RICHMOND, Va. — Stony Point Fashion Park has come up with a creative way to encourage entrepreneurship. The mall recently released applications for its Battle of the Pop Up competition which gives entrepreneurs and business owners the opportunity to submit their own innovative products, concepts or business strategies for a chance to win free in-line retail space at the mall for six months.
“As a community partner and leader, we began this because we believe that our area entrepreneurs are vital to the success of our mall and the community as a whole,” said Stony Point General Manager, Vince Mistretta. “There are new ideas, existing concepts, and emerging brands that this competition can support.”
This competition comes at a time when mall traffic across the country has decreased dramatically. According to a recent study by Credit Suisse, between 20% and 25% of all malls in the United States will close within the next five years. People are shopping online more than ever, causing department stores like Macy’s, Sears Holdings and JCPenney to close between 60 and 150 stores.
But Mistretta told CBS 6 that he and other Stony Point officials have been pleased with mall traffic over the last few years and mentioned that “the mall is currently going under a $50 million renovation to bring the best in class shopping and dining experiences to Richmond.”
Read: Stony Point Fashion Park to undergo $50 million facelift
Mistretta added that Stony Point will announce new tenants in the coming weeks. “We look at Battle of the Pop Up as a way that we can support local entrepreneurs and budding retailers,” he said.
The deadline to apply for the Battle of the Pop Up is by 11:59 p.m. on August 21, 2017. Applicants must be 18 years or older with a valid photo ID. The winner will be notified during the week of August 28, 2017 and must obtain a valid standard business license before Nov. 1, 2017.
For more details about the contest, click here.
