We are excited to announce that the real estate closing for the building at 2412 Nicollet went smoothly, and we are now the proud owners of the location for our future commissary kitchen/café/bodega on Eat Street. With the passing over of the keys for the commissary building, the expansion project is starting to really come together. Later this month we will be selecting an architect for the project and things will keep moving forward. As always, stop by customer service with any questions!
We are happy to announce our Wedge C Share campaign has been extended through March 31, or until we reach our goal of $2 million - whichever comes first. The Wedge membership has been truly inspiring. To date 308 members have invested nearly $1.6 million, including 73 staff members who invested $120,000. Our expansion projects are moving forward, with the real estate closing of the Nicollet location this week and the selection of an architect by the end of the month. Thanks again to our customers and members for their continued encouragement and support of the Wedge.
News of the new location for our market/café and commissary has been very well received by our members and shoppers. The real estate closing for the building at 2412 Nicollet will be next week. We look forward to all the preparation and plans ahead. The Wedge C share campaign is going strong – to date we have raised over $1.5 million with our goal of $2 million in our sights. As always, stop by customer service with any questions. Stay warm!
Our shopping cart is filling up thanks to our members who have invested in Wedge C shares. We have over 250 investors totaling $1,400,000. Our campaign remains open and anyone interested in investing in C shares is welcome to stop by customer service and ask for more details. We are very excited to put this money to work as our expansion projects start to take shape. We have completed the due diligence work on our commissary building and will be finalizing the real estate transaction in mid-January. Look for an announcement in the beginning of the New Year on the exact location.
Thanks again to all of our shoppers and members. Happy Holidays to everyone.
We'd like to extend a huge Thank You to all the members who have invested in The Wedge through the purchase of C-Shares. As of today 204 members have invested over $1,000,000! We are truly humbled by the exuberant response we've had from our members. And we feel very fortunate to have such a committed staff--65 of our employees have invested $112,500 toward The Wedge's future.
Our goal is to raise $2,000,000 by the end of November. We invite you to encourage your friends who are members to consider investing, and those who aren't members to consider joining and investing.
It's a very exciting time to be an owner of The Wedge! We couldn't do this without you, and your support is sincerely appreciated.
Happy Halloween! The due diligence process on the commissary property continues and should wrap up in mid-December. The environmental reports are being prepared, engineers are checking the soundness of the building, and the title clearance is proceeding. These are important steps in assuring the property we are purchasing is sound and in good shape. Our C share campaign has raised over $550,000 as of today. Please stop at customer service or contact Emily Larson if you are interested in investing in the future of the Wedge. EmilyL@wedge.coop or 763-438-7233.
We are grateful for all the positive and encouraging comments from our members and shoppers as we move forward into our expansion projects. Without you, we wouldn't do what we do!
We have signed a purchase agreement on a property for the commissary! Unfortunately we cannot disclose the exact location until after closing, which will be early January. After our due diligence period with the property we will begin the design and construction phases. We are very excited about the commissary project becoming a reality.
On October 1st we began our capital campaign to raise funds for our first two expansion projects, the commissary and store remodel. The offering of Wedge Class C shares to members as an investment has been extremely well received. To date we have collected over $200,000 and have commitments of nearly $200,000. This is a great opportunity for members – for more information contact EmilyL@wedge.coop.
Our capital campaign to raise funds for our commissary and remodel projects has officially kicked off today, October 1st. For the first time we are offering our members an opportunity to invest in the Wedge through the purchase of Class C stock. Our goal is to raise $2,000,000! More information is available on our website or in the store at customer service. Our campaign coordinator, Emily Larson, is also available to answer any questions. She can be reached at EmilyL@wedge.coop or by phone at 763-438-7233. We hope you consider investing in your co-op.
Time flies when you're expanding! We are very (very) close to choosing an architect for our commissary and store remodel projects. Once our choice is announced the work will begin. First up will be starting work on the store remodel - choosing a store planner and incorporating the great feedback we've received from our shoppers. A commissary site is in the works and due diligence will begin on that soon as well. We are looking forward to our annual meeting in October and hoping that we will have much more to share. Thanks again for all your feedback and comments - feel free to contact us at email@example.com
Our third member roundtable meeting was held on Friday, August 2 at noon. Thirteen Wedge members were in attendance as well as Wedge management and board members. Again we had a lot of great conversations; some topics were the second store location, sustainability/environmental concerns, cooperation among co-ops, the strategic and financial planning, and the many opportunities that are before us. Having this member feedback is so helpful for us in the planning phases of our expansion projects. We encourage everyone to take our short survey, if you haven't already.
We had our second (of three) member meeting on Tuesday evening. Thanks to everyone who ventured out in the heat.
Some of the topics that were discussed at this "roundtable" were organic education, scholarship funds, access and affordability to good/clean food for lower income shoppers, as well as considerations in the store remodel and layout for the disabled shopper.
There was some discussion around member loans and financing, and Josh Resnik explained we are at the very early stages in the process and don't have any specifics to give members at this time with regard to financing. Although most likely, the Wedge would fund the project by investing some of its cash reserves, along with member loans, C Share investments, and securing outside loans.
The next member meeting will be Friday, August 2nd at 12:00 p.m. in our classroom.
Today we had our first member "coffee roundtable," the first of three scheduled member meetings to get members' feedback and input on the Wedge growth plan.
Josh Resnik (CEO) shared that we are in the early stages of our expansion plans. He spoke of looking at our membership base and their shopping patterns, the density of our membership around the metro area, and the overall demographics of natural food shoppers. These factors will aide us in locating potential sites for our second store. We are also in the process of identifying potential sites for our commissary kitchen.
Topics the members in attendance brought up included accessibility to a new store (transit lines), inclusion of immigrant shoppers, and incentives to use other forms of transportation.
Our next member meeting will be Tuesday, July 16 at 5:30 p.m. We hope to see you there.