Rankin Inlet co-op makes money for co-op members

Kissarvik Co-op in Rankin Inlet earned a surplus this past year, which went to a $200,000 dividend for co-op members, store renovations and hotel expansions. The co-op redecorated its store, pictured, as part of its renovations. (PHOTO COURTESY OF THE KISSARVIK CO-OP)

Rankin Inlet’s Kissarvik Co-operative announced a $200,000 dividend for its members this month, the fourth year in a row that members will draw a return from profits.

“Our business has remained strong over the past year, following eight years of compounded growth,” Walter Morey, general manager of the co-op said in a news release this week. “This means more money in our members’ pockets.”

Morey credited the success of Kissarvik Co-op’s two Inns North hotels for a big part of the returns, on top of consistent growth in the retail side of business through the Co-op store. Rankin Inlet’s position as the commercial and government services hub for the Kivalliq region help ensure this, he said.

“There are a lot of wages that come in because we’re providing support to the entire region, and those people are here, they’re shopping here,” Morey said May 28. “We’re somewhat dependent on other communities in the region because we are providing service to them from here.”

The co-op employs up to 90 people, which could make it the biggest non-government employer in the community, he said.

Morey’s tenure as general manager over the past eight years has coincided with the co-op’s financial success.

“Nine years ago this co-op had a deficit of $1.7 million,” he said.

Management eliminated the deficit in 2008 and the co-op has been earning surpluses ever since, he said. Members have earned dividends year after year since the turn-around.

Kissarvik Co-op has also used surpluses to expand and upgrade its store and the Siniktarvik Hotel.

The co-op renovated the store’s entranceway, installed new cash tills and added a check-out lane, said Morey.

The co-op, which celebrates its 45th anniversary this month, has signed on 100 new members over the past year, said Morey. It now has some 750 active members.

The Kissarvik Co-op, incorporated in May 1968, features a large retail store, two Inns North hotels, cable television services, office space and property rentals. CIBC Bank is also located in the co-op building. (PHOTO COURTESY OF THE KISSARVIK CO-OP)