When the Equity Campaign was launched in December, the immediate response from owners gave the Co-op a shot of working capital to make improvements that all shoppers have benefited from. Some were obvious, and others have been behind the scenes. It’s time to re-energize the effort and get us to our campaign goal of $150,000. The need is still there for the store to both address some long-standing issues and break out on new fronts.
In April alone, there are several exciting events like the Best of Philly “Real Philly Deli Faceoff” sponsored by Dietz & Watson, which is publicizing the Co-op across the entire Philadelphia area for its sandwich entry “the Santa Fe”. Come try one at the deli counter and then vote for the Co-op daily at
https://www.phillymag.com/real-philly-deli/
……And Truck-a-thon which will be held on April 20th has become so popular that it will be expanding onto Meyers Avenue with 15 more trucks than ever before!!
Meanwhile, we are still dealing with the fallout from the nor’easter a few weeks ago. The power outage dealt a final blow to the Co-op’s walk-in refrigerator and freezer units. The total thaw and subsequent refreeze was more than the units could take. They had already been identified for replacement but now it must be done immediately. It will require renting refrigeration trucks to store the stock during reconstruction and keep the shelves stocked. Insurance will not cover the $20k-$30k cost.
The need still exists for owners to step up to get us to our goal of $150k. More than 1500 owners have yet to invest in their store by increasing their equity. Owners increasing their equity is the routine way for co-ops to get the working capital they need without taking on additional debt. Investing $500 or $1000 will spell success for the Co-op & the community.
The board is working on long term solutions to the cash reserve problem as well as moving forward on the sale of beer & wine (which will soon require more money for legal costs as well as a store remodel). Come to the Annual Meeting on April 19th to learn more. But in the meantime…
INVEST in YOUR CO-OP NOW!
It’s easy to do. You can write a check at the checkout counter or talk to Mike. You will receive your stock certificate soon after.
This last year has been one of tremendous progress for the Co-op. I have total confidence that with GM Mike Litka in charge, the store will become consistently profitable and eventually even pay a dividend.
Keep us moving forward!!
Many Thanks,
Pam Bartholomew
President, Board of Directors
