[RP TownTalk] Fwd: FOR IMMEDIATE RELEASE

[Vernon Archer]

See below the press release for our new town center market!

---------- Forwarded message ----------
From:
Date: Sunday, May 20, 2012
Subject: FOR IMMEDIATE RELEASE
To: Jim Spiropoulos <spiro111 at aol.com>


FOR IMMEDIATE RELEASE

Town Center Market

Small family-owned business is finding a way to survive and grow in this
economy.
Dumm’s Corner Market (renamed Town Center Market) opens in its new location
May 23, 2012, with a grand opening event on June 17, 2012.  After 100 years
at its old address, pressure from lenders, and a grueling permit process,
the small family owned business is expanding to a modern convenience store
which will be a central point in the small community of Riverdale, MD.
Prince George’s County history books suggest a store opened on the corner
of Riverdale Road and Lafayette Avenue sometime in the early 1900’s.  Pete
Spiropoulos purchased the store known asDumm’s Corner Market, along with
the real estate, in December of 1988. He grew the market from a small
corner store, to a thriving convenience store in the suburban community of
Riverdale.  A rarity these days, the market is truly a family-owned
business and supports Pete, his two sons, and their families.
The Spiropoulos family and Dumm’s Corner Market became a victim of the real
estate bubble and bust. In 2004, when credit was easy andlenders were
handing out money, the family purchased a neighboring building at 4705
Queensbury Road from a credit union. The credit union that was occupying
the building and wanted to lease it back from the family. Unfortunately,
several years later the credit union decided to leave.
Fast forward to 2011.  The company and family were being threatened with
legal action by the credit union which refused to refinance their mortgage
even though they had lent them the funds in the first place and they had
never missed a payment. This subjected their business and livelihood to
disaster.
Instead of relinquishing everything they had worked so hard for, the
Spiropoulos family decided to turn this problem into a solution.Recognizing
the ethnic and economic diversity of the Riverdale area, they wanted a
business that catered to everyone’s needs.  With the help of the Maryland
Small Business Development Center (SBDC) Consultant Christian Olsen, they
developed a business plan for a modern convenience store to fit the changed
needs of the community.  Instead of holding on to the property as an
“investment property,” which is a high risk category for lenders, they
decided to move their 100 year old store into the larger space at 4705
Queensbury Road.  The new store would cater both to the existing customers
and to the diverse needs of the Riverdale area which including families,
college students, white-collar and blue-collar workers.
The business plan, the strength of their ownership, and the SBDC helped
them convince another Lender – BankAnnapolis - to provide financing to take
out the credit union and improve the location. In addition, the family is
investing a substantial amount of their own money to improve the property,
the façade, and the overall aesthetics of Riverdale.  The new store will
offer a wider variety of carryout food, beer and wine, and will have an
outdoor seating area near the Riverdale MARC station and the center of
town.  It is close to the neighboring communities of College Park and
Hyattsville.
For more information Contact:Jim Spiropoulos
Town Center Market
4705 Queensbury Rd
Riverdale, MD 20737
(301) 758-3821
www.towncentermarket.net


Sent from my iPad


-- 
Vernon Archer, Mayor
Town of Riverdale Park, Maryland
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