Business View Magazine - November 2016

60 Business View Magazine - November 2016 the way we merchandise, to the way we transport it, to the way we handle it with the clubs. It’s always trying to figure out ways to reduce your cost of handling mer- chandise. If you can do that, then you can ultimately reduce your selling price.” And reducing those selling prices for the benefit of its members is a PriceSmart imperative, just as it was for Sol Price when he began the original Price Club back in the early 1970s. “There’s a story that reflects the way Sol felt about pricing merchandise and being a fiduciary for your customers,” Naylon recounts. “One of our buyers got a very good deal on a TV and was able to make a sig- nificantly higher profit margin than normal. When he went to tell Sol the good news he quickly found out Sol wasn’t at all pleased, as the lower cost should have been passed on to the customer. Sol’s whole point was, ‘How low of a price can I sell something, not how much money I can make on it.’ And that’s something that is a foundation of how PriceSmart operates today. It’s counter-intuitive to most retailers but it’s been a key ingredient in the recipe for our success.” PREFERRED VENDORS King Ocean Services - Internationally, King Ocean Ser- vices’ family of companies link cargo transportation throughout the Western Hemisphere, maintaining a network of ocean transportation services between its strategically located Florida ports - Port Everglades in Fort Lauderdale and Jacksonville - and 38 ports of call throughout Central America, South America, and the Ca- ribbean. Backed by more of thirty years of shipping ex