PCC Community Markets Returns More Than 60% of Profits to its Communities, Including First-Ever Member Dividend
2021 News
(SEATTLE, April 26, 2021) – PCC Community Markets (PCC), one of Seattle’s original grocers and the largest community-owned food market in the U.S., today reported it gave back more than 60% of its profit to its 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% from the prior year), with net income – including one-time impacts from historical tax refunds – of $2.7 million (growing 26.4% from prior year). In addition to providing its community with more than $700,000 in financial and in-kind support, these results include the impact of the co-op investing more than $4 million during the year in unanticipated COVID-related costs and safety measures across the 15 locations, and in staff appreciation pay.
The co-op’s sales growth was driven by the opening of two new stores in Bellevue 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% 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. “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% increase in membership. The co-op currently has an active membership of nearly 90,000 households including more than 1,600 staff.
PCC is a triple bottom line organization, meaning every decision is guided by its financial, social and environmental impact. The co-op’s 2020 Co-op Purposes Report showcases how the co-op’s activity this past year connects with its mission to ensure that good food nourishes the communities it serves, while cultivating vibrant local, organic food systems. The report includes an update on PCC’s Sustainability and Environmental Sustainability goals, Diversity, Equity and Inclusion work and the co-op’s full 2020 financial statement. You can learn about that work and more here.
About PCC Community Markets
Founded in Seattle in 1953, PCC Community Markets (PCC) is a certified organic retailer and the nation’s largest community-owned food market. With an unmatched enthusiasm for making food from scratch, PCC is a haven for those who share a dedication to fresh, organic, seasonal food that is sustainably sourced from over 800 local producers, farmers, ranchers and fishers. The co-op’s mission is to ensure that good food nourishes the communities it serves, while cultivating vibrant local, organic food systems. With an active membership of nearly 90,000 households, PCC operates 15 stores in the Puget Sound area, including the cities of Bellevue, Bothell, Burien, Edmonds, Issaquah, Kirkland, Redmond and Seattle. Seattle stores are in the neighborhoods of Ballard, Central District, Columbia City, Fremont, Green Lake, View Ridge and West Seattle. The co-op also plans to open new stores in Downtown Seattle and Madison Valley and relocate its Kirkland location.
In 2020, PCC gave more than 60% of pretax earnings to members and the communities it serves, including nonprofits around the Puget Sound area such as Ventures, Washington Farmland Trust and FareStart.