PCC Community Markets Gives Back More than 60% of Profits

PCC Community Markets of Seattle, one of the largest community-owned food markets in the U.S., has given back more than 60% of its profit to its community, including its first member dividend totaling $3.9 million.

The co-op’s 2020 grocery sales totaled $383.2 million, up 26.1% from the prior year, with net income of $2.7 million (including one-time impacts from historical tax refunds), representing 26.4% growth from the prior year. In addition to providing its community with more than $700,000 in financial and in-kind support, these results include more than $4 million in COVID-related investment costs such as safety measure implementation across its 15 locations, and staff appreciation pay.

PCC’s sales growth was driven by the opening of two new stores in Bellevue and Seattle’s Central District, as well as increased pandemic-related spending driven primarily by its members. In January 2020, PCC introduced a new member benefit program with the opportunity for members, inclusive of staff, to receive an annual dividend.

The PCC dividend is a sum of money paid to active co-op members from the profits the co-op makes specifically from member sales, explains the co-op. The PCC board of trustees determines if a dividend will be issued for each fiscal year based on the co-op’s financial results and the needs of the business.

In 2020, members accounted for a little more than 60% of total sales and as a result of this new program, as well as the board’s approval, the average 2020 member dividend paid was $46.93.

“PCC was born from a group of 15 families in Seattle and almost 70 years later, we are still owned by our community of families across the Puget Sound area, including our amazing staff,” said PCC CEO and President Suzy Monford in a statement. “When the co-op does well financially, our members benefit, and this year’s dividend is a testament to this. But equally important is that we balance our economic success with our social and environmental impact. Our community giving allows us to achieve our social bottom line, and our ongoing focus on delivering products of the highest standards and building green stores heightens our environmental responsibility.”

The updated member program was designed to engage more members and provide a more equitable experience for all who opt-in, said the co-op. In addition to the opportunity for the dividend, members gain access to exclusive deals, events and partner offers from a selection of local, like-minded businesses, PCC said. Last year, members received more than 30 offers with a total of almost $300 in savings on a range of products including olive oil, wild-caught Alaska salmon and PCC Organic Grass-Fed Yogurt.

The program drew more members in the past year than in the decade prior, with the co-op seeing a 35% increase in membership. The co-op currently has an active membership of nearly 90,000 households including more than 1,600 staff. 

PCC is a triple bottom line organization, meaning every decision is guided by its financial, social and environmental impact, the co-op said.