Business & Tech
Cooperative Moving Into Universal Food Store In Noank
Noank Community Market has recieved inquiries from 130 people seeking memberships and 61 pledging loans.
A board of seven people are turning the former Universal Food Store in Noank into a cooperative market with organic products, a grocery, deli, bakery and catering business.
Bailey Pryor, president of the Noank Community Market, said he and six others got together in October after Universal Food Store closed.
But the landlord said the grocery had been struggling for years, and was five years behind on rent. Owner Frank Quaratella's family had stepped into Universal in 1947; he took over in 1982.
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Pryor said the loss was concerning to the community.
“A group of us had been very saddened at the loss of Universal and our friend Frank not being here,” Pryor said.
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John Sutherland, treasurer of Noank Community Market board, said the group considered a grocery store, convenience store and cooperative model, and decided on the third.
The board will keep the market, meat counter and prepared foods like pizza, and is adding a catering business, bakery and organic, natural and gluten-free products to attract customers.
The coop allows anyone to shop but offers discounts to members. A family membership is $175, and buys a share of stock in the company. The board overseeing Noank Community Market is also asking members to provide loans of $1,000 to $10,000 to finance the start of the business.
So far, 130 people have sent e-mails asking to be members, and 61 have pledged loans. The board needs $250,000 to buy equipment, inventory and pay staff, and has raised about half the money. Loans would be paid back over five years with interest, Bailey said.
The group is negotiating a 10-year lease with the landlord, Steven Jones, although that has not yet been signed.
Melon Marcotte, who owns Mona Lisa’s in Noank, said she’s excited about the coop.
“It’s like the new buzz in town,” she said. “We’re excited because we hope it’ll attract more business and this is a quiet time of year, but we’re also excited because it’s going to have everything we need.”
Renovations started in mid December to create a new entrance and modernize the kitchen, and are being financed by money raised and the landlord. Jones is paying for the new entry and installing handicapped-accessible ramps and bathrooms.
The work should be done in two weeks. The board hopes to open the coop in late spring.
For more information about the cooperative, see the website at noankmarket.com, e-mail manager@noankmarket.com, or call (860) 536-6355.
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