If you’ve ever walked down a street in Indianapolis and noticed empty storefronts, you’re not alone (and neither is Indy). Many cities struggle with attracting and retaining retail businesses, especially in areas that have been hit hard by economic downturns or changes in consumer behavior. But what if there was a way to encourage more people to start their own retail businesses and fill these empty spaces?
Enter the retail incubator.
A retail incubator is a program designed to support new retail businesses by providing them with resources and support to help them grow and succeed. Retail incubators can be found in cities all over the world, and they are a powerful tool for promoting entrepreneurship and economic development.
One of the key values of a retail incubator is that it supports local entrepreneurship. Starting a business can be a daunting task, especially for people who are new to the world of entrepreneurship. A retail incubator provides a structured program that can help guide entrepreneurs through the process of starting and growing their businesses. This can include everything from business planning and market research to legal advice and accounting support.
In addition to providing support to individual entrepreneurs, a retail incubator can also help to revitalize neighborhoods. By filling empty storefronts with new businesses, a retail incubator can attract foot traffic and create a more vibrant and diverse community. This can be especially valuable in areas that have been neglected or overlooked in the past.
A retail incubator can also foster innovation and creativity. Starting a new retail business requires a lot of creativity and ingenuity, and a retail incubator can provide a space for new ideas and innovative business models to emerge. By bringing together a diverse group of entrepreneurs with different backgrounds and experiences, a retail incubator can encourage collaboration, creativity, and new ways of thinking.
Not to mention, a successful retail incubator can attract investment to a city. Investors are always on the lookout for new and innovative businesses to invest in, and a thriving retail incubator can help to showcase the talent and creativity of the local entrepreneurial community. This can lead to more investment in the city, which can help to fuel further economic growth and development.
Through our years of work supporting the St’artup317 initiative to Indigo (our own mobile retail incubator), we’re committed to opportunities that lower the barrier to entry for creative entrepreneurs in our community.
Finding locations to host a retail incubator can be a challenge, so we decided to make our own! With the generous support of our community, IndyGo, and a matching grant from CreatINg Places through IHCDA, we were able to solve for that by converting a decommissioned IndyGo bus into a mobile pop-up shop.
St’artup317 has had a number of homes and hosts over the years, but we were there at the very-very beginning. Partnering with our friend Catherine Esselman on branding, marketing, and activation, this initiative is an incredible tool for our city. And it continues to evolve as the needs and values and investment change with time.