Seattle, WA—PCC Community Markets has given back more than 60% of its profit to its community, including its first-ever member dividend totaling $3.9 million, according to a press release.
The co-op’s 2020 grocery sales totaled $383.2 million, a 26.1% growth over the prior year, with net income of $2.7 million, in part due to one-time impacts from historical tax refunds. These results include a $4 million investment in COVID-related costs and safety measures; staff appreciation pay; and more than $700,000 in financial and in-kind community support.
Sales were driven partially by pandemic spending, as well as by the opening of two new stores in Bellevue and Seattle’s Central District.
In January 2020, PCC introduced a new member benefit program with the opportunity for members—including 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, and was designed to engage more members and provide a more equitable experience. 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 business needs. In 2020, the average member dividend paid was $46.93. Regardless of the dividend, members gain access to exclusive deals, events, and partner offers from local businesses.
The results: The program drew in more members in the past year than in the decade prior, showing a 35% increase in membership.
“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 the press release. “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.”