EDGEWOOD, Iowa — A grocery store for sale in rural Iowa could be seen as a strike against a small town.
Throw in the fact that an expected buyer backed out of purchasing the store, and it’s two strikes against a town.
But a group of people in Edgewood believe they have turned two strikes against them into a home run.
Claytonside Investments purchased Karl’s Grocery in Edgewood from owners Dolan and Kristi Burreson and Gary Urban. The owners approached the Edgewood Board of Economic Development with the offer to purchase the store after a sale to another buyer fell through.
Karl’s Grocery is the only full-service grocery store in the town of 865.
Claytonside Investments purchased the store for $150,000 plus the price of inventory.
Edgewood Economic Development Coordinator Elise Bergan said the main goal of the investment group is to keep a full-service grocery store in town.
“We want to maintain local ownership of the grocery store and support Main Street Edgewood,” she said.
Stock will be offered for $500 per share for those wishing to invest in the store. Bergan said it’s just one of several ways people can support the project.
“They can become investors, or they can make a donation in any amount to the project,” she said. “They can commit to doing the majority of their grocery shopping at Karl’s. They can also remain positive about the business community in Edgewood.”
Bergan said the group will retain the store’s manager and employees and also look to add employees.
“This will be a seamless transition for customers,” Bergan explained.
She said store upgrades are planned in the future.
A letter from the investment group said it also set a goal of selling the store “if and when the time is right, to a responsible, local buyer.”
Bergan believes no matter who owns the store, it will be successful.
“The people in Edgewood are incredibly loyal to their businesses and to their school,” she said. “We are in a unique position to move into the future. It’s pretty important to have opportunities like these in our hometown.”