[RP TownTalk] Fwd: FOR IMMEDIATE RELEASE

[Sue Collins]

I am SO glad they're finally going to be opening, I'm looking forward to it.  If anyone else has lived in the area for any length of time, I'm sure you remember what the store was like before the Spiropoulos family took it over. It's come a long way and I wish them every success with the new store, even if they AREN'T taking my suggestion to put some huge retro-looking animated neon beer signs on the roof!  (smile)

 
From: Vernon Archer <varcher at gmail.com>
To: TownTalk <TownTalk at riverdale-park.org> 
Sent: Monday, May 21, 2012 9:46 AM
Subject: [RP TownTalk] Fwd: FOR IMMEDIATE RELEASE


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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