Now Live : 2025 Global Most Loved Workplaces® — See the Top 100 Companies
The 2025 America’s Top 100 is live. See the list →
The 2025 America’s Top 100 is live. See the list →
Ladies and gentlemen, it’s time for another captivating installment of The Leader Show with Lou Carter. Today, we are joined by David Price, an Executive Vice President at PriceSmart, a public company that operates membership warehouse clubs in the Caribbean, Central America, and South America.
In this highly insightful episode, Mr. Price discusses the firm’s employee-centric approach, internal growth, diversity, and a lot more. So, without any further delay, let’s find out what makes PriceSmart a Most Loved Workplace®.
Firstly, Lou and David delve into what makes PriceSmart a “Most Loved Workplace.” The former is interested in the measures that PriceSmart has taken to earn this title, and he asks David to elaborate on what an “employee-focused culture” means in his company.
In response, David explains that since the inception of the first Price company, Fed Mart, in 1954, its priority has been putting employees first. This involves offering competitive salaries and generous benefits in all markets they operate in, ensuring access to quality healthcare, and providing opportunities for employees to grow professionally as the company grows.
PriceSmart emphasizes hiring from within the company and offers competitive equity components in compensation packages for management levels. David believes that when employees are treated well and are passionate about their work, it results in well-treated customers and a positive experience for members. Maintaining this employee-first approach has been the company’s commitment since its foundation.
Next, Lou asks David about the origins of PriceSmart’s customer-centric ecosystem and what inspired his family, including his grandfather and father, to create such an environment.
David mentions that his grandfather, initially a lawyer for retail companies, believed he could better manage a retail business himself and thus founded Fed Mart. From the outset, his grandfather recognized the importance of employee growth alongside the company’s, understanding this to be key in ensuring a positive customer experience. This belief continued to guide company culture even as Price Club was established, a legacy that continues to this day in companies like Costco, which is considered a ‘cousin’ company.
Because PriceSmart operates on a membership model, ensuring the trust and satisfaction of its members is paramount. The company aims to provide a high-quality, trustable experience with competitive prices and a generous return policy. Since customers pay a membership fee even before purchasing any merchandise, PriceSmart is committed to upholding its brand value proposition to guarantee its members’ satisfaction and encourage a renewal of its membership.
Moving on, Lou discusses the correlation between an enjoyable work environment and positive customer experiences, particularly in member-based models like PriceSmart. He asks David how this concept applies to his company and what measures they take to ensure a fulfilling environment for its employees and members.
David describes PriceSmart as an operations-driven company. He emphasizes the operations team’s crucial role, who interact directly with its members daily, in providing exceptional customer service. This passionate and dedicated team serves as the heart of its operations, and all other company divisions are oriented towards supporting them and, by extension, serving its members.
Additionally, he shares that many on the team have been with the company for several decades, starting in entry-level positions and progressing into managerial roles. Price lauds the high level of commitment and passion shown by these team members, which he believes significantly contributes to the positive experience. This approach reflects PriceSmart’s dedication to a servant-oriented leadership model that prioritizes its members’ needs.
After that, Lou expresses admiration for the long-term commitment of the PriceSmart team. He then asks David about how the personal values of these employees align with PriceSmart’s vision and values, given the longevity of its tenure.
David states that the long-standing members of its team have dedicated their lives to upholding the company’s values and business model. He points out that these individuals are deeply involved with the company and actively participate in its local communities, contributing to volunteer activities that PriceSmart supports. This includes programs like its Aprender y Crecer and a school and book supply initiative for local elementary schools.
Price asserts that this engagement with the community demonstrates its commitment to the company and its members and to being good corporate citizens and stewards in its local communities. This engagement with the community further strengthens the bond between employees and the company, as they share a collective commitment to service beyond their professional duties.
Next, the speakers delve into PriceSmart’s upskilling program, as Lou wonders if they are also emerging markets for the company.
