People’s Community Market, founded by Brahm Ahmadi, has announced that it will be offering California residents the opportunity to directly invest in the enterprise as part of its effort to raise capital to create a full-service grocery store in West Oakland.
West Oakland is an inner-city community of 26,000 residents who are predominantly African American and Latino. Although West Oakland residents collectively spend over $58 million a year on groceries, there are no full-service grocery stores in the neighborhood. As a result, 70% of the residents’ grocery spending goes to stores in surrounding cities. But residents (many of whom don’t own a vehicle and rely on public transportation) must travel far to get to distant supermarkets. The inconvenience, time and cost of these shopping trips leads many residents to regularly shop at nearby corner stores that carry mostly processed, poor quality foods sold at high prices.
People’s Community Market will be a small-format, full-service neighborhood food store, health resource center and community hub that supports West Oakland families to attain healthier and more socially connected lives.
By using this Direct Public Offering, People’s Community Market is offering a concrete, local and sustainable way that citizens can take action to address the social and economic problems in West Oakland. Through this community investment model, people of diverse economic backgrounds can participate in creating our business. The company is stressing that this investment opportunity, which starts at $1,000 , is not a donation, nor is it a Wall Street investment. This approach allows for a real and...