Don't bet on the Boise Co-op folding under new management, efforts to unionize employees, and the coming Whole Foods Market, the Co-op says.
The natural foods store's Nov. 1 election gave members more power over the store. The election also opened the door to member rebates like those given to REI co-op members.
The Co-op's newly released annual report shined light for the first time on the store's bank account.
Voter-approved changes to articles of incorporation will add "democratic member control and member economic participation," said General Manager Ben Kuzma in a news release that defined a "new era" for the store at 8th and Fort streets.
The changes also "[pave] the way for patronage rebates based on the store's profitability and each member's level of spending," the Co-op said.
For the first time since the Co-op opened in 1973, it published an annual report for the fiscal year ending June 30, 2010:
Æ The store's annual sales were more than $26 million, a nearly 5 percent increase over the previous year.
Æ Gross profit grew by more than $1 million.
Æ Net income slipped to $306,072, from $317,613 in fiscal 2009.
Efforts to unionize Co-op employees began after the firing of the Co-op's longtime chief, Ken Kavanagh, in January, but the drive went nowhere. Meanwhile, Idaho's first Whole Foods Market at 401 S. Broadway Ave. is expected to open late next year and bring about 130 permanent jobs.
Kuzma said the Co-op can stay profitable if it improves the mix of products and better manages the inventory. Kuzma started as general manager in June.
"We realize that our market is going to become a more competitive one," he said. "But we believe that our continued success will lie in our knowledgeable staff and in the loyalty of our customers, who see us as not only a great place to access the foods and products to support a healthy lifestyle, but also as champions of our local economy and food community."
