GreenStar Natural Foods Market co-op in Ithaca, New York State, is offering its members the chance to invest in its future as it plans a huge expansion that will create 40 jobs and offer customers a more culturally diverse product line, with more local, organic, and Fair Trade products.
The food retailer is planning a move to a new site almost three times larger than existing premises – promising a better shopping experience with wider, accessible aisles and more space, as well as a larger deli, produce department and car park.
GreenStar has launched an Owner Investment Programme, inviting members to buy investment shares to raise $2.5m towards the cost of moving and expanding the business. Shares are non-voting, preferred stock that provide owners the opportunity to invest in a community-owned, local business while earning a fair return on their investment.
General manager, Brandon Kane, said: “We stand on the verge of a historical level of growth for our co-op with the imminent expansion and relocation of our West End store in 2020. This resizing of GreenStar will increase the benefits produced for our community.
“We expect sales to local farms and business to reach $8 million by 2021. Our plan calls for adding forty full-time-equivalent jobs at a living wage and tackling tough energy questions in a quest to make the most sustainable energy choices feasible for our new home.
“Throughout this campaign, GreenStar members residing in New York State have the opportunity to invest in our growth and, potentially, to receive highly competitive dividends in exchange for their investment as well. This is where the collective magic lies. The more owners invest, the more likely it is that we can implement the best possible choices from the start. This is the power of individuals cooperatively contributing to a cause.”
Email capital@greenstar.coop to enquire about investing in GreenStar’s Owner Investment Programme.
