It's rare that an event can claim to be not only interesting and entertaining but also innovative and beneficial to the community. On the first Saturdays of each month, such an event will take place from 11 a.m. to 3 p.m. at the corner of 14th Street and Montgomery Street in Old North St. Louis. The St. Louis Street Market is a new way for the people of St. Louis to put a few extra dimes in their pockets as self-employed street vendors.
Founded in 2009 by then Washington University seniors Sumit Agarwal and Nikhil Agrawal, the market will allow vendors to sell various goods to the rest of St. Louis as a way for these suppliers to gain supplementary income. The idea for the market was inspired by Nobel Peace Prize winner Muhammad Yunus's book "Banker to the Poor" and his philosophies on microfinance.
"The idea is to give small loans to the poor to start their own business," Sumit Agarwal said. "This in turn gives them money to invest in themselves and improve their overall welfare."
While such small loans (as low as $5 or $10) can be helpful in Third World countries, they are not effective in the United States; this makes it difficult for individuals of lower socioeconomic status to start their own businesses. Through their research on microfinance, Sumit Agarwal and Nikhil Agrawal realized part of this problem was the high startup cost of a new business, which can include obtaining licenses, renting a storefront, buying materials and a multitude of other expenses. This is why Sumit Agarwal and Nikhil Agrawal decided to create a street market allowing vendors to start or build their own business without the cost of renting a storefront. They had been planning the event since 2008 and are funding it with their own money, donation, and a small $5 vendor fee.
While the event is only once a month this year, the founders hope that the market will grow into a self-sufficient weekly event, with a consistently high number of vendors by the end of next year. This will create a community of vendors who can share tips and ideas on running a successful small business. It will also create additional income for the venders and their families to rely on.
"The money from the market will most likely function as supplemental income," Sumit Agarwal said. "One of the problems with poverty is that the poor can't save. This money will allow vendors to invest in other things, like their kids. That's part of the reason why we scheduled the market for the weekend, so that people with a part-time or full-time job during the week could still participate."
To find venders, Sumit Agarwal and Nikhil Agrawal went around neighborhoods near the site of the market, and knocked on doors to find people who might want to sell extra things they had lying around their homes. They also approached current street vendors who had already sold goods, mostly out of their cars. They went to local organizations like Habitat for Humanity and St. Patrick's Center and several churches to hand out brochures. There are currently around 30 registered vendors, with more applying daily. Venders will be selling food, toys, clothes and a variety of other goods.
Sumit Agarwal and Nikhil Agrawal explained that most of the people they met while canvassing for vendors have been very excited about the idea of the market. Possible female entrepreneurs have been especially interested, which is typical of microfinance because women are more likely to actually invest the money in their families. The corner of 14th and Montgomery was chosen for the market as part of the ongoing restoration effort in Old North and in hopes of sharing a customer base with the Farmer's Market that operates there. Like Maxwell Street Market in Chicago, which served as a model to the St. Louis Market, the location also has the potential to draw a lot of foot traffic.
"People are out of jobs, and the skills they have don't always match up with what the shrinking job market is looking for," Nikhil Agrawal said. "Being self-employed allows you to use the skills you already have. The street market will help people segue into self-employment."The event is planned for May 7, June 4, July 2, and August 6 from 11am to 3pm. In addition to the food, art, and haggling, there will also be live music at the event.
For more information visit http://www.stlstreetmarket.org.
If you would like to volunteer at the event or wish to participate in the event, contact Sumit Agarwal at sumit@stlstreetmarket.org or Nikhil Agrawal at nikhil@stlstreetmarket.org.(Written by Kristen Klempert) |
