Grocery Cooperatives Prosper on Annual NCB Co-op 100 List
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WASHINGTON, DCThe nation's top wholesale grocery cooperatives earned more than $29 billion in revenue during 2001, according to this year's NCB Co-op 100. The NCB Co-op 100 is an annual report issued by the National Cooperative Bank (NBC) on the nation's 100 highest revenue-earning cooperatives.
Of the 100 cooperative businesses on the NCB Co-op 100, 20 are grocery co-ops. Led by Wakefern Food Corp., based in Elizabeth, NJ, the co-ops in this industry include: TOPCO Associates, Inc., Roundy's, Inc., Associated Wholesale Grocers, Unified Western Grocers, Associated Food Stores, Associated Wholesalers, Inc., Central Grocers Co-op, Associated Grocers, Inc., Affiliated Foods Midwest Co-op, Inc., Affiliated Foods, Inc., URM Stores, Certified Grocers Midwest, Affiliated Foods Southwest, Western Family Holding Company, Piggly Wiggly Alabama, Associated Grocers, Key Food Stores Cooperative, Inc., Associated Grocers of Florida, Inc., and Associated Grocers of the South, Inc.
For the second consecutive year, the 100 cooperatives on the listranging from grocery stores to hardware and lumber, earned over $130 billion in combined revenue, demonstrating the important role cooperatives play in the economy.
"When I look at the revenues reflected in this year's NCB Co-op 100, for grocery and other co-op industries, I can't help but be impressed at the growth of U.S. cooperatives," said Charles E. Snyder, NCB's President and Chief Executive Officer. "From their beginnings more than 100 years ago, America's cooperatives have not only survived, but flourished. They have prevailed through adversity and economic downturns and have brought economic stability and prosperity to millions of people."
While privately held firms have been hard hit and continue to struggle, the cooperative sector continues to thriveproducing increased earnings for its members even through difficult times. During fiscal year 2001, FORTUNE 500 companies posted a record 53 percent drop in the year's profits. In contrast, America's top 100 cooperatives generated total revenue of more than $130 billion. Agriculture, grocery, energy and communications, and finance sectors all earned higher revenues than the previous year.
Cooperatives play a vital role in America's economy. There are nearly 50,000 cooperatives in the United States, owned by some 120 million Americans, and outnumbering public companies by four to one. Co-ops exist in a number of industriesagriculture, grocery, hardware and lumber, financial institutions, energy, housing and others. Many cooperatives on the NCB Co-op 100 list are household names such as Land O'Lakes, ACE Hardware, and Ocean Spray.
A cooperative is similar to other business models, but has several unique features. A cooperative is owned and controlled by members who have joined together to use the co-op's goods, services, and facilities. A board of directors, elected by the membership, sets the co-op's policies and procedures. By pooling their resources through cooperative ownership, members can increase their power to buy, sell, market, or bargain as one group. They can join in economies of scale and share in any profits the co-op generates. In addition, the financial and socials benefits co-ops deliver reach beyond their members, enriching communities nationwide.
NCB produces the NCB Co-op 100 annually. The only publication of its kind, it is an important indicator of cooperative business activity across the country.
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