Otter Co-op’s board of directors have approved a patronage reimbursement of over $5.9 million to their member/owners, based on 2017 purchases.
This year’s return comes on the heels of eight record years in a row of sales, with 2017 sales totaling over $223.6 million.
This money stays in the community and recipients are free to spend the cash as they choose.
As a co-operative, member/owners receive patronage refunds on their yearly purchases based on Otter Co-op’s performance and profits; all that is involved in becoming a member is a one-time purchase of a $10 membership share.
Otter Co-op’s CEO Jack Nicholson said, “As a local business, we face stiff competition from “Big Box” stores and the growing digital marketplace daily. Seeing continued growth despite this, I could not be prouder of the success Otter Co-op has seen over the past year.
“Our profits stay in the community and continue to stimulate the local economy here in British Columbia. This success is due to the strong commitment of the Otter Co-op team, which includes both employees and our guests supporting us every day.”
This patronage return will be distributed in September, with more details to be announced shortly.
Otter Co-op is a retail co-operative that has proudly served the Lower Mainland for 96 years, from its base on 248th Street in Aldergrove.
Today, Otter Co-op serves more than 50,000 members — and many more non-member customers — in the lower mainland, where it operates 15 locations, and another three sites in the Okanagan.
In the last five years, Otter Co-op has returned more than $25 million to member/owners in cash and equity rebates, while contributing over $750,000 to non-profit community organizations and initiatives.
“Otter Co-op is proud to be a strong local investor and community builder in the areas they live, work and play in,” said Nicholson.