PriceSmart owns and operates U.S.-style membership shopping warehouse clubs in Latin America and the Caribbean, selling high quality merchandise at low prices to PriceSmart members and providing fair wages and benefits to PriceSmart employees. PriceSmart was pioneered by Sol and Robert Price, founders of The Price Club.

The PriceSmart warehouse clubs sell basic consumer goods to both individuals and businesses, with an emphasis on quality and low prices. Goods are typically composed of approximately 50% U.S.-sourced merchandise and 50% locally-sourced merchandise and include brand-name and private label items. The warehouse clubs are smaller in size than their U.S. counterparts, and are located in urban areas to take advantage of dense populations. An average annual fee of $25 is charged for membership. PriceSmart also offers online shopping to its members in Costa Rica and Guatemala.

PriceSmart now operates 26 warehouse clubs in 11 countries and one U.S. territory (five in Costa Rica; four in Panama; three each in Guatemala and Trinidad; two each in Dominican Republic, El Salvador, Honduras; and one each in Aruba, Barbados, Jamaica, Nicaragua and the United States Virgin Islands).