Abundance in the News
FOR IMMEDIATE RELEASE
Abundance Cooperative Market Shares the Wealth! Rochester, NY (October 29, 2009)—After its third consecutive profitable year, Abundance Cooperative Market, Rochester’s only community-owned natural grocery store, is announced its first ever Patronage Dividend.
Despite the store’s obscure downtown location, and the economic recession, 2008-09 sales grew seven percent to $2.5 million. Since opening in 2001, Abundance has experienced both ups and downs, but experienced continuous growth, even making Rochester’s Top 100 list in 2005.
The Dividend was declared by unanimous vote of the elected Board of Directors, after allocating funds for some improvements, such as upgrades to refrigeration and computer equipment. Abundance is also sharing profits with its dedicated staff of 27 full and part-time employees (some of whom also happen to be owners) with bonuses equal to almost 2 weeks pay.
While anyone can shop at Abundance, the store is currently owned by more than 1,300 people, each having invested $100 to purchase a share in the cooperative corporation. In addition to enjoying various local and healthy foods purchased at Abundance, and other benefits of ownership including discounts, shareholders earned a return on their investments (ROI) from 10% to 600%, based on a percentage of individual purchases during the 2008-09 fiscal year.
Anyone wishing to become a new shareholder, and join in the cooperative “abundance” is invited to purchase a share. Abundance is currently holding a New Shareholder Drive, now extended until Thanksgiving! Anyone purchasing a share will receive a free re-usable organic cotton shopping tote, and free body care sample. Shares may be purchased for $100 each. The shareholder drive runs until Wednesday November 25th. See store for details.
While Abundance is a retail food Co-op, the cooperative business model can be found in many other industries ranging from agricultural to financial, or child care to electric. Abundance is a member of the National Cooperative Business Association (NCBA), as well as the National Cooperative Grocers Association (NCGA) with 112 other grocers nationwide. Please see www.ncba.coop or www.go.coop for more information about the cooperative business model and cooperative
Located at 62 Marshall Street, off Monroe Avenue, the natural foods store store is open to the public 7 days a week. For further information, store hours and location, visit Abundance’s website at www.abundance.coop, 585-454-2667 or firstname.lastname@example.org
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