PriceSmart is wise in the ways of members-only club retailing. The retailer runs about 30 membership stores under the PriceSmart name in about a dozen countries and one US territory in Latin America and the Caribbean. It sells low-cost food, pharmacy, and basic consumer items. In each store, nearly half of the merchandise comes from the US, and the other half is sourced locally. In-store services include auto/tire centers, banking, and photo developing. PriceSmart stores are typically smaller than wholesale clubs in the US, averaging about 50,000-85,000 sq. ft., and the membership fees average about $25. PriceSmart was founded in 1976 by father-and-son team Sol and Robert Price.