SAN DIEGO — The Price Co. and a Montreal-based retail chain have created a joint venture that will open a Price Club warehouse store in Montreal or Toronto in early 1986, company officials said Wednesday.
"We'll open one, take a look at it and see how it goes," said Steinberg Inc. spokesman Douglas R. Long. "Then we'll decide whether or not to go with other (locations)."
Steinberg and San Diego-based Price Co. will each own half of the joint venture, said Long, who added that Pierre Migneault, previously a vice president of corporate development with Steinberg, was appointed as president and chief executive of the joint venture.
Price Co. is the second U.S.-based warehouse store operator to enter the Canadian market. Earlier this month, Seattle-based Costco opened a store in Vancouver, British Columbia.
Steinberg, which reported net income of $13 million and revenues of $901 million for the third quarter ended April 13, operates retail and grocery store chains in Canada's eastern provinces.