Thank You Market
In 1996, Jeong Chul Son emigrated from South Korea to the United States with a dream that he would establish a chain of compact market stores in America. He started from the bottom up, learning and practicing everything he needed, from the setup to the management of a grocery store. He worked for 20 years at three of the major Korean supermarkets until he felt the time was right to establish his own compact market that would deliver high quality service and offer low prices and mutual employee ownership.

In September 2016, Mr. Son was referred by one of his contacts to a Central West BusinessSource Center business counselor, for start-up financial assistance. The counselor provided him with the essential courses and technical assistance that prepared Mr. Son to receive a $35,000 microloan, which he used to open his first store, which he named Thankyou Market. This store will serve as the model for his planned future chain of markets.

Thankyou Market is having its Grand Opening on February 1, 2017, creating 5 full-time jobs, including Mr. Son and his wife. Within 3 years, Mr. Son plans to open two more stores. His annual projected revenue is $1.5 million for 2017 and $2 million for 2018. He plans to contribute 10% of his profits to the communities he serves.

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This story is part of the EWDD UPDATES Newsletter from the week of 1/23/2017. Read this issue and more.