Stop and Compare Market, a cherished Latinx-owned, family-operated supermarket, has broadened its reach with a new location in Lynn Marketplace. This marks the third store for the popular grocer, adding to its existing presence in Chelsea and Lynn. The expansion was made possible through a significant $1.2 million loan from the Healthy Retail and Commerce Fund, demonstrating a strong commitment to community development and enhanced food access in the region.
Exterior view of Stop and Compare Market at Lynn Marketplace
The Healthy Retail and Commerce Fund, managed collaboratively by the Conservation Law Foundation (CLF) and Massachusetts Housing Investment Corporation (MHIC), facilitated this crucial funding. The loan itself was supported by a mission-related investment from Tufts Health Plan Foundation, a Program Related Investment (PRI) loan from The Kresge Foundation, and MHIC. Further financial backing for this venture was supplied by the Massachusetts Food Trust, expertly managed by the Local Enterprise Assistance Fund (LEAF). This collaborative financial effort underscores the importance of public-private partnerships in fostering community-centric businesses.
Vivian Iannotti, CEO of Stop and Compare Market, articulated the company’s core values, stating, “At Stop and Compare our mission is to connect culture and community by offering authentic and fresh quality products.” She emphasized the dedication to creating an exceptional shopping atmosphere, adding, “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 commitment to cultural authenticity and customer experience sets Stop and Compare Market apart in the competitive grocery landscape.
Iannotti further highlighted the significance of their financial partners, “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.” She acknowledged the current economic climate, noting, “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.” This statement underscores the critical role of financial support in enabling businesses like Stop and Compare to thrive and serve their communities, especially during challenging times.
Stop and Compare Market has built a strong reputation for offering a diverse range of products at accessible prices. Beyond affordability, the supermarket serves as a vital cultural hub for its customer base, providing a sense of connection and community. As a local employer, Stop and Compare also significantly contributes to the economic well-being of the low-income communities it serves. The company prioritizes local hiring and is committed to providing career advancement opportunities for its entry-level employees. This dedication to its workforce 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 crucial role in supporting businesses that generate local jobs, improve access to nutritious food, and stimulate economic growth in underserved communities. Maggie Super Church, Vice President of Healthy and Resilient Communities at CLF, emphasized the importance of this funding, stating, “It’s so important that local businesses serving low-income and minority communities have access to affordable financing. 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.” This highlights the direct positive impact of the fund on communities like Lynn by supporting essential businesses.
Gerardo Espinoza, Executive Director of LEAF, echoed this sentiment, stating, “The Massachusetts Food Trust is committed to improving food security and access throughout the Commonwealth.” He further expressed gratitude, “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.” This collaborative effort between state agencies and non-profit organizations is vital for strengthening food access networks across Massachusetts.
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 this investment with their philanthropic 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,” Cargie said. She further emphasized their commitment to addressing food insecurity, “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 illustrates the evolving role of philanthropy in addressing social determinants of health, such as food access.
Joe Flatley, President and CEO of Massachusetts Housing Investment Corporation, emphasized the fund’s core mission: “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.” He also underscored MHIC’s commitment to racial equity, “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 fund’s commitment to supporting minority-owned businesses and promoting equitable economic development.
Erika Brice, a social investment officer at Kresge, articulated the desired outcomes of their program-related investment loan, “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.” She concluded with enthusiasm for the project’s success, “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 reflects the broader vision of using strategic investments to create lasting positive change in communities and expand the pool of impact investors.
The opening of Stop And Compare Market At Lynn Marketplace signifies more than just a new grocery store; it represents a significant step forward in enhancing food access, supporting a local, minority-owned business, and strengthening the fabric of the Lynn community. With its commitment to quality, cultural relevance, and community engagement, Stop and Compare is poised to become a cornerstone of the Lynn Marketplace and a valuable resource for residents for years to come.
