How Erie, Kansas saved its grocery store
V.2, N.07
If you were to make a list of the businesses critical to the survival of any town, somewhere near the top would be the local grocery store. The tiny town of Erie, Kansas (population 1,047), was recently on the verge of losing Stub’s Market, its only grocery. If it closed, residents would need to drive 30-60 minutes to get a quart of milk, a bag of flour, or even an apple. The city decided to do something radical. After polling residents, it decided to buy the store outright. Our lead story has the amazing details.
The treasurer of Erie, Cindy Schoenhofer, argued: “Like all small towns, if you lose your school, then you sort of lose your town. The grocery store is similar. If you lose that, then you don’t have people shopping in town.”
Another inspiring story of community innovation comes from the Lakota Tribe on South Dakota’s Pine Ridge Reservation. Here, the Thunder Valley Community Development Corporation is taking a holistic approach to economic development by investing in eight distinct strategies including food sovereignty, home ownership, education, entrepreneurship, and more. Each initiative is designed to generate economic opportunities and growth in one of the country’s poorest areas.
Our third story, alas, is not one about governmental courage but official cowardice. We previously profiled a law passed by the New Jersey state legislature to give community groups and families first bidding rights on foreclosed properties up for auction. The bill hoped to mend the state’s expanding racial wealth gap by discouraging the purchase of these properties by hedge funds and speculators. Under pressure from big banks in the state, Governor Phil Murphy conditionally vetoed the bill. Hopefully, the governor and the legislature can iron out their differences quickly.
This week, we are also featuring stories about the state of small businesses post-pandemic (77% surveyed report being worse off), cutting-edge approaches to community development (especially in the many communities with no anchor institutions), and the early successes of a worker-cooperative winery in Vermont (their parties are apparently legendary!).
Finally, as mentioned in the previous issue, we are about to launch a new, companion publication called The Small Street Journal. It will highlight actionable opportunities for small investors to support local companies, as well as other surprise goodies. Every subscriber to The Main Street Journal will automatically get this handy tool. Stay tuned!
– Michael Shuman, Publisher, The Main Street Journal
NEWS
The Small Town That Saved Its Only Grocery Store – By Buying It, The Hustle (September 10)
How Community Organizing Helps the Lakota People Thrive In Challenging Times, The Conversation (September 8)
NJ Governor Issues Conditional Veto on Community Wealth Preservation Program Bill, USA TODAY Network (September 15)
Amplifying Small-Business Voices, Federal Reserve Bank of St. Louis (September 7)
Investing in Community Infrastructure to Support Thriving Economies, Federal Reserve Bank of San Francisco (September 7)
Kalchē Wine Cooperative Brings a New Model to Vermont’s Wine Scene, Seven Days (September 13)
PARTNER VOICES
The Transformative Power of Worker Ownership, Nonprofit Quarterly (September 7)
The Evolution Of Investment Crowdfunding And Where We Go From Here, The Kassan Group (September 20)
A Letter In Response To Patagonia’s Ground-Breaking Decision, Slow Money (September 19)
EVENTS
Local Investment 101 – Four-part online workshop. Dates: October 4, October 11, October 18, and November 1. Michael Shuman will be partnering with the Center for Community Ownership and the National Coalition for Community Capital to present a series of workshops focused on local investing in Montana. These workshops, which combine four 90-minute classes with 15 videos, will serve as a springboard for the creation of a statewide network focused on the cultivation of Montana's local investing landscape. Non-Montanans are welcome to attend. A free introductory webinar will be held on September 27.
Understanding Patagonia and Perpetual Purpose Trusts – Webinar. Wednesday, September 28, 1-2pm ET. What exactly is a “perpetual purpose trust” and how can it work for businesses both small and large? Next City has assembled a panel of the experts behind this movement to explain the impact of perpetual purpose trusts. Register for free here.
Raise Capital On Your Own Terms: Build It, Fund It, Grow It! – Webinar. November 2-4. Gain invaluable insights around raising capital for your business without compromising your vision or values. In three days, you’ll learn how to design an effective investment offer, identify values-aligned investors, and build the confidence and resources to enable your business to grow and thrive. Buy your ticket here. Get a special 20% off discount using the code: “MainStreet20”.
ICYMI
The Past, Present, and Future of Work, YES! Magazine (August 16)
JOBS BOARD
Mission Driven Finance is hiring a Junior Accountant and a Staff Accountant.
BECOME A MAIN STREET CHAMPION
Have you always wanted to start a local investment club? A website of local investment offerings in your community? A local investment study group? Whatever your interest or ambition, we invite you to “go public” to help others in your region find you, scheme with you, and start a local investment movement in your community. Our goal is to identify dozens, then hundreds, then thousands of Main Street Champions like you across America. We already have Main Street Champions across the U.S., from San Luis Obispo, CA to Providence, RI, and even Australia! Together, we can move our hard-earned savings from Wall Street back into our communities. Fill out the intake survey below to join this growing cohort!
SOME OF MSJ’s VINTAGE ISSUES
About The Main Street Journal
The Main Street Journal aims to catalyze the movement of $50 trillion from Wall Street to Main Street to facilitate economic development and economic justice. It’s sponsored by the National Coalition for Community Capital, with a grant from the Heron Foundation. We welcome feedback about everything, from our design to content. And we welcome suggestions of other groups to involve as partners, and other information to include. Please send ideas to Sophia Leswing at sophia@main-street-journal.com.
PARTNERS
We welcome any nonprofit or for-profit committed to local investment as a partner. If your organization is interested, please contact Sophia Leswing at sophia@main-street-journal.com.