Newsletters: March - April 2007
General Manager's Report
By Larrane Hartridge
It's really happening! I've just signed a new lease securing New Leaf Market a home at our existing location until 2021, with an option to extend the lease by two five-year periods. As I've previously reported, the past few years have been an on-going search for re-location and second store locations without success. When this opportunity came along we jumped into action, working hand-in-hand with Deborah Morningstar, owner of Crystal Connection, and our property manager, Talcor, to arrive at a plan that worked for both businesses.
Crystal Connection has returned to their favorite location further down the shopping center near the Olive Garden. They chose to make this move in order to create an intimate shopping experience that will allow for more personal customer service. We cannot thank them enough for making this move-an act of a true friend-which allows New Leaf Market to grow. We are very pleased to still be able to call Crystal Connection our neighbor and will be working with them in the future to make sure that everyone is aware of their new/old location.
Securing the site was the first hurdle, but we also had serious concerns about the condition of the building. As part of our new lease, the owner of the Parkway Shopping Center has agreed to resurface our parking lot, replace our roof and re-paint our exterior once the construction is completed.
The Parkway Shopping Center was built in the 1950s and our space was originally a Sears. We have had many problems over the years as a direct result of the age of our building. Plumbing and crumbling floors are a constant issue. In addition to adding the new square footage, the entire space will undergo extensive renovations to update the facility.
We will be adding approximately 4,500 square feet to our existing 9,200 square feet. We are working with professional store and deli designers to create a smart and efficient store plan. The project, from start to finish, may take as long as a year. Everything in the store will have to be moved, perhaps two or three times, while the floor is being re-done. Those of you who experienced our last renovation are well aware of what to expect. We plan to remain open throughout the process; although the deli service will be disrupted as we move the kitchen to its new location. Since we are still in the planning phase I don't have many details to share at this time, however once we have the final drawings we will display them in the store for all to see. It is going to be a very challenging, but ultimately rewarding project and we plan on making it as much fun as possible for both our shoppers and our staff. (We hope you liked the cover.)
The projected cost for the expansion is $2.6 million. We will borrow $1.2 million from a bank, use part of our cash reserve, sign up 300 new owners and raise $400,000 in owner loans. The owner loan program will play a vital role in the success of this expansion (See page 6 for details). Co-ops around the country have had many successful expansion projects with the support of their owners. So please consider this option as a way to secure New Leaf Market's future.
