First, a quick message from Sarah:
Dear Co-op Owners, our board members have put together a brief report on the “State of the Co-op”, with an overview of what we have accomplished already and where we are going in 2010. You should have received your letter in the mail this week. A full transcript can be found below.
For those of you who are not owners, you should be. We are passionate about opening a local grocery store that is for the community and by the community, offering fresh and healthy foods, a wide selection of organic and eco-friendly products, and premium local products that you can not find at a big-box grocery chain. A grocery store that supports the local economy, 
creates jobs, and acts as a community hub and gathering place. We can not do this alone. We need YOU. As the famous quote says, “If not you, who? If not now, when?” Please stand with us, make the commitment to do something great for yourselves and for your community, and together we will open the doors of the co-op in 2010.
– Sarah Cook, Manager of Comm. & Brand Mgmt
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Dear CSM Owners:
As we have entered a new decade, your board of directors thought it was a good time to reflect on the many accomplishments of Company Shops since we were organized in 2007. We have made remarkable progress on many fronts and are striving to continue our momentum. You can take pride in the following:
- Since the Fall 2007 kick-off event at Charlie’s farm, over 1,500 people in our community have become owners in their own grocery store! This number is a remarkable achievement in a short amount of time that demonstrates the support for local food in our community.
- The attendance at our events has been phenomenal. We were overwhelmed with the first event at our store. We ran out of everything but enthusiasm as we saw the excitement of our owners. The attendance at the first owners’ meeting shocked the co-operative consultants that have been working with us. The Beer and Brats in November was another great success with over 500 people attending and enjoying their store.
- We have had remarkable volunteer support from many of you at every event: cleanup crews, youth providing art, and local producers sharing their goods with our owners.
- Our community investment notes program has been proceeding as planned. Your board of directors has called on many of you to invest and you have responded! The board has hosted investment get-togethers and a number of you have hosted these parties on behalf of your directors. We now have over $375,000 in owner loans and commitments for another $80,000.
- We have finalized the business plan and the financial projections based on detailed plans for securing and renovating the building. Collaboration with national consultants on financing, store layout and equipment options have allowed us to fine-tune our plan and projections. Opportunities for cost savings from local contractors have been pursued.
We are truly appreciative of the positive response so far to our campaign to open Company Shops Market. We still have yet to receive a sufficient amount of owner loans that would support the retro-fit of the building and the overall funding plan for the operation of the business. In response, the board is actively engaged in pursuit of the following financing opportunities:
- The board is continuing plans for major fundraising events and developing further contacts with people who may be major investors.
- In collaboration with the Burlington Downtown Corporation, the board recently applied to the State of North Carolina for an energy grant. Although the grant was not funded, we are continuing to meet with local, state, and federal representatives about other possible grants and loans. In particular, we are determining the feasibility of obtaining Recovery Zone Facility Bonds that were made available from the federal stimulus package.
- We have also initiated efforts for commercial loans, from both the Small Business Administration and the United States Department of Agriculture as well as from traditional financial sources.
Your board of directors is now confidently moving forward into Phase 2 of our community investment program. We will be contacting you in the next few weeks about how you can make an investment in your co-operative grocery – so stay tuned. There is much work to be done but, together, we will make Company Shops Market a reality!
Yours in co-operation,
CSM Board of Directors
Sharon Dent (President), Rusty Holt (Treasurer), Eric Henry (Secretary), Bob Hykes, Caroline Ansbacher, Charlie Sydnor, Patrick Harman and Bill Moser
PS: If you have had any changes in your contact information, please email us at info@companyshopsmarket.coop or call Sharon Dent at 336-584-3388 so that we can update your information.