Title
Peninsula Town Center Retail Incubator
Purpose
PURPOSE/BACKGROUND:
The purpose of this presentation is to present the scope of work proposal for the development of the Peninsula Town Center Retail Incubator. The mission of the Incubator is to transform home-based businesses into sustainable brick and mortar retailers by providing affordable space, targeted mentorship and a supportive ecosystem that nurtures entrepreneurship, strengthens the local economy and celebrates the City of Hampton's cultural identity.
Discussion:
Utilizing the existing city budget, the Incubator will be structured as a city operated program under the Department of Economic Development with the minority business program division serving as the lead administrator. The Incubator's core team will oversee program design, daily operations, support for retail Incubator participants and the marketing and communication plan. Other city departments will provide essential support to build out the space and ensure compliance, safety and liability protections for the city. The city will bring together a working group to assist in guiding program strategy and connect Incubator participants to resources. In addition to the retail Incubator participants, anchor partners such as the Hampton Convention and Visitor's Bureau (HCVB) and Hampton City Schools (HCS) will increase visibility and engagement. HCVB will occupy one suite to drive tourism traffic, integrate participating Incubator businesses into the city's tourism initiatives and strengthen the Incubator as a cultural destination for tourists. HCS will occupy two suites to provide hands-on learning experiences for students. This co-location of small businesses, the school system and tourism services ensures that the Incubator not only serves as an economic engine for the city, but also as a community learning and cultural destination. This initiative will demonstrate the city's commitment to strengthen local ownership, support the ...
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