.

I appreciate Lockton because they understand our business. They’re proactive in helping us find solutions. And they help us make our business better."

- Atul Patel, PriceSmart Senior Vice President and Treasurer

More than just cost savings

At the beginning of that growth period in 2002, PriceSmart decided to revisit its risk management and insurance procurement processes. While the primary driver was to find a more cost-effective solution, they discovered a relationship with Lockton offered more than just savings.

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After Hurricane Irma and Hurricane Maria devastated the Virgin Islands in 2017 many businesses remained closed for months. PriceSmart, reopened their doors within five days. Read how Lockton helps PriceSmart prepare for risks associated with natural disasters for their members-only retail clubs.