By KIM SMITH DEDAM
SARANAC LAKE — The Community Store has just 900 shares left to sell.
Each one buys stock in self-reliance.
Over the past six months, the grass-roots project has moved steadily closer to the target $500,000 required for startup of a new department store in Saranac Lake that will be owned by shareholders.
Community Store volunteers have sold more than 4,000 shares since its inception in June two years ago, said Melinda Little, president of the founding Board of Directors.
"We're just two shares shy of $410,000 at this point. We're going to host several more share parties, and we're really actually going to try to reach beyond the region, drawing investors from outside the Tri-Lakes."
SITE PLANS
The long-term plan is to build the Community Store where a warehouse now stands near the Train Depot.
The store would most likely temporarily reuse space vacated by Strober Supply, though no formal lease agreement is signed for the site yet.
"That is where I think we're going, while the Depot development continues," Little said.
"It's still in the village, though, on the right before Time-Warner Cable, headed west on (Route) 86. There is plenty of parking."
PROMOTED AS GIFT
Little said the Community Store is gearing up for a holiday rush of a different sort, placing the last shares out on the table.
"It is a neat Christmas gift," Little said this week. "I just got a check in the mail from someone who is buying a share each for her children. We've had several investors lately who have been making investments on behalf of their children and grandchildren."
It's like buying stock in the region's future, Little said.
"And it's a chance for conversation with children around ownership. It is a great financial literacy vehicle."
Each share is a $100 building block for inventory.
As spelled out in the formal prospectus filed with the Attorney General's Office, the shares will pay dividends should the company turn a profit in the future.
BASED ON SUCCESS
But the sales draw isn't just for investors.
Once open, the Community Store will serve everyone, taking local requests for goods to stock.
The unique business model worked well in rural Powell, Wyoming, where the Powell Mercantile has become a regional tourist destination.
Success there has been featured in stories in Women's Day, National Public Radio and major television networks.
Success there also provided the model here for what will formally be called the Community Store in Saranac Lake.
"We're looking to do joint buying with Powell Mercantile," Little said of the movement toward home-grown supply and demand.
LOCAL SHOPPING
"We have our departments in mind to start with: clothing for men, women and children; infant goods; towels and linens; crafting supplies; sewing supplies; and underwear, of course.
"It certainly is going to enable people to stay closer to home when they shop.
"For me — besides the fact I want to have a place here to find the stuff I used to be able to buy at Ames — I think it's going be an anchor for the retail establishment in Saranac Lake."
Little said progress at the Community Store's permanent location at the Depot is moving along.
Home Energy is working with the village development office to tear down the former storage warehouse near the Depot and restore the lot for commercial use.
"They are going to be moving the oil tanks soon, which is a big step in the process."
To date, the Community Store in Saranac Lake has drawn investors from more than 50 communities across the state, including Syracuse, New York City, Albany and Rochester.
E-mail Kim Smith Dedam at: kdedam@pressrepublican.com
