Business Opportunities Weblog

November 15, 2011 by Dane Carlson | 1 Comment

In the Adirondack Mountains of New York State, there’s a hardy little town named Saranac Lake. Without a department store since 2002, and growing tired of the fifty mile commute for supplies, the 5,000 residents decided to do something about their situation:

They decided to raise capital to open their own department store. Shares in the store, priced at $100 each, were marketed to local residents as a way to “take control of our future and help our community,” said Melinda Little, a Saranac Lake resident who has been involved in the effort from the start. “The idea was, this is an investment in the community as well as the store.”

It took nearly five years – the recession added to the challenge – but the organizers reached their $500,000 goal last spring. By then, some 600 people had chipped in an average of $800 each. And so, on Oct. 29, as an early winter storm threatened the region, the Saranac Lake Community Store opened its doors to the public for the first time. By 9:30 in the morning, the store, in a former restaurant space on Main Street opposite the Hotel Saranac, was packed with shoppers, well-wishers and the curious.

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Tags: Retail, small town