How quickly Honigblum can expand his own business depends on the plaza's success in the largely Hispanic neighborhood on the South Side. “Not only is PicaPica an incubator for vendors, it's one for ourselves.” Ultimately, “we'd like to be in every state and every city in Texas. “We'll probably open three more (plazas) in Texas before moving out of state,” Honigblum explained. Honigblum said he is in talks with microlenders to help prospective tenants secure loans of up to $10,000 to cover their startup costs.Īlso, Imelda Arevalo, PicaPica's general manager, said tenants will soon have the opportunity to franchise their stores across the state. On Tuesday, several vendors there said they had wanted to start or expand their business for a while but lacked the capital or knowledge to do so. The small retailers do not have to worry about the utility and security bills that come with a traditional brick-and-mortar or shopping mall location. SE Military Mercado Ltd., which owns PicaPica, covers the millions of dollars that Honigblum said went into the development by collecting $350 to $500 each month from tenants who must sign a lease of at least six months. “Nothing would make us happier if they grow to their fullest and end up leaving PicaPica Plaza.” “They can expand with us as they're successful,” he added. “Most tenants can't afford to be in a mall (and) work on low capital budgets. “This gives them a chance to have a real, true business,” Honigblum said.
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