Joeten Enterprises has operated Price Costco under a sub-license from Pricesmart Inc. since Dec. 1994. The right to use the trademark name expires this year, though the license agreement with Pricesmart stays in place until 2021.
“Although the name of Saipan’s Price Costco has changed, there will be no change in ownership, nor management’s commitment to bring our customers the same quality merchandise from the States at very competitive prices,” said Annie T. Sablan, president and chief executive officer of Joeten Enterprises.
Joeten Development Inc., a wholly owned subsidiary of Joeten Enterprises Inc., built the warehouse club store on Saipan and held a grand opening on May 5, 1995.
Jason Sablan, general manager of Joeten Superstore, said, “With the name change, customers can expect to see a renewed enthusiasm from management and staff as we continue to provide customers with the best shopping experience in the islands.”
He said the name change was an evolution of the relationship with Pricesmart that represents positive retail growth for the Joeten group of companies and for Saipan.
In conjunction with the name change to Joeten Superstore, Sablan announced a two-day celebration sale for Friday and Saturday, Dec. 11 and 12.
Sablan said this is a special departure from normal business for the store, which already offers large discounts built into regular pricing.
Joeten Superstore will have blanket discounts on certain departments, such as 20 percent off watches, 15 percent off housewares and 10 percent off office supplies. The store will also have giveaways, balloons for children and a food fair.
Joeten Enterprises is a diversified company, based in Saipan, which owns and operates businesses throughout the Mariana islands.
They include supermarkets, a department store, a warehouse retail store, hardware stores, car dealerships, automotive parts and services stores, a construction and concrete supply company, sporting goods stores, a clothing boutique.
Joeten Enterprises also has significant holdings in hotels, insurance, financing, real estate and shipping.
Joeten Enterprises, which celebrated its 60th anniversary in 2009, prides itself as perhaps the largest contributor year after year to charitable causes in the Northern Marianas.
The company began in 1949 when Jose Camacho “Joeten” Tenorio and his wife, Soledad Duenas “Daidai” Takai, opened a small mom-and-pop store in Chalan Kanoa, Saipan.
