Community-owned assets or organizations are those that are owned and controlled through some representative mechanisms that allow a community to influence their operation or use and to enjoy the benefits arising.
In Saranac Lake, New York, after the local Ames Department Store closed due to bankruptcy and residents were forced to travel 50 miles (80 km) to Plattsburgh for staples, the town was approached by Walmart which offered to build a 250,000-square-foot (23,000 m2) supercenter, but the community felt that Walmart would negatively impact local business and increase traffic.
As an alternative, a community-owned store was organized and shares were sold to community residents.
[1] Funds were raised in a similar way for an independent bookstore in Brooklyn, a coffeehouse in Oakland, and restaurants in Hastings-on-Hudson, New York[2] and Hardwick, Vermont.
[3] The New Rules Project of the Institute for Local Self-Reliance a nonprofit corporation has worked to make financing of community owned business less onerous.