Our grassroots effort to make a bigger store a reality has sprouted! Our business, a consumer-owned cooperative, has launched an owner investment campaign called “Together We Grow”, and we’ve already raised $430,000!
Preferred shares are an issuance of stock for Oregon residents who are Co-op owners. The shares are available starting at a minimum investment of $2,500. The Co-op is issuing 25,000 shares each with a value of $100 and is selling them to raise equity for the expansion. The annual dividend is 3% and for those who invest $10,000 or more the dividend is 4%.
The Co-op’s portion of the project to build a new store at 23rd and Marine drive in Astoria, is about $3.8 million with a minimum of $1.5 million coming from owner investments. Co-op General Manager Matt Stanley feels the Co-op can beat its minimum goal of $1.5 million and is aiming to sell as many of the shares as possible, totaling $2.5 million.
“The more folks invest the less the Co-op needs to go to traditional financing, so more dollars stay local,” Stanley said.
The Co-op sources many goods from local producers and looks forward to growing the marketplace for local food. For every dollar that’s spent at the Co-op, 52¢ goes back into the local economy, according to a report by National Co-op Grocers.
“I think of investing in the Co-op as truly investing in our community. You’re investing in me as a farmer and you’re investing in my business too. You’re investing in all these small local food producers. For us, that’s so meaningful,” Teresa Retzlaff of 46 North Farm said.
The Co-op has been in the community for 43 years with a proven track record including double digit growth in the last five years and growing owners, recently reaching 4,000. This success has led to the Co-op needing more space and amenities. The new store will have a much-needed loading dock, more parking, a larger deli, fresh meat/seafood counter, and wider selection of organic and local produce.
Expansion and investment information is available at www.astoria.coop or stopping by the store.