From The General Manager

In the 30 years since our founding in 1974, the Wedge has grown to be the largest single store, natural foods consumer co-op in America. Total sales last year were $23.6 million at the store and $3.4 million at Co-op Partners Warehouse, our wholesale division.

We have much to be proud of. By Thanksgiving, we will have over 11,000 members. We are financially sound, own our building free and clear and have no long term debt. We are about to pay out the largest cash patronage refund in our history. In the board election just completed, members cast the largest number of ballots in our history.

Our staff of 260 talented individuals earned $300,000 in profit sharing this year by working hard and smart to buy the right products, get every credit owed to us and catch every mistake. Our employees are stewards of co-op resources, as valuable to the co-op as the board and management team.

We continue to win yearly "Best Of" awards and favorable mention in the local media. We learned this week that for the second year, Utne Reader is nominating our newsletter in their Best of the Independent Press Awards.

Every week I present a 45 minute orientation to new employees. One of the topics I cover is community. It is our middle name, if you will. Community was important enough to the Wedge founders that they included it in the name of the business. In 1974 our community of members was small. Now, with our expanding member base and participation in numerous cooperative associations and task forces, our community has expanded dramatically.

This year we joined 90 other natural food co-ops to reorganize the eight regional Co-op Grocer Associations into one national organization. Co-ops need the strength in numbers to be able to keep cooperatives viable in a changing marketplace and continue to be a force for planet-friendly agriculture and health-friendly food production.

Strengthening our local community is another way we serve our members. In 2003, the Institute for Local Self-Reliance conducted a study on the economic impact of locally owned businesses vs chains. They found that local businesses "recycle" more than three times as much into the local economy as do the chain stores in wages, benefits, inventory, supplies, insurance, services, taxes, and donations. Dollars spent at a local store support not only that store, but other local businesses. Local stores also sell a higher percentage of local products than do chains. These are called direct impacts to the local economy.

In addition, there are indirect impacts, including "induced effects" which account for the increased household spending brought about by the increased local economic activity. Our patronage refund - this year $500,000 - will create an induced effect, since much of that money will be put back into our local economy. Whole Foods would not give back a half million to the shoppers in their stores - they would send the money to corporate headquarters in Texas for shareholders who never set foot in our community.

As the natural products industry grows the competition gets stronger, we are committed to the delivery of excellent products and service. Looking forward, management of the Wedge is committed to finding, developing, and retaining the best employees. We need to keep our edge, the magic that comes from our staff. Our people are our future. Right now, our future looks very good.

Happy Holidays and a Wonderful New Year to you all.