A nearly 50-year-old Moiliili natural foods store owned by many of its own customers has sidestepped potential closure this month after a successful fundraising campaign.

Kokua Market, Oahu’s only natural-food cooperative, raised $167,000 last month selling co-op shares to more than 400 new and existing members.

The effort, which surpassed a $150,000 goal, was followed by a membership meeting Saturday that resulted in a vote to proceed with a turnaround plan that will be led by a retail food co-op industry expert.

“It feels good to have gotten this far,” said Laurie Carlson, a former local newspaper publisher who was Kokua Market’s first member in 1971 and stepped up in January to lead a reconstituted board in a bid to save the store.

Kokua Market last year had fallen onto hard times under pressure from new stores in Honolulu from its main competitors, Whole Foods Market and Down to Earth. The road leading to its parking lot also had been frequently congested or blocked by construction of a neighboring rental housing tower at South King Street and Kahuna Lane. The “perfect storm” hurt sales and in turn created problems restocking shelves in the store, which is open to the general public.

Short-term improvements were made, and the long-term turnaround plan dubbed “Kokua 2020 Initiative” involves installing a bar serving coffee, juice, smoothies, beer and wine; expanding the selection of prepared food and locally produced specialty items; reducing electricity costs with a photovoltaic system; and selling more food in bulk, including liquids from olive oils and vinegar to beer and wine. Providing more discount perks to members also is part of the plan.

Leading the turnaround will be Wynston Estis, a consultant with Virginia- based CDS Consulting Co-op who specializes in retail food co-ops.

Carlson said Kokua Market, which also raised $50,000 in loan commitments from members, will seek additional financing to help carry out the long-term plan.

“It looks good,” she said.