This page will host our announcements about Daily’s Future.
Announcement: Letter of Intent
We are excited to announce that Daily Groceries Co-op has signed a Letter of Intent to enter into a 2018 lease for 14,000 square feet within the 100 Prince Ave mixed-use project on the old St. Joseph’s property. This is an early, yet incredibly exciting milestone in Daily’s quest to provide a full-service, community-owned grocery store grounded in the co-operative principle of democratic member control.
Currently, over 1,125 Owner-Members that guide Daily as it strives to meet community needs while perpetuating ethical commerce through economic activity. Back in 1992, Daily’s Founders envisioned a store where you could buy an apple in town. With that simple goal Daily joined a larger co-op movement dating back to 1844 when a group of mill workers in England banded together to address indebtedness, hunger, and lack of job security.
In 2015, Daily topped $1.3 million in sales, sourced healthful foods from local farmers, and provided more than 20 jobs in our 1,300 square foot space. With Member Loans made by Owners like you, the Board commissioned a Market Study which confirmed the obvious: Daily is bursting at the seams and our community wants more!
Pulling off “Project Big Apple” will be no small feat, but we believe Daily and Athens are ready. Daily’s Board and General Manager have engaged Co-op Development professionals to guide us through expansion. We estimate that it will cost $3.9 million to build out a new store. While this may sound like a gigantic number, as a successful business, this is an attainable goal. As a co-op, Daily has the advantage of being able to access multiple funding sources: co-operative loan funds, public funds, and Owner-Member investments. The desire for a downtown grocery is so large that Daily already has commitments of $900,000 towards this goal. We will update Owner-Members on the financial plan at the October annual meeting.
In the meantime, here is how YOU can help:
- Continue to shop at Daily!
- If you are already and Owner-Member, become a fully vested Owner-Member by paying the remaining balance of your $100 Daily Share.
- Recruit an Owner-Member! Do you know someone who loves Daily already or believes in having a locally-owned, democratically-controlled downtown grocery store? Send them in to get signed up.
- Consider making a Member Loan or buying a Preferred Share as part of Daily’s Capital Campaign. (More details to come, but this is not a donation, it is an investment that may be recouped with interest.)
- Let us know what you think! Expansion means offering more of what our owners and customers want, but we’ll only understand your wants and concerns if we hear from you.
This next step will not be possible without Owner-Member leadership. As always, Board meetings are open to Owner-Members and contain a forum dedicated to Owner-Member questions and comments. We will also send out regular updates on the Project Big Apple process. Signing this Letter of Intent is a small, but important step in a long exciting journey and we are looking forward to traveling down this road with you! Thank you for your support and for shopping Daily!
Daily Groceries Co-op Board of Directors