by John Cleary, Board President
With the Co-op’s Annual Meeting approaching on September 13, we will be electing several new Board members to continue to shepherd the business forward into exciting times. For over 50 years the Co-op has repeated this cycle, and the list of those who have served on the Board over the years is quite an amazing group of community-minded people. It’s not too late to join this group. Consider running for the Board! After my 4 years on the Board, I will be stepping down after the Annual Meeting. A lot of changes occurred during this time and I wanted to reflect a bit on how we got here. After my first month on the Board and immediately being appointed to Treasurer, I wrote the following in my report for the newsletter.
2022 has been a tough year for the Co-op. Gross sales continue to be below 2021 and the store has faced monthly losses. Gross margin has improved in Q3 over the first half of the year but is still falling short of the 35% goal. Fewer people have been shopping at the Co-op throughout the year, with an additional reduction in sales during October while the bridge was closed. Inflation has caused our cost of goods to rise along with other operating expenses. As consumers face rising prices, less money is available in family budgets for both essential and discretionary spending. Our small store can’t compete on price with large grocery stores but plays a critical role in creating community, supporting local businesses, and providing food security in our small village. It needs our support if we want it to continue.
That year, the Co-op lost over $90,000 and was teetering on insolvency. All of our venders were owned money, and customers noticed the lack of inventory and declining ability to meet their needs. There were two key things that kept us going: 1) a strong and determined Co-op community and 2) a USDA Rural Business Development Grant that provided assistance to consider various options for the future.
After 12 months of working through that business planning grant, we had gathered information on the feasibility of 3 options: stay in place and renovate the existing building, move and build a new store, or purchase Plainfield Hardware and combine operations at their location. After multiple community information meetings, the 2023 Annual Meeting included a member vote to choose a path forward. While that was an important point, it was just the start of a difficult process to move and expand. The consultant that prepared the financial projections for this move stated that “On paper it seems possible but it will take a lot of heart.” You, the Co-op members, are that heart. And together we did it.
I think the next challenge for the Co-op is to bring the community back in to continue to be the “heart” of this business. We need members to feel like this is really their store and to want to become more engaged. The Board is looking to build out more member committees to allow this engagement. If you have time, please consider joining the Board. If you are looking for a smaller commitment, keep your eyes open for other committee opportunities that we will be developing over the next year. See you at the store!
Board Members
- John Cleary, President <johnclearyvt@gmail.com>
- Maureen Lynch, Secretary <maureen.mlynch@gmail.com>
- Jeremy Matt, Treasurer <jeremy.matt@gmail.com>
- Allen Freund, Liaison to the Building committee <allenfreund123@gmail.com>
To contact as a group: board@plainfieldcoop.com
The Co-op Board meets on the 3rd Tuesday of each month from 6-8 p.m., in person at the Co-op. Board Meeting Minutes can be found here
Save the Date: Plainfield Co-op Annual Meeting
September 13th, 4-6 PM, at the Plainfield Opera House