from Assiniboine Credit Union newsletter..."Asterisk"
Co-op builds new future In an age when big box operations are swallowing up what’s left of local ‘mom and pop’ stores, a group of co-operative individuals has bucked the trend to save their beloved neighbourhood hardware store.
Since 1922, Pollock’s Hardware in Winnipeg’s north end has been the go-to destination for fixer-uppers looking for … well, just about anything and everything. The shelves were neatly stocked with an incredible array of
doodads and whatnots that nobody else, not even the big chain stores, carried. And the staff were knowledgeable, helpful and on a first name basis with most customers. No wonder Pollock’s had such a loyal following!
So when word got out that the owners were
retiring and putting the business up for sale,
customers were optimistic a buyer would
come forward.When that didn’t happen, area
residents were faced with the prospect of
losing a business that had become a vital
part of their community.
It was then that long-time customer John
Loxley started talking to friends about starting
a co-op to keep the store open. At the same
time, fellow north-end resident Louise
Thiessen was contemplating what could
be done. It wasn’t until John and Louise
got together through a mutual friend that
the idea really started to gel. In early 2007,
a community meeting was called and the
decision was made to form a co-operative
and buy the store. Assiniboine’s Nigel
Mohammed, Manager of Community
Services,was there.
“I had already met with John and Louise to
get an overview of the vision for the neighbourhood,”
says Nigel.“I then attended the
community meeting which attracted about
50 north-end residents.The enthusiasm and
passion of the community coupled with the
sound business plan John submitted made
it a perfect fit for Assiniboine. The co-op is
a powerful testimony of neighbourhood
revitalization guided by community action
and ownership.”
For John, calling on Assiniboine for financial
services and advice came naturally. He is
a personal member of ACU and says the
relationship with ACU has been instrumental
in the success of the co-op.“Assiniboine
has been great and has made a huge difference.
At the beginning,we talked with Nigel and
he was very business-like but encouraging
at the same time. He helped introduce us
to the Jubilee Fund which partnered with
Assiniboine to provide us with the financing
we needed.”
An interim six-person board was struck with
John as chair and Louise as secretary, and the
co-op began selling lifetime memberships
for $25 prior to reopening the store in June.
Local response was excellent and, thanks
to a feature on Stuart McLean’s Vinyl Cafe
on CBC radio, cheques have been coming in
from across the country, the US and even
the UK. John’s initial business plan was
based on having 600 members by 2013.
They already have 850. They also planned to raise $40,000 in investment shares and to date commitments have surpassed that by $10,000.
“There has been an enormous amount of interest and good will in this,” says John. “We have a very strong neighbourhood base and we’re also getting people coming in from all over the city.The volunteers are wonderful and the staff has been working like crazy to get things up and running.” Currently, the co-op is offering $100 investment shares which receive a community economic development tax break from the province of 30%. For more information, visit
www.pollockshardwareco-op.ca.
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