In contrast to traditional businesses, cooperatives are guided by 7 Cooperative Principles intended to promote stability, community development and democratic engagement. Principle 5 states:
Education, Training and Information
Cooperatives provide education and training for members, elected representatives, managers and employees so they can contribute effectively to the development of their cooperative. Members also inform the general public about the nature and benefits of cooperatives.
In that spirit, the Renaissance Community Coop strives to educate our community and the broader Greensboro public about our efforts in establishing a cooperatively owned grocery store on Phillips Avenue.
Below you will find the following documents, all of which were used in our presentation to City Council in closed session on February 26, 2013:
- Summary Highlights of a Proposal made to the City of Greensboro by the Renaissance Community Coop
- Proposal to the City of Greensboro from the Renaissance Community Coop
- RCC Pro Forma Working Draft – Updated on March 17, 2013
In our financial projections, we used very conservative revenue figures derived from a market study commissioned by the RCC. That study suggests initial annual revenues of about $4 million per year.
After further consultation with industry experts, we now think these revenue projections may be on the low side, with strong potential to gross $6 to $8 million per year within four to five years of opening. We don’t want to count our chickens before they’re hatched, however, so we continue to take the conservative path in our financial analysis.
The point of doing these projections isn’t to paint a pretty picture of what might be – the point is to make conservative, responsible estimates on the revenue and expense side so the community can decide whether the venture is worth the effort, investment, and risk. Using this conservative approach, it looks like we can launch a full service grocery store that will be a financial success!