Mar 23, 2018
In a little village of just
about 5,400 full-time residents, the Community Store in Saranac
Lake is one unique endeavor. I stumbled upon the store during a
recent vacation in the Adirondacks (a 6 million acre park in
upstate New York). What makes this department store one-of-a-kind?
Well, to start, it was backed by over 750 mostly local
shareholders, who also doubled as volunteers when it came to
renovating the building. The store was co-founded by Melinda
Little, who spearheaded the effort to create this social
enterprise. In a nation that’s been captivated by Amazon’s rise to
fame, this
"brick and mortar" department store demonstrates that there is
still a place for scrappy local retailers.
Details:
- 0:00–1:24 Introduction
- 1:25–5:23 Out with the old, in with the community store
- 5:24–7:37 A divisive time for the little village of Saranac Lake
- 7:38–11:12 The trifecta: Brains, brawn, business plan
- 11:13–13:58 Method to success: accessible and affordable stocks
- 13:59–14:27 A word from NGPF
- 14:28–18:16 Road to the finish line: share parties & festival floats with hanging underwear
- 18:17–20:42 Less about the money and more about the social enterprise element
- 20:43–22:02 Living rurally has its pros and cons
- 22:03–25:47 Shareholders doubled as volunteers to renovate the building
- 25:48–29:09 Learning as they grow
- 29:10–33:25 Front page worthy: how the community store ended up in the New York Times
- 33:26–35:06 Other cities that have tried to pursue this unique endeavor
- 35:07–37:41 How brick and mortar stores are adapting to modern times
- 37:42–38:31 Conclusion
Resources mentioned:
- Amy Cortese’s book: Locavesting
- Community Store marks five year anniversary (North Country Public Radio)
- A Town Creates Its Own Department Store (NY Times)
Quotes:
- “You can’t sustain a town on visitors. You need a core group.”
- “The trick for an effort like this is not only sticking to it… but it’s also staying in front of people.”