(Click on the Question to go to the Answer)

1. What is a Community Store?
2. What is the process for getting the Saranac Lake Community Store opened?
3. How big will the store be?
4. Where will we put the Saranac Lake Community Store?
5. Who decides what is sold in the Store?  
6. Will the Store carry quality goods at reasonable prices?
7. How many employees will the Community Store need?
8. What will we offer in the way of salaries and benefits for employees?
9. Who can invest in the store?
10. When profits are made, are they put back into the business or given as dividends to shareholders?
11. Who are the current board members?
12. Should we build a store?
13. Can our store carry groceries?
14. Why did the Ames Store in Saranac Lake go under?


ANSWERS

1. What is a Community Store? Community stores are locally owned by community members in contrast to the distant, corporate shareholders of national retailers. Community-owned stores are designed by residents to meet specific local shopping needs at fair prices. Everyone in the community is given the opportunity to invest in the store by buying shares. Buying shares is voluntary and the store is open to everyone, whether they are share holders or not.  BACK

2. What is the process for getting the Saranac Lake Community Store opened?  Lots of progress has been achieved.  A business plan has been developed, an interim board of directors has been chosen, and a prospectus has been written and filed with the New York State Attorney General.  Shares are now being sold.  When $500,000 worth of shares is sold, the offering will be closed, a location confirmed, staff hired, inventory purchased and the Store opened. We hope to open the Store in the summer of 2008.  BACK

3. How big will the store be?  We plan a Store of at least 5,000 square feet – large enough to have the volume and variety of goods to attract customers, achieve profitability, and effectively fill the void in the range of retail goods available in Saranac Lake. BACK

4. Where will we put the Saranac Lake Community Store?  We are expecting to obtain a location in downtown Saranac Lake. BACK

5. Who decides what is sold in the Store?  The community does!  We are actively developing a Community Shopping List of items that people want to be able to buy in the Store.  There are forms available in our office and in local stores that anyone can fill out to suggest merchandise.  Once the Store is operating, we will continue to respond to local needs and preferences. BACK

6. Will the Store carry quality goods at reasonable prices?  That is our goal.  We will hire an experienced buyer whose job will be to find the products that the community wants with good quality and reasonable cost.  BACK

7. How many employees will the Community Store need?  We’ll need a manager and a buyer and 5 to 7 additional employees, some full time and some part time.  To the extent possible, we will hire local people. BACK

8. What will we offer in the way of salaries and benefits for employees?
A Community Store should be a good employer.  We hope to pay more than minimum wage and to provide access to health insurance. BACK

9. Who can invest in the store?  Only New York State residents may invest, and no one can invest more than $10,000.  The Store will be a business that can succeed or fail.  Investors need to understand that.  The funds that are invested will be held (not spent) until there is a determination that the Store is a “go.”  In the meantime, we have substantial costs for advertising and printing and are grateful for any donations that can help with this.  You need not be a New York resident to donate. BACK

10. When profits are made, are they put back into the business or given as dividends to shareholders?  The shareholders will decide this.  Probably it will be prudent to establish a “cushion” initially and later pay dividends as the success of the Store becomes more established. BACK

11. Who are the current board members? 

• Melinda L. Little, President, Vice President – Independent Means, Saranac Lake..
• Gail H. Brill, Vice President, Owner – Gail Brill Design, Saranac Lake.
• Alan G. Brown, Treasurer, Innkeeper – The Doctor’s Inn, Saranac Lake.
• C. Tracy Santagate, Secretary, Owner – Books and Baskets, Saranac Lake.
• Kathryn M. Steinbrueck, Owner – Scott's Florist, Saranac Lake.
• Jon D. Kopp, Owner – Wildwood Arts and Antiquities, Tupper Lake.
• Lorraine Duvall, Retired computer software professional, Keene, NY.
  

Once the Store is up and running, the shareholders will elect the board at the annual meetings.  BACK

12. Should we build a store? Renting makes a lot more sense because it does not require a huge initial investment.  BACK

13. Can our store carry groceries? The purpose of the Store is to provide merchandise that local shoppers need and want and cannot find within our current retail market.  That means we won’t be providing groceries, or many other things that our other stores now provide.  While some items may be the same, we will not duplicate brands. We want to bring in a different mix of items. BACK

14. Why did the Ames Store in Saranac Lake go under?  The Ames Store generated over $7 million dollars in sales and was profitable.  Our store had to close because the national company made some bad business decisions.  BACK