The Puget Sound Business Journal reports that PCC Community Markets, the largest consumer-owned food cooperative in the United States, will close a downtown Seattle store that it opened in January 2022.
The closure will be on January 31, 2024.
PCC CEO Krish Srinivasan said that while the store has been a creative success, it has "remained unprofitable, and we do not see that changing for the foreseeable future … Since continued losses pose a significant financial risk to our co-op’s long-term viability, we are acting now."
According to the story, "Since opening in January 2022, the downtown store has significantly underperformed relative to its original financial expectations, in large part due to persistently lower numbers of office workers and residential grocery shoppers in the city center following the pandemic … In looking ahead to 2024, the co-op is focused on restoring and securing its long-term financial viability."
Closing the new store, located in the base of the Rainier Square tower, is seen as critical to that financial viability.
- KC's View:
Very simple - you have to know when to fold 'em. It is a shame, but reality is always worth facing.
There's an old line about how it makes no sense to bang your head against a wall hoping that somehow, magically, it will turn into a door.