A Community Owned Grocery Store (and more!

) on Phillips Avenue is Possible

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

A Full Service Cooperative Grocery Store

can stock the same items as traditional grocery stores.

They have sizable dairy

and meat departments.

Fresh fruits

and vegetables are affordable.

And plentiful.

With a wide variety of goods

to meet all of the needs

of its customers.

A deli department,

fresh bakery, made-to-order sandwiches,

hot bar service,

and ready-made goods

provide quick, healthy food options.

A co-op creates a welcoming environment

both inside

and out.

Its the members of the co-op who decide:

what types of foods,

kinds of goods,

and services the co-op should provide.

The grocery store is financially viable.

Independent Market Study Analysis and Financial 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.

How much will it cost to get it up and running?

Leasehold Improvements (lighting, walls etc.) + Equipment (refrigeration, shelving, POS system) + Inventory + Professional Fees (architects, designers) + Staffing Before Opening Day + Working Capital --------------------------------------------------------------------

= $2.05 Million Grand Total

Where will the money come from?

Community $100K Co-op memberships (1000 @ $100 each) $300K Loans from community members (100 @ $3k $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 -----------------------------------------------------------------------

avg.)

$2.05 Million Grand Total

We are 8 months into a process leading to a June 2014 Opening Day

Exploratory mtg. w/ City Staff RCC formally established & officers elected.

Formal proposal to City Council

$1.9M in funds in hand or committed 1.

Store Opens

June 2012

August

December January February 2013

May

December

March 2014

June

Field Trip to Company Shops Market

Financial analysis Complete

Fundraising Coordinator Hired

Reach 1000 Memberships

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 will be returned to THIS community (after the first year ramp up.)

Community ownership means: more jobs, higher wages, better prices

Our store will create community health

Our store will stock the healthy food products THIS community 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 of THIS community.

Community ownership means: A true community renaissance

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.

Co-ops are democratic and transparent.

Learn more about the financing and operations.
Well see you on Wednesday, March 6, 2013 at McGirt Horton Library (2509 Phillips Avenue) at 7pm

Special thanks to Weaver Street Market

& Company Shops Market.

Renaissance Community Co-op PO Box 13531 Greensboro, NC 27415