PCC Community Markets has given back 60 percent of its profit to the community, including its first-ever member dividend totaling $3.9 million.
The co-op’s 2020 grocery sales totaled $383.2 million (growing 26.1 percent from the prior year), with net income – including one-time impacts from historical tax refunds – of $2.7 million (growing 26.4 percent from prior year). In addition to providing its community with more than $700,000 in financial and in-kind support, the co-op invested more than $4 million during the year in unanticipated COVID-related costs and safety measures across the 15 locations, and in staff appreciation pay.
PCC's sales growth was driven by the opening of two new stores in Bellevue, Washington and Seattle’s Central District, as well as increased pandemic-related spending driven primarily by its members. In January 2020, PCC introduced a new member benefit program with the opportunity for members, inclusive of staff, to receive an annual dividend.
The PCC dividend is a sum of money paid to active co-op members out of the profit the co-op makes specifically from member sales. The PCC Board of Trustees determines if a dividend will be issued for each fiscal year based on the co-op’s financial results and the needs of the business. In 2020, members accounted for a little more than 60 percent of total sales and as a result of this new program, and the Board’s approval, the average 2020 member dividend paid was $46.93.
“PCC was born from a group of 15 families in Seattle and almost 70 years later we are still owned by our community of families across the Puget Sound area, including our amazing staff,” said PCC CEO and president Suzy Monford, in a statement. “When the co-op does well financially, our members benefit, and this year’s dividend is a testament to this. But equally important is that we balance our economic success with our social and environmental impact. Our community giving allows us to achieve our social bottom line, and our ongoing focus on delivering products of the highest standards and building green stores heightens our environmental responsibility.”
The updated member program was designed to engage more members and provide a more equitable experience for all who opt-in. In addition to the opportunity for the dividend, members gain access to exclusive deals, events, and partner offers from a selection of local, like-minded businesses. Last year, members received more than 30 unique offers with a total of almost $300 in savings on a range of quality products including olive oil, wild-caught Alaska salmon, and PCC Organic Grass-Fed Yogurt. The program drew more members in the past year than in the decade prior, with the co-op seeing a 35 percent increase in membership. PCC currently has an active membership of nearly 90,000 households including more than 1,600 staff.
Related: PCC Community Markets to Offer Hazard Pay; Slideshow: PCC Opens Bellevue, WA Store.
Image: PCC Community Markets