A Quarterly Update from Krish

Dear PCC Member-Owner,

Summer is winding down, and I hope you are squeezing the last bits of joy out of our wonderful Northwest summer and balancing the return to routine that accompanies our shortening days.

Back in April, when we published our co-op’s Purpose Report for 2023, I asked all of you (our more than 116,000 members) to consider strengthening your commitment to PCC, by earmarking more of your grocery budget for the co-op and by making us the first stop on your grocery run. Now, I want to express heartfelt thanks to so many of you who responded — with kind words and renewed commitment.

Having turned the corner on the first half of 2024, I am happy to share that our financial results at the end of the second quarter clearly reflect your tremendous collective love and support of PCC, and that of our staff members who deliver the PCC experience in their communities every day. I am deeply grateful to you all.

While much work remains ahead of us in returning PCC to sustained profitability, the second quarter of 2024 was an important step in the right direction. Overall sales beat expectations, reflecting fantastic store conditions, engaged staff, and steady progress on our efforts to lower prices in a challenging economic environment. We learned that you really enjoyed some of our member-only free offers — including recent ones like the PCC branded soap, juice, and organic strawberries — and we are glad that these goodies gave you yet another compelling reason to visit your local co-op. We also demonstrated discipline and frugality in managing expenses, appropriately balancing the long-term needs of the business with short-term cost reductions. And, thus far into the third quarter, this trend appears to be continuing.

We are not out of the woods yet, and there is a lot more we need to do on all fronts of our business model, but I am happy with our progress thus far and recognize that the remainder of this year has much to look forward to — with Member Month in October, followed by the holiday season. So much of our co-op’s success stems from the feedback and insight that our leadership team and I receive from our staff, and from you, our members. For this, again, I am deeply grateful.

Beyond the financial bottom line, I am also happy to report good progress on our commitment to increased staff involvement and voice in the co-op’s governance. With the leadership of our two union staff trustees (Donna Rasmussen and Laurae McIntyre), we have established a new Labor Management Committee (LMC) that will work closely with PCC leadership and the co-op’s Board of Trustees to recommend ideas that enhance the co-op’s strategic direction as well as our mission regarding people, planet and profit.

This committee is made up of PCC unionized staff members, PCC Trustees, members of the co-op’s leadership team, and members of our union (UFCW 3000), and will meet throughout the year. The LMC will be co-chaired by Donna and Laurae, who have already been invaluable in amplifying the voices of staff and member-owners in the Board’s discussions and decisions.

Speaking of the Board, we added Joe Rogoff as a Trustee earlier this year, following the Annual Election. Joe recently sat down with Donna and Laurae for a conversation to better introduce himself to member-owners. Watch this video to learn more about Joe and the more than 40 years of experience and a passion for natural and organic foods he brings to our Board.

Your neighborhood co-op is still bursting with Northwest-grown produce picks, so please do stop by to check them out; shishito peppers, basil, heirloom tomatoes and peaches seem to always find a spot on our kitchen counter. Warm wishes to you all, and happy eating!

With gratitude,

Krish Srinivasan

CEO & President