SARANAC LAKE — The Saranac Lake Community Store is rolling.
Having topped the $500,000 mark of shares sold — the target needed to begin operations — the Board of Directors announced Wednesday its plan to locate in the former Corvo's Restaurant building at 94 Main St. here.
As a community store, commerce will be organized around needs of local residents, bringing a general store, sundries and necessities to the heart of the village.
The project was put in motion some four years ago and chugged steadily toward critical mass, slogging through a mucky economy.
The organizers never lost focus on their vision and extended the initial time frame for investments to keep pace with slowed spending.
It was an adaptive response that reflects the approach they plan to take in stocking shelves.
NEGOTIATING LEASE
After a press conference, Community Store President Melinda Little said they are thrilled to top this mark.
"We're excited and a little anxious because there's a lot to be done."
The $500,000 threshold allows the Community Store Board to move forward with the next phase of its formal business plan.
Negotiations with the building's owner are taking place; Little hopes the lease can be signed within the next week.
The first renovation will bring down interior walls.
"It's going to be one open space — that's first of all what's going to happen," Little said.
"And there are a lot of wonderful windows inside, so there will be a lot of sunlight. We envision it as a very warm and very inviting space that will give our customers the kind of experience where they feel this is a place they're going to want to come in to and stay."
620 INVESTORS
"We are also in the process of hiring a manager and an assistant manager and have identified the people we think we want to offer the jobs to," Little continued.
"The next thing, in terms of the space, is getting an engineer to do the drawings and tell us what we need to do to get everything up to code.
"Then we go before the local Planning Board. Our hope is to open our doors on July 4."
The organization's treasurer, Alan Brown, said more than 600 investors contributed an average $800 each to fuel the community-based venture.
"The fact we have something like 620 investors means it is widely held in the community, and in a sense, we've got a ready-made customer base right there," he said.
FOCUSED GROUP
But the new general store is for everyone who lives and works or travels through the North Country, just like any retail operation.
It is the first community-based, share-supported store in the region, a concept that expands beyond cooperative in its market approach.
"This is the first of its kind in the Northeast," Vice President Gail Brill said.
"And as much as anything else, it's about building a sustainable local community. In this way, we keep economic activity as locally based as possible and help maintain the vitality of downtown Saranac Lake."
Lorraine Duval, a member of the board, said it is great to be part of such a focused group.
"It's so nice to be part of these people who did such a wonderful job sticking in there. Saranac Lake has a lot to thank them for."
'REMARKABLE EFFORT'
Saranac Lake Mayor Clyde Rabideau wished the new retail enterprise success.
"It's really amazing a community this size raises a half-million dollars to start its own store. I salute this remarkable grass-roots effort and commend anyone who dares get into the free enterprise system."
The Community Store holds a unique place in the mix of business potential here.
It is a node of retail expansion — one tuned locally that does not pre-empt future retail or business growth of any kind, a commonly held misconception, organizers say.
"Our job in community development is to continually market Saranac Lake to retailers and industry, to make sure the retail needs are met by the community," Rabideau said, "and we will continue to do so."
SELF-RELIANT SPIRIT
The new store is not government-funded or built with any stimulus monies from taxpayers. It is supported entirely by the shares sold and future business operations.
Community Store shareholders include permanent residents of the Tri-Lakes region, seasonal residents and others with an affinity for the area who feel inspired by the self-reliant spirit that gave rise to this project, Brown said.
"I feel privileged to be a part of a community that can raise this amount of capital, particularly in the face of these difficult economic times."
New York residents who want to invest in the venture still have time.
The public offering remains open until June 22, Brown said, because subscriptions can be sold up to $600,000, allowing for increased operational flexibility.
E-mail Kim Smith Dedam at: kdedam@pressrepublican.com
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