Dr. Lakeysha Hallmon, CEO of The Village Retail, has successfully circulated over $8 million for Black-owned businesses through her shop and night marketplace. Hallmon, a former schoolteacher turned entrepreneur, faced financial instability in the early stages of her business but pivoted her business model to save The Village Retail. Her story is featured in Forbes’ “Journey to ForbesBLK Summit,” showcasing unique approaches to business and economic problem-solving.
The Village Retail, launched in 2020, sells consumer goods exclusively produced by Black entrepreneurs, including apparel, accessories, books, fragrances, hair care products, and more. The store operates on a sales-percentage model, where Hallmon charges for in-store placement and takes a percentage of final transactions. The aim is to provide visibility and support for small businesses affected by the pandemic and to circulate dollars within the Black community.
Salah Goss, a senior vice president at Mastercard, was impressed by the store’s appearance and the quality of products offered at Village Retail. The business has generated over $8.3 million for Black entrepreneurs, with an average of over $1 million in sales annually. Hallmon aims to continue growing the business, employing more people and expanding the reach of Black-owned retail companies.
Hallmon emphasizes the importance of scaling solopreneurs and addressing the economic disparity between Black-owned businesses and non-Black businesses. With the collective economic power of U.S. Black consumers estimated to reach $1.7 trillion by 2030, there is immense opportunity for growth and success within the Black community. Hallmon envisions replicating the success of Ponce City Market, where Village Retail is located, to galvanize the Black community nationwide.
Born in Mississippi and educated at an HBCU, Hallmon credits her parents for instilling a strong work ethic in her. After a career in education, she made the leap into entrepreneurship, starting with a nighttime marketplace that eventually led to the launch of Village Retail. With a grant from Mastercard to fund business development programs through her nonprofit, Our Village United, Hallmon continues to make a positive impact on the Black business community.
Reflecting on her journey, Hallmon highlights the importance of being willing to pivot and adapt in the face of challenges. By forging partnerships and staying true to her mission to support Black entrepreneurs, she has found success with The Village Retail. Through her innovative approach to business and community-building, Hallmon is making a significant impact on the economic landscape for Black-owned businesses.
