I recently had the opportunity to partner with Dan Fairbanks, GMM Private Brands at PriceSmart, to tell the story of PriceSmart and the Member’s Selection brand at the Velocity conference, as well as talk about the tradition and innovation that makes this retailer so great.
It’s always a pleasure to work with clients beyond our regular projects and to get to know companies on a deeper level. We’re well-acquainted with PriceSmart’s Member’s Selection brand story, but we hadn’t had the chance to dive deep into the history of PriceSmart and the man behind the name (It’s not just a clever name- PriceSmart is named after its founder Sol Price!). Presenting at the Velocity Global virtual conference gave me a chance not only to show the exciting work we do with PriceSmart, but also gave us the chance to dig into what makes PriceSmart a leading retailer in their regions.
PriceSmart has a winning pedigree as the legacy of Sol Price, who founded FedMart and Price Club (eventually merged with Costco) and pioneered the warehouse store model. It’s clear from working with Dan and the PriceSmart team that Sol’s core values of integrity, respect, accountability, passion, community, and continuous improvement live on. As of July 2020, PriceSmart operates 46 clubs in 12 countries and 1 U.S. territory, and more clubs are always on the horizon.
Sol Price’s core values are well represented in PriceSmart’s private brand, Member’s Selection. The brand MBD manage is wide-ranging and versatile, is known for its reliable top quality and value, and has become an integral part of many areas of members’ homes. In response, the design is flexible and premium while keeping the Member’s Selection brand front and center.
The brand and the regions it serves aren’t without challenges. PriceSmart’s home is central America and the Caribbean, and most PriceSmart members primarily speak Spanish or speak both Spanish and English. PriceSmart’s packaging must communicate all the information and benefits of a product in a clear and engaging way- and in two languages! PriceSmart’s members also come to the club expecting the feel of a US-based retailer and trust this to carry through the Member’s Selection brand. MBD ensure that the brand fulfills that expectation while appreciating the cultures and regions PriceSmart serves.