Pollock's Hardware Co-op: Hardware co-op nails down financial success - Cans...

Hardware co-op nails down financial success - Canstar


A little more than two years since it open­ed for business, Pollock’s Hardware has exceeded even the most optimistic initial projections, according to mem­bers of the North End business co-operative’s board of directors.

Treasurer Tom Simms said the co-op had a surplus of approximately $700,000 following last month’s annual general meeting. It had initially planned for a $500,000 surplus after five years, he said.

"We are way ahead of where we thought we would be. We’re paying interest in ownership shares and looking at patronage rebates," he said.

Simms said sales more than quadrupled this past year compared to the first year of operation, by about $400,000.

A north Winnipeg mainstay since 1922, Pollocks closed in late 2007 and the building was put up for sale. With the help of a tax credit for community economic development, community residents gathered to draft a financial plan for a community co-operative venture. The new store opened in June 2008.
The sale of co-op memberships have also exceeded early projections.

Pollock’s original business plan budgeted for 200 members by the end of the first year of operation. It already had more than 1,000 members after just six months of operations.

Manager Mike Wolchock said the store is now the first place many do-it-yourselfers visit. It currently has approximately 1,800 members, who account for about 20% of the store’s sales.

"That is up from about 10% the year before," he said.

Wolchock said the store recently installed a new electronic paint mixing system and is looking at further improvements to the interior of the North End hardware hub.

"We’re going to be looking at restoring the ceiling back to its original tin. Eventually we’d like it to look like to customers like they walked into the 1930s," Wolchock said.

Simms said the co-op’s early success has prompted its membership to move ahead with plans to purchase the building Pollock’s currently leases.

Wolchock said owning the building and property would allow co-op members to make long-term plans for the business.

"This lets people know we are not just a business, but an institution," he said.

Simms said community support has been a critical part of the company’s success to date.

"In these times of recession and everyone cutting back, it is nice to see the community support. It is because of the local commitment we find ourselves in this position," he said.

Pollock’s Hardware memberships cost $25. A membership is not required to shop at the store.

rob.brown@canstarnews.com