The Copper Coin in downtown Woodstock will be closing its doors permanently Sept. 3, the coffee shop announced Tuesday.
The popular coffee shop released a statement via their social media saying the business will be closing at the beginning of September because it can’t sign another lease on the space due to “rising food costs and changing customer spending habits.”
Chantel Adams, principal owner of Copper Coin, said the popular coffee shop’s lease is up for renewal and the new terms require a five-year commitment. However, due to an uncertain economy, rising food costs, and recent changes in customer spending habits, required the shop to make a difficult decision about the ability to move forward.
“For most people, coffee is a luxury spend—it’s a treat—and it’s hard to justify a $6 latte when groceries for the family and gas for the car have to take precedence,” Adams said.
Additionally, Adams said staff is heartbroken about the closing.
“Many of them have been with Copper Coin for years. They are friends, and they truly enjoy working together,” she said. “For the last few months, we’ve been incredibly transparent with them about our P&L’s (profit and loss statements), and they’ve worked really hard to try and overcome our recent obstacles. Copper Coin has been a home away from home for our customers, but it’s been that for us, too.”
Adams said the decision to close was “not made in a vacuum” and they consulted many advisors and did extensive financial analysis using many different models.
“We’ve explored every scenario you can think of to save our coffee shop. The business model just doesn’t work,” she said.
Copper Coin’s customers, she said, are the heart and soul of the business.
“Every single person that walks through our doors is either a friend or a friend we haven’t met yet. Some of them have been with us for years, coming by every afternoon for their peppermint tea or every morning for their iced coffee with cream,” she said. “In the last couple of days, we’ve heard from people who met their spouse at Copper Coin or who celebrated milestone birthdays with us.”
Adams said their hope this last month is to be able to find “a memory to celebrate, rather than a future to grieve.”
In the announcement on Facebook, the coffee shop encouraged customers to stop by before the shop closes and have another “cup of coffee (or 100) or a cinnamon roll.”
“Share with us what this place has meant to you. It would mean so much to our dedicated team,” the shop said in the statement.
Copper Coin is located at 400 Chambers St., in downtown Woodstock.