On the heels of its second-most profitable year to date, North of 53 Consumers Co-op is taking a close look at new potential locations.
While the Co-op turned a profit of $1.77 million in 2014, general manager Tom Therien said Wednesday the store lacks room to grow and its parking lot is too small for customer traffic.
“To that extent, we are pursuing other options, which, if they materialize, will likely take us away from the uptown area,” he told the Co-op’s annual general meeting on Wednesday evening. “No final decisions have been made as of yet but it is suffice to say we are seriously looking.”
Addressing nearly 40 Co-op members at the former St. Mary’s Ukrainian Catholic Church, Therien did not indicate which locations are being considered for a new store.
Last year, Therien revealed the Co-op had inquired about the former Extra Foods building only to be told it wasn’t for sale.
He also said last year the Co-op had considered erecting a new building at the Flintoba Shopping Centre site, which was originally going to include a strip mall and other facilities off the north end of the Walmart parking lot.
Despite drawbacks with its current building, the Co-op’s profit of $1.77 million last year was its second highest yet, behind only the $2.12 million recorded in 2013.
Therien summed up 2014 this way: “Not as good a year as we have had but a great year nonetheless.”
While revenue from the Co-op’s grocery and retail department rose $814,700 over 2013, petroleum revenues were down $289,300.
Therien said this stemmed from one major purchaser ceasing a key part of its business.
Nonetheless, Co-op members will this year receive rebate cheques totalling $495,799 – 40 per cent of last year’s profit – according to how much they spent in 2014.
Cheques will total three per cent of each customer’s grocery purchases and 6.5 per cent of his or her petroleum purchases.
“When we make a profit, we give it back to you,” said Therien.
Therien concluded his address by declaring that the Co-op has a “very bright” future.
Profits
A look at Co-op profits (known as savings in the Co-op system) through the years:
2006: $14.36 million in sales; $468,400 in savings
2007: $14.14 million in sales; $862,200 in savings
2008: $15.46 million in sales; $922,700 in savings
2009: $14.33 million in sales; $651,600 in savings
2010: $15.32 million in sales; $586,500 in savings
2011: $19.18 million in sales; $1.11M in savings
2012: $24.64 million in sales; $1.77M in savings
2013: $26.66 million in sales; $2.12M in savings
2014: $27.19 million in sales; $1.77M in savings
