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Thank you for the great news. I like having a family shop in our
town.<br>
I like going in to get the stuff I want just down the street.<br>
I will have get there and spend some cash!<br>
thank you Pete and family!<br>
bob smith<br>
<br>
On 5/21/12 9:46 AM, Vernon Archer wrote:
<blockquote
cite="mid:CAMgQDE3Kv-sBPJpLYs3R87Y=ApcnO8bmnfXCYX_EZb7D5vdVKg@mail.gmail.com"
type="cite">See below the press release for our new town center
market!<br>
<br>
---------- Forwarded message ----------<br>
From:<br>
Date: Sunday, May 20, 2012<br>
Subject: FOR IMMEDIATE RELEASE<br>
To: Jim Spiropoulos <<a moz-do-not-send="true"
href="mailto:spiro111@aol.com">spiro111@aol.com</a>><br>
<br>
<br>
FOR IMMEDIATE RELEASE<br>
<br>
Town Center Market<br>
<br>
Small family-owned business is finding a way to survive and grow
in this economy.<br>
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.<br>
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.<br>
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.<br>
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.<br>
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.<br>
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.<br>
For more information Contact:Jim Spiropoulos<br>
Town Center Market<br>
4705 Queensbury Rd<br>
Riverdale, MD 20737<br>
(301) 758-3821<br>
<a moz-do-not-send="true" href="http://www.towncentermarket.net">www.towncentermarket.net</a><br>
<br>
<br>
Sent from my iPad<br>
<br>
<br>
-- <br>
Vernon Archer, Mayor<br>
Town of Riverdale Park, Maryland<br>
<br>
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