What is The Community Store?
The Community Store in Saranac Lake is a revolutionary idea in retail development. Modeled after The Merc in Powell,WY, one of several successful community-owned department stores in that region of the country, The Community Store in Saranac Lake is the first community-owned department store to be established in New York State.
The Community Store’s intention is to complement other local businesses to create a diverse and thriving economy while maintaining the unique character of the community. Locally owned by citizens in contrast to the distant, corporate shareholders of large national retailers, community stores are designed by residents to meet specific local shopping needs at fair prices and to keep local dollars circulating locally, creating a benefit for the store, the shopper and the local economy.
Since launching its Stock Offering in July, 2007, over 700 New York State residents who care about the future of the Adirondacks have invested in The Community Store by buying shares of stock in the Store. They can take pride in the fact that their investment is supporting an innovative project that will hopefully pave the way for other such projects around the country, particularly in the Northeast.
On March 12, 2011, the Store reached the minimum Offering amount of $500,000 and began operations. And by the time the Offering closed on December 21, 2011, the Store had sold 5,417 shares and raised $541,700.