Co-op Reaches Expansion Investment Goal

The Co-op’s investment campaign “Together We Grow” has reached its goal, raising $1.5 million to build a bigger store. The Co-op launched the fundraising effort a month and a half ago at its annual meeting.

“We’re blown away by the Co-op support that we’ve seen. It’s a clear demonstration of the fact people want to see this new store happen—and as soon as possible—because we reached our goal on time,” General Manager Matt Stanley said.

Almost 200 locals invested. The preferred shares investment offering was available to Oregon residents who are owners of the Co-op, a consumer owned cooperative. A team of volunteers mailed letters and called potential investors. The Co-op also maintained regular communications about the campaign progress via email and social media.

“We think it’s important to put money toward things that will create a meaningful future for our children and the Co-op not only provides healthy food for them but also a community around food and we really want to be a part of that,” Investor Megan Oien said.

Even though the investment campaign is officially over, the Co-op has more shares available for those who still want to invest. The more money kept local, the less the Co-op will need additional bank financing to make the project happen.

The Co-op will now focus on completing the design, going through a land use approval process, and working to keep the project moving forward as fast as possible.

The Co-op plans to build a new store at 23rd and Marine Drive in Astoria that’s about four times bigger than the store’s current location at 14th and Exchange. Double-digit growth in the last five years has led the Co-op to seek more space. The new store will have a larger deli, fresh meat & seafood, a wider selection of organic and local produce, and more parking.

The Co-op, formerly known as the Community Store, has been in Astoria since 1974. The number of Co-op owners recently topped 4000. About 80% of the Co-op’s shoppers are owners, but it is not a requirement to shop. The Co-op welcomes all shoppers and is hoping to expand its shopper-base even more with the new store.

4 thoughts on “Co-op Reaches Expansion Investment Goal

  1. So happy to make a dream reality! Congratulations to staff, the board of directors and all the Co-op members. Can’t wait to see the new store.

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