NORFOLK — Small business owners hoping to set up shop Downtown for cheap explored a historic building where it could happen.
Downtown Norfolk Council held an open house Saturday for Selden Market, a small-business incubator and shopping district that offers people with an idea a low-risk opportunity to see if it sticks.
“It’s awesome to see how many people are interested in starting a business here,” Careyann Weinberg, market director, told Southside Daily. “Most of the time, you’re stuck signing a three-year lease, and that’s a hard thing to devote yourself to as a small business. You don’t know what’s going to happen.”
The market will feature 11 incubator and mentor storefronts, a community kitchen for new concepts and catering, pop-up shop kiosks and several office and storage spaces.
The building sits between the Slover Library and The Main hotel, just blocks away from the bustle of the Waterside District, which could produce more organic traffic to the Selden Arcade, which is almost a century old.
Selden Market will have two interior pathways connecting it to its neighbors, which also includes the Slover Maker Studio for 3D printing, sewing machines and more.
“We have two open hallways into some of the area’s most exciting projects over the last couple years,” Weinberg said. “You add awesome vendors, events, workshops, speakers and add vibrancy to the space, and I just know there’s tons of potential.”
The storefronts range from 300-700 square-feet businesses and rent varies.
Mentor businesses can rent starting at $500-$900 monthly on a one-year lease, while companies making their initial debut could pay up to $225-325 per month on shorter six-month leases. Companies willing to dip a figurative toe into the Norfolk market can also rent kiosks for pop-up shops at $100 weekly or $300 monthly rent, according to its website.
“The spaces offer super low rent and a low risk environment,” Weinberg said. “It’s geared towards those starting new businesses or emerging businesses.”
In order to set up shop, business owners are required to apply on the organization’s website. One of them hoping for a spot is the Greenrose Agency, a digital marketing company run by Hampton University graduates.
“We’re looking into getting a mentor space so that we can help the businesses that come in here and establish our brand at this end of the water,” Marshal Aldoph said. “We feel like this is a really great space for the price.”
Aldolph said he and his team are eyeing retail space six and an office space behind it.
“For businesses like ours at this scale, it’s kind of hard to find office space and cover our expenses at the same time … something like this is crucial for us,” Aldoph said. “It’s something we’ve been working on for a long time. It’s our baby.”
The deadline for the first phase of applications is July 13.
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