Published May 04, 2008 10:45 pm - An open house will be held Saturday, May 10 to attract more investment in the store. More than half of the $500,000 needed to open the store has been raised.
Saranac Lake Community Store seeking investors
SARANAC LAKE -- The Saranac Lake Community Store is hosting an open house, called Economic Stimulus Saturday, on May 10.
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The goal is to have residents of New York state spend at least a portion of their tax rebate in support of the Community Store.
Melinda Little, president of the Community Store Board of Directors, said in a press release that the board is looking forward to a renewal of its capital-raising campaign.
"We're currently over halfway to our goal of $500,000 capital that will allow us to start operations. What better way to use the economic-stimulus funds than directly investing in the local economy?"
The open house will be from 10 a.m. to 4 p.m. at the 33 Depot St. office, above the HomEnergy building. Refreshments will be served, and board members will be present to answer questions and accept investments and pledges.
Shares are $100 each and are sold by prospectus, only available to residents of New York state. An existing shareholder has pledged to match shares sold that day up to $5,000.
The board would like to see the store open later this year, in about 5,000 square feet of retail space in downtown Saranac Lake. A location has yet to be determined.
"We are determined to carry reasonably priced goods," Little said. "So far, people have suggested such things as clothing, shoes, baby supplies, linens and towels, fabric and sewing notions and craft goods.
"The store will expand local shopping options, avoiding the need for a long, expensive drive to buy basic essentials. This will keep local dollars at home and help to maintain a diverse and thriving local retail economy."
The effort to open a community store arose in response to the lack of a department store in Saranac Lake since Ames closed in 2001. The store would be owned by its shareholders and run by the Board of Directors.
Customers do not need to be a shareholder to shop at the store.
More information is available at www.community-store.org.
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