NEW YORK, January 24, 2013 /PRNewswire/ -- PriceSmart, Inc. (NASDAQ:PSMT) [ Full Research Report] (1) is tagged as the Caribbean Costco after establishing a stronghold for its brand in Central and South America. From being a timid spin-off to a 30-strong warehouse club, PriceSmart has the bragging rights to be a big name where it operates. While there is a lot of competition in the market, the company's recent surprise to analysts are figures that show the sum of it all. PriceSmart is relatively young in the industry, but it has a lot of potential. The company's gains have exceeded expectations after raking in 11.8% of increased sales and 20% of additional membership income. Investors have been particularly bullish about the company's growth story, and an important thing to note when assessing PriceSmart is the key markets that the company continues to penetrate. Analysts are expecting Central and South America to be bright spots this year and beyond. The company recently entered Colombia, South America's third largest economy, where the market is expected to be bigger than the markets in Costa Rica and Panama. By focusing on Colombia and Costa Rica, it's not hard to conclude that PriceSmart has more growth stories to share. The company does have a lot of potential to be the next Costco, but it is better for PriceSmart to be plainly PriceSmart. Regardless of owning up to its reputation, it obviously has the upper-hand in its markets. With an impressive renewal rate of 86% and a membership income of 20%, PriceSmart is a trusted brand that is preferred by households. The most important decision that PriceSmart and its executives should make is expansion. By expanding their operations in markets where doing business is looking bright, PriceSmart can truly seize the market and seize the day.