Ted Wallace played a key role in the development and operation of The Price Company, the original membership warehouse retailer. He was the first warehouse manager at the original location in San Diego. The Price Company grew from one store to a chain with sales in excel of 7 billion dollars. Ted rose to Executive Vice President responsible for operations and subsequently became Chief Operating Officer-East Coast with bottom line profit responsibility for 30 warehouses with sales exceeding 3 billion dollars. From 1988 to 1993 he was a member of The Price Company board of directors.
Following the merger with Costco Ted became an Executive Vice President of PriceCostco overseeing international operations.
After the dissolution of PriceCostco and the formation of Price Ventures, Ted became the Chief Executive officer and led the team that developed the business model which ultimately became Pricesmart, designing and building franchised warehouse clubs in China, Indonesia, Philippines, Saipan and a joint venture in Panama.