PriceSmart, Inc (Nasdaq: PSMT) (www.pricesmart.com) has entered into a Master Lease Agreement providing Payless ShoeSource, Inc (NYSE: PSS), the US-based family footwear retailer, the option to open locations adjacent to most of PriceSmart's warehouses.

This agreement is in step with the Central America and Caribbean rollout announced by Payless earlier this year. PriceSmart has already built-out and leased to Payless 2,700 sq ft at its Zapote, Costa Rica warehouse. The Payless ShoeSource store opened there December 1.

"Because of PriceSmart's draw, anything you locate next to it is going to be a great success. This Payless store just opened and already it is performing at very exciting levels. Sales at this location are exceeding expectations," said Edgar Zurcher, Payless Central American lead joint venture partner and PriceSmart, Inc board member.

PriceSmart currently operates seventeen membership-shopping warehouses in the Central American and Caribbean region: Panama (4), Costa Rica (3), Guatemala (2), Dominican Republic (3), El Salvador (2), Honduras (2), Trinidad & Tobago (1). PriceSmart also licenses five warehouses in China and one warehouse in Saipan, Micronesia. The total number of PriceSmart membership accounts in the Central American and Caribbean region are more than 430,000 representing approximately 752,000 shoppers.

About PriceSmart
PriceSmart, based in San Diego, is a volume-driven merchandise and services provider, delivering quality, value and low prices to the rapidly emerging consumer class in Central America, the Caribbean and Asia.