Soon-To-Be First Black-Owned Supermarket Chain With Items Grown and Made by Us Raises $425K
Photo Credit: Instagram / @soulfoodmarkets
E-commerce retailer, WeBuyBlack, has been raising money for what’s said to be the first Black-owned supermarket chain dedicated to primarily selling products from Black-owned businesses, reports Essence.
According to Black Business, the soon-to-be Soul Food Market has reached its first goal by securing $425,000 in funding. The funds will be used to purchase property in Atlanta, Georgia where the market will be located.
“We are super proud of our unity, and our team is even more inspired by our collective efforts to see this project come to fruition,” CEO, Shareef Abdul-Malik said in an email to their supporters and contributors.
Soul Food Market needs an additional $1.2 million to complete its project which includes $350,000 in renovation costs, and $420,000 in operating costs.
After garnering 13,881 contributors, the company is set to continue its fundraising efforts in order to achieve its final goal.
According to the company’s data, the Soul Food Market is a much-needed asset in the Atlanta community. Abdul-Malik’s research showed the average family in Atlanta spends $650 per month on groceries based on a sample of 500.
“With just 500 families, that’s over $3 million leaving our community each year. This campaign is not only to help keep our dollars in our community, but it’s also to provide our people with jobs,” Adbul-Malik told Black Business.
Soul Food Market will stock fresh vegetables and fruit grown by local Black Georgia farmers, plus everyday necessities produced by Black-owned businesses.
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