Richmond Food Co-op Officially Throws in the Towel

The Richmond Food Co-op spent several years trying to bring a member-owned grocery store to Richmond. They had even signed a lease in the same building as the Dollar Store on Westover Hills Boulevard. In 2017 they had announced that they had given up on the lease.

Image: Google Maps

The effort was stymied by an inability to raise enough funds. The financial hurdles have proven too much and they are discontinuing efforts.

The following letter was sent to members:

Dear Co-op Members,

It is with great sadness that we write to you to let you know that the board has decided to discontinue our efforts to open the Richmond Food Co-op. The board has spent the past year deliberating options, and after several calls for member involvement and a period of exploration, we feel that all avenues have been exhausted. After careful consideration, we do not have the resources needed to open our shared vision of a cooperative grocery store. We thank you for your support of this vision and the hours of volunteer effort and energy that have been put in over the years. We are grateful for the sense of community and friendship that this venture has generated and hope to see other member-owned enterprises succeed in the future. While all member loans have been refunded in full, please note that member equity will not be refunded as it has been used to cover start-up costs and expenses. All start-ups come with an inherent financial risk, and again we thank you for your participation in attempting to bring a member-owned model to Richmond.

Cooperatively Yours,
The Richmond Food Co-op Board of Directors

Richmond BizSense.com is reporting that the Co-op raised $125,000 in membership from around 1,000 people and another $1.5 million in loans from members. As the letter states the loans have been refunded.