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A Community Owned GroceryStore (and more!) on Phillips
Avenue is Possible
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What were asking the City to do
Retain ownership of Renaissance Shopping Center
in order to nurture a community-owned grocery
store and other community-based enterprises.
Eventually, sell the Center to a democratically
governed community group that will operate it for
the benefit of the community.
But, it all starts with the grocery store
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A Full Service CooperativeGrocery Store
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can stock the same items astraditional grocery stores.
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They have sizable dairy
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and meat departments.
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And plentiful.
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fresh bakery, made-to-order sandwiches,
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hot bar service,
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and ready-made goods
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provide quick, healthy food options.
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A co-op creates a welcoming environment
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both inside
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and out.
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Its the members of the co-op who decide:
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what types of foods,
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and services the co-op should provide.
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The grocery store is
financially viable.
Independent Market Study Analysis andFinancial Projections Show:
The store will gross about $4 million per year It will be profitable within the first year
It will be able to pay back all loans within 10 years.
It will need to capture only 5% of the current market
share of the area, which is quite doable
It will provide at least 20 good jobs.
Those over 30 hours/week include health benefits.
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Leasehold Improvements (lighting, walls etc.)
+ Equipment (refrigeration, shelving, POS system)
+ Inventory
+ Professional Fees (architects, designers)
+ Staffing Before Opening Day
+ Working Capital
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= $2.05 Million Grand Total
How much will it cost to
get it up and running?
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Where will the money come from?Community $100K Co-op memberships (1000 @ $100 each)
$300K Loans from community members (100 @ $3kavg.)
$23.5K Grassroots fundraising
Foundations $120K Grants
Government $600K Greensboro Economic Development Loan
$100K Greensboro Economic Development Grant
$290K Federal Grants (USDA, SBA, Block Grants)
Loans $315K CDFI & Cooperative Funding Sources
$200K Regional Commercial Bank
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$2.05 Million Grand Total
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We are 8 months into a process
leading to a June 2014 Opening Day
June August December January February May December March June
2012 2013 2014
Exploratory
mtg. w/
City Staff
RCC formally
established &
officers elected.
1.
Field Trip to
Company Shops
Market
Store
Opens
Financial analysis
Complete
Formal proposal
to City Council
Fundraising
Coordinator
Hired
Reach 1000
Memberships
$1.9M in funds
in hand or
committed
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Our store will create jobs and
community wealth
Our store will put $2 million dollars of wages and benefits
into THIS community over the first three years.
Each and every year, an estimated $50-$100K in profit willbe returned to THIS community (after the first year ramp
up.)
Community ownership means:
more jobs, higher wages, better prices
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Our store will create community health
Our store will stock the healthy food products THIScommunity wants at prices people can afford.
Our store will have gathering and teaching space for THIS
community.
Our store will be a welcoming, attractive and inspiring
heart ofTHIS community.
Community ownership means:
A true community renaissance
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Whos in charge? We are!
We need to:
Give input about how we want our store to operate
Show our support by buying a one-time membership
Learn more about the business
Community ownership means:
Were all responsible.
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Learn more about the
financing and operations.
Well see you on
Wednesday, March 6, 2013
at McGirt Horton Library(2509 Phillips Avenue)
at 7pm
Co-ops are democratic and transparent.
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Special thanks to
Weaver Street Market
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& Company Shops Market.
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Renaissance Community Co-op
PO Box 13531
Greensboro, NC 27415