The Co-op’s investment campaign “Together We Grow” has raised $1.2 million as of Thursday October 26, a little more than a month since the fundraising launch. The Co-op’s goal is to raise $1.5 million by month’s-end to stay on track for building a new store.
The Co-op has a lease at 23rd and Marine Drive in Astoria which includes construction of a new 12,000 square-foot building, about four times the size of the current store at 14th and Exchange. The co-op seeks to keep as many dollars local as possible to pay for this expansion. As a consumer-owned cooperative, the Co-op is selling preferred shares—an issuance of stock—to its Oregon-resident owners, yielding up to a 4% annual dividend.
“This is such an amazing testament to one of the co-op principals; owner economic participation. The community is coming together to do something we couldn’t do as individuals. It feels really positive! We are going to reach our goal and put this money to work doing great things in the community,” Co-op General Manager Matt Stanley said.
The average investment has been about $10,000. Volunteers have been mailing letters and making phone calls to potential investors. The Co-op has also been contacting people about the opportunity via email and social media.
“We’ve been pleasantly surprised at the range of investors we’ve seen, from Co-op founders to those who are totally new to the Co-op. They see this as a good opportunity not only in terms of the return but also investing in community,” Co-op Marketing Director Zetty Nemlowill said.
Double-digit growth in the last five years led the Co-op to seek more space and amenities including a dedicated receiving area and ample parking. The new store will have a larger deli, fresh meat & seafood counter, and wider selection of organic and local produce.
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.
Expansion and investment information is available at www.astoria.coop, in the store, and by contacting our General Manager directly at 503-791-5692 or matt@astoria.coop.