ELK POINT – The past year has brought both challenges and changes to Cornerstone Co-op, according to both board president Cliff Martin and Chief Executive Officer Kory Kralkay in their messages to members attending Wednesday’s annual meeting at the Elk Point Seniors Recreation Centre.
Martin focused first on the good news, with changes in the Wainwright Cornerstone Co-op including the addition of a Wendy’s restaurant and a Dollarama store, both on long-term lease agreements, in formerly under-used space in the food store. “Scaling a business is not just about adding more,” he said, “It’s about building it better.”
The challenge was a cyber attack in June with major effects on Federated Co-op Limited that affected all local co-ops, and because of this, had a negative effect on the equity paid back to Cornerstone Co-ops and its members. The attack created supply issues for both grocery and hardware items and shut down the use of fuel cardlock purchases. He was pleased to reassure members that no personal information of members or employees was breached or affected by the attack.
Martin praised the hard work and dedication of the board, and said Cornerstone is “Poised for continued success and sustainable growth.”
Although it was a year that “Tested our resilience in more ways than one,” Kralkay said Cornerstone added yet another “Avenue of growth” at the St. Paul Pharmacy, with the addition of a pharmacist-led walk-in clinic, which is the first of its kind in an Alberta Co-op pharmacy and offers assessment, diagnosis and treatment of ailments, this reducing pressure on the local hospital’s emergency room.
The leasing of part of their Wainwright facility will bring not only long-term lease revenue but also shares the operational costs of the site, he added.
Director of Finance Brad Belton gave Cornerstone’s financial report, explaining that a new finance program is being used with new routines and that improvements are being implemented. However, challenges at the retail level include suppressed economic conditions in the area and increased costs due to inflation. Food, liquor, pharmacy and petroleum sales were stable with the previous year and home and building sales did see some gains. Sales in 2024 were $185 million, compared to $186.4 million the previous year, with $1.2 million patronage allocation to the members, compared to $2 million the previous year, with $1 million being distributed to members in 7,500 cheques. He noted that “We can only allocate a portion,” with the result that no equity allocation was paid on purchases from the home center or liquor this year.
With just three nominations for the Board of Directors, those being the existing members Ron Boisvert, Keith Brower and Jordan Thompson, no election was necessary to return them to the lineup for another term. Boisvert, with nine previous years on the board, and Brower, with 18 previous years, were presented with plaques by Martin, in recognition of their devoted service to Cornerstone.
