PORT TOWNSEND — A new general merchandise store came one step closer to reality last week as the Quimper Mercantile Co. received state approval to proceed with its public stock offering.
“It’s taken us a year, but we are now ready to move forward,” said Peter Quinn, director of operations for Quimper Mercantile Co,, known as QMC.
“We are excited to begin selling Quimper Mercantile shares and open for business,” he added.
The per-share price and sale date are yet to be determined, but the company is looking to raise $950,000 for initial store operations.
With these funds, along with $50,000 in founder money, the store will be able to enter the market strongly, helping to preserve the critical mass of shopping options required to attract shoppers to the area, Quinn said.
The new store is meant to fill the gap left by the closure of Swain’s Outdoor in February 2011 and offer many of the goods that are not available from other stores in Port Townsend while not directly competing with existing businesses.
To that end, QMC is holding a meeting tonight for local merchants to give them an opportunity to hear what is being planned, ask questions and provide input.
The meeting begins at 5:30 p.m. [corrects time appearing in today’s print edition] in the back room of the Undertown Cafe, 211 Taylor St., but is not open to the public or the press, according to Quinn.
“We want to tell the merchants that we plan to be a good neighbor and give them a chance to ask any questions,” Quinn said.
“It’s a closed meeting because we want them to be able to speak freely.”
After the stock, the biggest question about the new store is its location, which will be finalized and announced within the next week, according to Quinn.
The former 17,000-square-foot Swain’s location at 1121 Water St. is under consideration and is one of two possibilities, Quinn said.
The Quimper board is in the process of printing prospectus and finalizing the process for actually selling shares.
QMC Chief Financial Officer Marty Gay said in a statement that the group wants to make it as simple as possible for individuals to invest and expects to be selling shares by the middle of January.
While much of the selling will be through direct personal contact, QMC will host several open house events throughout Jefferson County to present the plans and sell stock to the public.
“Quimper Mercantile will be community-owned, locally operated and focused upon making local shopping a rewarding experience,” Quinn said.
We want to tell people our plans and hope they get as excited as we are to make this happen.”
Merchants seeking more information about QMC can phone 360-379-4693 or visit www.quimpermerc.com.
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Jefferson County Reporter Charlie Bermant can be reached at 360-385-2335 or at charlie.bermant@peninsuladailynews.com.
