Dr. Lakeysha Hallmon, CEO of The Village Retail, has successfully helped circulate over $8 million for Black-owned businesses through her shop and night marketplace. Initially struggling with financial stability due to generous sales percentage splits with distributors, Hallmon was advised by her mentor, Richelieu Dennis, to pivot and save her business. This led to the creation of Village Retail, a shop inside Atlanta’s Ponce City Market that sells consumer goods exclusively produced by Black entrepreneurs, including apparel, accessories, books, fragrances, hair care products, and nutritional supplements.
Salah Goss, a senior vice president at Mastercard Center for Inclusive Growth, was impressed by Village Retail’s appearance and the quality of products on display. Using a sales-percentage model, Hallmon charges for in-store placement and takes a percentage of final transactions. The store was opened to provide visibility for small business owners impacted by the pandemic and to fulfill Hallmon’s mission of circulating dollars within the Black community. The shop, along with the Village Market, generated approximately $8.3 million for Black entrepreneurs, with Village Retail averaging over $1 million in sales over the past two years.
Hallmon aims to expand her team from seven employees to 20 by the end of the next year while working towards economic parity with non-Black businesses and scaling solopreneurs. McKinsey and Company estimate that U.S. Black consumers’ collective economic power will reach $1.7 trillion by 2030, highlighting the opportunity for Black-owned businesses to grow. However, the majority of Black-owned businesses are sole proprietors, and Black employer businesses have lower annual revenues compared to white-owned businesses.
Ponce City Market, where Village Retail is located, serves as a model for Hallmon’s vision to galvanize the Black community nationwide. Through partnerships with organizations like Mastercard, Hallmon’s nonprofit, Our Village United, received a $2.3 million grant to fund business development programs. Born in Batesville, Mississippi, Hallmon credits her parents for instilling a strong work ethic that has guided her entrepreneurial journey. Starting as a teacher, she transitioned to entrepreneurship after noticing a gap in retail businesses catering to Black consumers, leading to the success of the Village Retail shop and marketplace.
Hallmon emphasizes the importance of being willing to pivot in business and having a supportive network to guide these transitions. Her entrepreneurial journey showcases the potential for Black retail companies to thrive and contribute significantly to the economy. As she continues to grow The Village Retail and advocate for economic empowerment within the Black community, Hallmon looks towards a future of continued success and impact in the business world.
