To our beloved Co-op membership:
First, let us start by thanking each and every one of you for your support through these challenging times. For your patience, understanding, and of course, your patronage. It is members like ours that make this Co-op such a special organization to be part of.
As many of you probably know or have witnessed, this past year has been incredibly difficult for most service businesses in Bozeman, including our Co-op. The increased cost of living in the valley has made it incredibly difficult for workers to find affordable housing, and near impossible to attract candidates from out of the area or state. From entry level staff to management, we have had difficulties hiring and retaining for most positions. Keeping wages in line with inflation, increased costs from our vendors, and supply chain issues have all contributed to decreases in our already small profit margin. As we look forward to maturing member loans combined with our heavy debt load and hiring pressures, we feel the need to be conservative with our cash. For all these reasons (not to mention the impending Whole Foods opening), the Board of Directors have decided not to distribute a patronage dividend this fiscal year. We appreciate your understanding in wanting to hold onto our cash to reinvest back into our business, support our staff, and better prepare us for what lies ahead.
The Community Food Co-op
Board of Directors