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Akron, OH Beauty stores in Akron are traditionally owned by Asians but the city may soon have its first Black-owned beauty store if Royalty Beauty Supply meets its campaign goal on Buy the Block to fund the purchase of a building located at 1324-1328 Vernon Odom Blvd Akron OH, 44320.
Royalty Beauty Supply is on a quest to raise $395,625. $205,000 of that amount will go towards the purchase of the property and the remainder will be used to refurbish the building, purchase inventory fixtures, furniture and office equipment.
The building is situated in a bustling intersection that has experienced substantial growth in shoppers and new stores in the last 3 years. The building boasts 2,400 square foot of space and is currently separated into two units. Royalty Beauty Supply is seeking to transform the location into a Beauty Supply Store and Nail Spa Commercial Development that caters primarily to the African American market.
Royalty Beauty Supply is on a quest to raise $395,625. $205,000 of that amount will go towards the purchase of the property and the remainder will be used to refurbish the building, purchase inventory fixtures, furniture and office equipment.
The building is situated in a bustling intersection that has experienced substantial growth in shoppers and new stores in the last 3 years. The building boasts 2,400 square foot of space and is currently separated into two units. Royalty Beauty Supply is seeking to transform the location into a Beauty Supply Store and Nail Spa Commercial Development that caters primarily to the African American market.
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The US beauty sector is projected to reach $90 billion by 2020 and market research firm, Mintel, estimates the size of the black hair care market at just over $761 million. The firm highlights that these figures do not include wigs, weaves and extensions and styling tools and if these items were taken into consideration, the expenditure would reach half a trillion dollars.
These encouraging figures make this development a lucrative opportunity to invest in a multi-billion dollar industry. Moreover, Royalty Beauty Supply has already established how they will dominate the market and stand out from their competitors.
The company has outlined that it will be offering brow, lash, makeup and wig styling services as well as a delivery service within a specified area. They will also incorporate extended operational hours on Friday, Saturday and Sunday. These are services is not currently offered by any other beauty store in the area. But probably the best highlight of the new beauty store will be the availability of Modiface- a new technology that allows customers to try on makeup digitally. In addition to the new services Royalty Beauty Supply will also offer a friendly atmosphere and excellent customer service in order to secure a high repeat customer retention rate.
Questioned about the motivation for choosing Buy the Block crowdfunding platform, Managing Director of Royalty Beauty Supply, La'Taja Dingle, said: "I believe in what the owner stands by and that's buying back demolished buildings in the African American communities to redevelop and renovate our own communities to stop gentrification. Due to systematic oppression, our communities have been neglected by the government.
Buy the Block is giving people a chance to pull their resources together and take back our communities."
Royalty Beauty Supply is valued at $850,000 and has a projected income of $133,693.17 for 2019. The company has a ROE of 33% which means it can return 33 cents for every dollar of debt and equity that it takes on.
Royalty Beauty Supply's Buy the Block crowdfunding campaign was launched on February 16 and will end on April 30, 2018. The block offer is open to non accredited investor. For further information or to back the campaign, visit www.buytheblock.com/Beauty-Supply-Store-and-Nail-Spa-Commercial-Development.htm
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