Profile of the Monadnock Community Market Co-op
History and Plan for Building
The Monadnock Community Market (MCM) Co-op is a cooperatively owned food store that will focus on providing a diverse selection of local, organic, and natural foods to the Monadnock Region of Southwestern New Hampshire. It will be a 12,000 sq. ft. full-service store in downtown Keene that includes bulk foods, meat, produce, frozen food and dairy, beer and wine departments, a deli with a prepared foods section and a grab-and-go section, a small café seating area and customer parking. The Mission of the Monadnock Community Market Co-op is to welcome neighbors, connect community, and contribute economically to build a healthy and sustainable food system and community.
After working for two years as a volunteer committee of the Monadnock Farm and Community Connection Program, the Monadnock Community Market Co-op incorporated in April, 2010. In June 2009, CDS Consulting Co-op (CDSCC) was hired to assess the feasibility of opening a retail food co-operative in downtown Keene. CDSCC confirmed there is sufficient sales potential for a 12,000 sq. foot food cooperative on the Railroad Square property. CDSCC continued to work with MCM Co-op to develop an implementation plan, timeline for opening, and best practices for governance. In September, 2011, Bonnie Hudspeth was contracted to work full time as Project Manager to devote sufficient resources to this next phase of development for the Co-op.
In May 2010, the MCM Co-op launched its membership drive. As of April 12, 2011, there are 580 founding member-owners (and counting). The Board identified an excellent site in Railroad Square in the middle of downtown Keene, complete with adjacent public space, walkways, bikeways and parking, and have arranged for advantageous financing for facility construction. The Board recently contracted with National Cooperative Grocer Association (NCGA) Development Co-op to plan the Co-op’s store design and layout, project fundraising, and guide management through the first 3 years of operations. The MCM Co-op will continue its grass-roots marketing effort to recruit 1,000 members by store opening.
Building Process
The Monadnock Economic Development Corporation (MEDC) is working with the MCM Co-op to finalize a lease and build the store. MEDC is offering a lease-to-own scenario, so there will be the option to purchase the building in the future. Contingent on securing the remaining financing, the MCM Co-op will break ground this July, 2011, and be open for business next Spring 2012.
Member Loan Funding Needs
As with any business, the MCM Co-op’s need for working capital is greatest now, in the start-up phase. Membership equity from 1,000 members ($200,000) and member loans ($800,000) will provide the seed capital needed to secure grant funding for equipment, and to ensure that the store will open–fully stocked, staffed, and ready to go–in 2012.
Your member loan will be used to help finance these start-up costs and outfit the MCM Co-op in Railroad Square. The vision for the MCM Co-op was created over the course of four years. The funds raised through member loan investments will help fulfill the mission of creating a community-owned food co-op that welcomes neighbors, connects community, and contributes economically to build a healthy & sustainable food system and community.
