Spartanburg’s Hub City Cooperative sold its 1,000th ownership on June 1 at the Hub City Farmers’ Market. The Co-op reports that it now has more than 1,000 members, who will receive a variety of benefits for their $150 one-time ownership purchase, which does not require a renewal.
“Well over half of ownerships sold from May to November are the result of visitors to the booth at the Farmers’ Market,” said Sharyn Pittman, the Co-op’s project coordinator. “Since June 1, 27 more owners have shown their support of having a truly community-owned grocery market in Spartanburg.”
“This is just the beginning. Co-op store ownerships continue growing forever,” said Erin Ouzts, chairwoman of the Hub City Co-op board. “Hendersonville Community Co-op has grown its ownership about 25 percent over the past 12 months, yet it is over 25 years old. As a good measure, they ended 2012 with just less than 2,000 owners, had over $3 million in sales last year and were profitable.”
In addition, the Co-op is still trying to meet the Lowcountry Housing Trust’s loan requirements and must raise $3.6 million by July 12 in order to obtain the loan. At this point, they have $1.8 million raised with a plan for “the balance to come from owner loans, preferred shares, new ownership sales and other economic development funds,” said Ouzts.
Only South Carolina residents who are owners in the Co-op can purchase preferred shares or make a loan to the organization.
If the fundraising goal is met by July 12, construction can begin in mid-August on the building on N. Liberty Street, across from the Chapman Cultural Center and “The George,” with the store possibly opening in May 2014.
For more information or to purchase an ownership, visit hubcitycoop.org or email the Co-op at info@hubcitycoop.org.
