Stop And Compare Market, a cherished Latinx, family-operated supermarket renowned for its commitment to community and authentic products, has broadened its reach with the inauguration of its third location. Situated in Lynn Marketplace, this expansion was made possible through a significant $1.2 million loan from the Healthy Retail and Commerce Fund. This fund, a collaborative initiative managed by the Conservation Law Foundation (CLF) and Massachusetts Housing Investment Corporation (MHIC), is fueled by mission-aligned investments from organizations including Tufts Health Plan Foundation, The Kresge Foundation via a Program Related Investment (PRI) loan, and MHIC itself. Further financial support for this venture was secured from the Massachusetts Food Trust, overseen by the Local Enterprise Assistance Fund (LEAF).
Stop and Compare Market store front
Vivian Iannotti, CEO of Stop and Compare Market, articulated the company’s core mission: “At Stop and Compare our mission is to connect culture and community by offering authentic and fresh quality products.” She further emphasized the dedication to customer experience, stating, “We are committed to providing a stellar in-store experience in a welcoming and beautiful environment despite the challenges that can come with operating in gateway cities. We want all guests to feel welcome and inspired to make the recipes that go back generations and remind them of home or experience our Latino flavors and culture for the first time.” This customer-centric approach positions Stop and Compare Market as more than just a grocery store; it’s a cultural hub within the community.
Iannotti also highlighted the crucial role of financial partnerships in enabling their growth and resilience, especially in a challenging economic climate. “Partners like MHIC and LEAF allow us to achieve our mission by affording us access to capital to renovate the space, train our staff, maintain proper inventory and sustain our business while it grows. Today this work proves ever more challenging with the operational and financial headwinds of opening a low margin industry business in a pandemic environment. Partners like these give us the confidence to be able to persist and move forward despite these challenges. We are grateful for the opportunity this affords us to service this amazing community.” These partnerships are instrumental in supporting businesses like Stop and Compare Market in their mission to serve communities effectively.
Stop and Compare Market distinguishes itself by offering a diverse array of products at accessible price points, fostering a robust cultural connection with its customer base. Beyond its role as a retailer, the supermarket is a significant employer in the communities it serves, prioritizing local hiring and creating opportunities for career advancement for individuals in entry-level positions. This commitment to both customers and employees was recognized in 2015 when Northeastern University Family Business Center honored Stop and Compare with the prestigious Best Family Business of the Year Award.
The Healthy Retail and Commerce Fund plays a pivotal role in supporting enterprises like Stop and Compare Market. By pooling investments from healthcare institutions and foundations, the fund aims to stimulate job creation, enhance food accessibility and affordability, and inject economic vitality into underserved communities.
Maggie Super Church, Vice President of Healthy and Resilient Communities at CLF, underscored the importance of accessible financing for local businesses. “It’s so important that local businesses serving low-income and minority communities have access to affordable financing,” said Church. “Stop and Compare provides healthy and affordable food to communities sorely lacking these critical resources, and this loan ensures that more Lynn residents will now benefit from everything this store has to offer.” Her statement emphasizes the direct community impact of supporting businesses like Stop and Compare Market.
Gerardo Espinoza, Executive Director of LEAF, reiterated the commitment of the Massachusetts Food Trust to improving food security across the state. “The Massachusetts Food Trust is committed to improving food security and access throughout the Commonwealth,” said Espinoza. He further acknowledged the collaborative effort, adding, “LEAF wants to thank the Baker-Polito Administration and the Massachusetts Department of Agricultural Resources for their support of the Massachusetts Food Trust as well as MHIC and CLF for their partnership in this financing package for the new Stop and Compare store in Lynn.”
Nora Moreno Cargie, president of Tufts Health Plan Foundation and Harvard Pilgrim Health Care Foundation and vice president for corporate citizenship at Point32Health, highlighted the strategic alignment of their investment with broader community health goals. “This mission-related investment aligns with our support of the Greater Lynn Senior Services work to create a food hub and is a new and different approach for us. Philanthropy should be taking risks that align with their north star,” said Cargie. “We believe no one should experience nutrition insecurity, hunger, or lack access to affordable, healthy food. We are excited to support nonprofit partners and their commitment to community health and resilience.” This perspective underscores the role of philanthropy in addressing food insecurity and promoting community well-being.
Joe Flatley, President and CEO of Massachusetts Housing Investment Corporation, emphasized MHIC’s pride in supporting Stop and Compare Market as a Minority Business Enterprise (MBE). “The Healthy Retail and Commerce Fund was launched to fund businesses like Stop and Compare, ones that hire locally and respond to the unique needs of their communities,” said Flatley. “MHIC is especially proud to support Stop and Compare as a Minority Business Enterprise (MBE). A key component of MHIC’s mission is racial equity and inclusion, specifically that the benefits of community investment should flow to workers of color and MBEs. We’re grateful to Tufts Health Plan Foundation, The Kresge Foundation, and LEAF for joining us in providing financing.” This statement highlights the importance of supporting minority-owned businesses as part of broader community investment and equity initiatives.
Erika Brice, a social investment officer at Kresge, reflected on the intended impact of their program-related investment. “With our program-related investment loan, we’d hoped to accelerate food access in the Boston region, especially in communities of color, and to do so while bringing new and under-tapped investors into this kind of investing,” said Brice. “It’s thrilling to see that come to fruition with this new Stop and Compare, which we believe will provide superb food to the Lynn community for years to come.” This concluding remark reinforces the successful outcome of the collaborative investment and its positive future impact on food access in Lynn.
