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Torrington, WY hopes to learn from Powell, WY community owned mercantile store development success
The Merc in Powell is a community-owned store that is inspiring other small communities to consider public offerings to help revitalize local retail options.
About 30 Torrington residents took a 382-mile bus trip, one way, to Powell to hear "The Merc story."
By The Associated Press
The visitors made the up-and-back trip Tuesday to compare notes on small-town economic downturns and learn more about how Powell fought back.
They mainly wanted to know how Powell breathed life into a community-owned department store and whether a similar undertaking can work in Torrington.
Just like Powell, Torrington has seen chain stores like Anthony’s and Stage pull out. The Goshen County seat’s retail community is anchored by a furniture store and a pharmacy. There is no family department store.
The only clothing options are two women’s shops, a Pamida and a farm and ranch store.
"We can’t buy a white shirt and dress pants in town," Torrington resident Paul Puebla said.
The visitors heard from Powell Mercantile board members Ken Witzeling and Harold Robirds, general manager-buyer Mike Reile and chamber of commerce executive Sharon Earhart about the birth of The Merc.
The store opened in July 2002 after a stock subscription drive in which about 540 individuals purchased more than 850 shares at $500 each to capitalize the store at $425,000.
The business exceeded its first-year target of $500,000 in sales with $522,000, and now is closing the books on about $564,000 in year two.
The Merc has no debt, $270,000 in paid-up inventory and money in the bank.
Tips from The Merc team:
–Keep the price of shares reasonable. The more investors, the more customers. That’s why shares were sold for $500.
–Single investors can’t own more than 20 shares. That guarantees community ownership, and pride in that ownership.
–Get your merchants behind the project before you start to sell stock. They have to see it as "putting the community in business."
–Stay out of debt. The Merc has never borrowed money.
"Hopefully, this trip will generate some excitement about what you have in Powell," said Brad Sutherland, executive director of the Goshen County Economic Development Corp., who put the bus trip together. "I was very impressed with your store."
Sutherland said a decision has not yet been made to try to sell stock for a community-owned store in Torrington, "but when we get back, that’s what we’re going to talk about."
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