By HEATHER SACKETT, Enterprise Staff Writer

SARANAC LAKE — The Saranac Lake Community Store is turning heads across New York state in the direction of the Adirondacks.

Community Store Board President Melinda Little said she has given out several prospectuses as a direct result of a column last Friday by Albany Times Union business editor Marlene Kennedy that featured the innovative project. More statewide media coverage is expected soon in the form a feature story by The Associated Press’ Albany bureau.

“(The new articles) do help in our fundraising goals,” she said. “If other people from other parts of the state can help, that’s great.”

Little said the Community Store has sold just over $70,000 in stock at $100 per share. It has until the end of the year to raise the minimum of $500,000 it needs to launch the store.

“We are shooting for $100,000 by the end of August,” Little said. “I think we can get there.”

Little said a concern that she has heard from some community members is that the store will not be able to buy inventory at reasonable rates and, therefore, cannot sell merchandise to Saranac Lake customers at competitive prices. She wants to assure investors that the Community Store will be following the same plan as that of the store it was modeled after: The Mercantile, known as “The Merc,” in Powell, Wyo.

“We are following the precedent set by Powell, Wyo.,” Little said. “We will hire a buyer who can find us inventory at reasonable rates.”

The Mercantile has doubled in size during the five years since it opened and has been financially profitable.

Saranac Lake Community Store board member Alan Brown said he is satisfied with the progress the store has made so far.

“We are heading toward $100,000,” he said. “We considered $50,000 a landmark, and we did that pretty quickly.”

Brown said two people have each bought $10,000 worth of shares, which is the limit for one individual, and four or five others have purchased $5,000, or 50 shares. The goal is to have as many people invested as possible so there is a broad base of ownership.

“We need the bigger investors to reach our goal, but we would also like the ownership spread out,” Brown said.

The Community Store has not found a home yet, although Little and Brown say they have several possible sites in mind. Ideally, they would like to rent a 5,000-square-foot building downtown.

The public can purchase shares or pick up a business prospectus at Scott’s Florist on Woodruff Street or at the Community Store’s office on the second floor of the HomEnergy building on Depot Street, open Mondays from 9 to 10:30 a.m., Wednesdays from 11 a.m. to 12:30 p.m. and Thursdays from 5 to 6 p.m.

Contact Heather Sackett at 891-2600 ext. 24 or

hsackett@adirondackdailyenterprise.com.
Section: News        Date Posted: 8/21/2007