David elucidates that they’ve been operating in these markets, like Honduras, for over 20 years. Rather than directly conducting these youth workforce development programs, PriceSmart aims to find and invest in local organizations with strong community ties.
Its contribution is not only financial; it also offers internships to the young adults participating in these programs and, in some instances, hires them. It further supports small and medium-sized businesses by selling its products in its stores.
Lou likes PriceSmart’s approach to a global ‘Shark Tank,’ helping to promote and fund entrepreneurs, especially female entrepreneurs. In response, Price emphasizes that these initiatives are primarily philanthropic and aimed at investing in the community rather than for PriceSmart’s direct benefit.
Even though it provides internships and job opportunities, it encourages individuals to explore opportunities elsewhere as well. The main goal is community empowerment, regardless of whether the individuals work at PriceSmart or not.
Moving on, Carter and Price discuss how PriceSmart nurtures talent within the company by offering growth and leadership development opportunities.
The latter shares that PriceSmart prioritizes internal talent for new roles, either within the same team or across departments. It sees the value in cross-functional experiences as it can help cultivate a well-rounded skill set essential for future leadership roles. He provides examples of individuals who have ascended to senior managerial or executive positions, having started with entry-level roles.
Importantly, Price notes that beyond opening up job prospects, the company is committed to providing professional development opportunities for its employees. This encompasses both soft skills, such as leadership and communication, and technical skills, like data analytics and financial acumen.
Recognizing the increasingly complex and hybrid nature of today’s work environment, PriceSmart is also working on preparing its leaders to thrive in multiple countries, across different time zones, and in both office and remote setups.
Carter underscores how attractive this proactive development approach is, not just for existing employees but also potential recruits. Price agrees and states the importance of mapping out clear career paths for his employees.
Halfway through, Lou and David steer the discussion towards the importance of diversity at PriceSmart.
David mentions that diversity is integral to the company’s DNA due to its presence in many unique and distinct countries. From Trinidad to Guatemala to Colombia, each location brings something important to the table from the perspective of members and employees. He highlights that some of PriceSmart’s most talented employees have emerged from these diverse cultural backgrounds.
David further explains that while PriceSmart is headquartered in the United States, most of its employees (approximately 9,500 out of 10,000) work outside the US. These employees bring a mix of English and Spanish language skills, adding to the company’s cultural richness.
On that note, he mentions that ensuring all his leaders and employees possess cultural awareness is crucial. Acceptance, tolerance, and embracing various cultures are vital, not only because of their diverse workforce but also because they all work together to serve their members.
David also sheds light on the core elements of PriceSmart’s corporate culture. The three main pillars he highlights are kindness, efficiency, and a focus on member interests.
He describes PriceSmart as a “kind company” where people enjoy working and treat each other well. In addition to this positive and welcoming atmosphere, PriceSmart has a “get it done” culture that values efficiency and eschews unnecessary expenses. This reflects its warehouse business model and commitment to offering its members the best prices.
A key part of this efficiency is to be a fiduciary for the member, meaning employees are tasked with representing the member’s best interests. This means any decision made or action taken should always be in favor of the member, even if a mistake is made. The idea is to always do what is best for the member, learn from errors, and use those experiences to improve systems and processes.
Lastly, David highlights the career opportunities at PriceSmart and how interested individuals can learn more about the company. He reiterates the importance of his employees, asserting that they are PriceSmart’s most valuable asset. Plus, he notes that they aim to provide meaningful employment opportunities for growth and fulfilling work.
For those considering a career at PriceSmart, Price advises them to check out the company’s LinkedIn page and its website, www.pricesmart.com. Those from the investor community can visit www.investors.pricesmart.com. Information about the company’s philanthropic work can be found at www.pricesmart.org.
Price also mentions that PriceSmart is particularly growing in the area of technology, an area he manages. He invites interested individuals to reach out and explore opportunities online, indicating a warm welcome to potential new team members.
Lou and David go into much greater detail throughout this conversation.
Thank you for listening!
