Paying back its members
Kissarvik Co-op issues second dividend payment of year
Darrell Greer
Northern News Services
Published Wednesday, December 18, 2013
RANKIN INLET
The Kissarvik Co-op was alive with community spirit during two special customer appreciation events this past week in Rankin Inlet, that also saw Co-op members with a little extra in their holiday stockings.
Kissarvik Co-op general manager Walter Morey helps call a bingo game during member's night at the Rankin Inlet store this past week. - Darrell Greer/NNSL photo |
General manager Walter Morey said the Rankin Co-op paid the second half of its dividend this past week, totalling about $100,000.
He said individual members' shares were credited directly into their Co-op accounts.
"We split the dividend in half this past year, making two separate payments to our members," said Morey.
"The total patronage refund was about $273,000 for the fiscal year that ended in January of 2013, and, of that, we refunded about $200,000 in cash refunds to the accounts.
"The balance stayed in members' equity."
Morey said the Rankin Co-op has returned more than $2 million during the past four years in a combination of equity and cash refunds to accounts.
He said the numbers have dropped a bit recently, mainly from the hotel end of the overall operations.
"The hotels were really busy in previous years, but, this year, most of the dividends came from the retail operation.
"There are times it still seems like there's not enough rooms in town, but that's become rare these days.
"Most of the time, I'd say the occupancy rate of the hotels is relatively low.
"Our restaurants have remained quite busy, however."
The Co-op held two special shopping events to thank its members, and the community in general, for their continued patronage.
Hundreds of people flocked through the store during the events to take advantage of special prices.
Co-op members were also entered into draws and played special games with prizes ,such as one-minute-shopping sprees.
Morey said the store ran a special flyer during its patron's day event.He said the store then reopened from 9 p.m. until 11 p.m. for member's night.
"This is a big deal for us.
"Anyone could come and shop to take advantage of the specials that were on.
"Our draw prizes and things of that nature were for members only."
