Seven micro-units will be installed in Campbell River’s downtown core to incubate small local businesses and build visitor attraction opportunities. Graphic courtesy of SuperMod.
CAMPBELL RIVER – The City of Campbell River Economic Development is developing a micro-unit retail market in Campbell River’s downtown core through a new project investment with Island Coastal Economic Trust. This new project will increase local business vitality and stimulate visitor attraction and resident engagement.
The project targets small and medium-sized businesses that are home- or market-based and are looking to grow their businesses into a permanent retail location. The units will offer short-term, affordable lease rates to support entrepreneurs and artisans as they grow their business for 12 to 36 months on a rotating basis and support them to get established in their first years of operation.
“The intention of this project is to create ‘incubator’ opportunities for our local businesses that can develop in this destination site before venturing onto other more permanent locations in the community,” says Mayor Kermit Dahl.
New businesses will be provided with low monthly rent, enabling them to get to market and build a customer base. Through short-term leases, there will be new businesses regularly cycling into the micro-units allowing the benefits of the incubator ecosystem to reach as many of the 893 home-based businesses currently registered in Campbell River.
“Through this project, local businesses can showcase and test new products, build a network of connections, access customer markets and business support and training all with very low risk and overhead costs,” says Leah Knutson, Economic Development and Tourism Manager for the City of Campbell River. “Having this market infrastructure in place is a crucial first step in new business development, growth, and productivity for long-term sustainability in our city.”
The project activities will include the hiring of a contract manager to plan the design, site preparation, and the purchase and installation of seven micro-units. New local businesses can also receive coaching and business advice through the City of Campbell River’s Modern Entrepreneur Incubator programs, an earlier Trust-funded project, as well as mentoring through the affiliated Campbell River Area Angel Group.
“This project is a real opportunity for creating more small business start-ups, alongside building visitor attraction and more vibrant community hubs across the region,” says Aaron Stone, Chair, Island Coastal Economic Trust. “We’re truly proud to be a part of this initiative that will provide critical infrastructure and incubation opportunities for community entrepreneurs and artisans to grow and thrive.”
Public consultations, to be held over the coming months, will help determine the retail market’s exact location, building style, and feel.
Island Coastal Economic Trust is investing in the Campbell River Business Incubator and Micro-Unit Retail Market project through the Capital and Innovation Program. The Trust will contribute $100,000 to a total project budget of $650,000. The project will be underway imminently.