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Black Wall Street District
Grows - "It's in the Spirit" Tuesday, January 7, 2009 10:51:34 By Karen Sapp, Matthew Bruce, Chris David Cowan, Ben Johnson OAKLAND - Back on January 22, 2007 an Oakland City councilman who represents parts of East Oakland told Michael Carter, Sr., Chairman of the Black Wall Street Merchants Association (www.blackwallstreet.org) that Black people don't establish new businesses. The city councilmans' name is not even worth the ink or electronic space to mention. Clearly that "slack jaw" statement could not be farther from the truth. And what is more disturbing is that this councilman spoke at a luncheon in the place of the scheduled keynote speaker Mayor Ron Dellums who was sick that day. The Luncheon itself was organized and sponsored by the Oakland Black Board of Trade and Commerce and Black Wall Street Merchants Association. Black Wall Street District Oakland The Black Wall Street District in Oakland is growing at a time when all economic indicators are revealing hints of a depression, like that of the 1930's. Partnerships with ShopOakland.com and the Oakland Merchant Leadership Forum has fostered new business activity and business retention. Workshops and forums have been held to increase marketing and business development efforts. Since those statements by the Oakland City councilman 20 months ago, the Black Wall Street District has added 142 new businesses according to the City of Oakland Community Economic Development Agency. The district stretches from High Street to the San Leandro border along International Boulevard. And of the new merchants in that 3.73 mile stretch 39 of them are Mexican/Hispanic owned; 33 African American; 24 Asian; 13 Pacific Islander; 10 White; 5 Native American; 18 other. WATCH: Community Economic Development Agency: Black Wall Street District 
WATCH: Oakland Merchant Leadership Forum: Black Wall Street District This movement to create Black business districts reminiscent of the thriving example of Tulsa decades ago. Appropriately enough, the current Oakland and Chicago (www.blackwallstreetchicago.com) models are named"Black Wall Street" in honor of Tulsa and Durham. This is a particularly interesting phenomenon because it seeks to establish and maintain the unprecedented modern Black business district. Oakland is a prime location because it is a densely Black city. Oakland, to an extent, is a contained Black community amidst a major metropolitan area, and thus is an interesting location to attempt economic development of the Black community. Black Wall Street in Oakland, which is named in honor of Tulsa, not because it specializes in finance, is actually an organization aimed at supporting Black business. Black Wall Street in Oakland therefore is in fact an existing example of how to use recycling of black wealth to better the community. By supporting local black businesses, black urban neighborhoods can help establish a wealth building system whereby they rebuild themselves internally rather than waiting or relying on external or governmental support. Black Wall Street District Chicago On a cozy stroll down 75th street in Chicago, the enticing aroma of barbeque greets your nose as you venture past the Dan Ryan Expressway and cross into the east side of town. Lem's Bar-B-Q House, a fixture in the Greater Grand Crossing community since 1968, sits prominently in the middle of the 300 block of East 75th, sending billows of charbroiled scented smoke into the night sky. The well-known chicken shack stands as a symbol, resting in the heart of the 6th Ward, a booming business district.  VISIT: Chicago Chapter - 75th Street - www.blackwallstreetchicago.com Between State Street and Cottage Grove, nearly 85 percent of the businesses on 75th street are African-American owned, giving the area the distinction of having the largest concentration of black-run operations in the city. The bustling nine-block commercial strip was a main focus of the 2008 Black Wall Street Chicago Economic Summit. Of the 75 businesses on 75th street's run through the 6th Ward, 63 are Black-owned. Lem's, which migrated from 59th street nearly 40 years ago, is one of the oldest tenants on the strip. "When we came, this was a good spot to be in between the traffic," said Lynn Walker, manager of the 54-year-old establishment. "We get a lot of traffic here. I think we attract a lot of people with our product. So that's probably one reason why people are coming to the area." In the Chicago Black Wall Street District there are important issues to consider as to whether uniting to help the black community is a reasonable business venture on the individual level. Economic theory on profit maximization for firms does not necessarily consider racial solidarity important. From the firm's point of view, location theory is important, and unless the product is specifically catered towards the Black community, it might not make sense to locate in the middle of a minority community. Thus, there may be a tradeoff between job creation or community development and individual profits by firms. If community autonomy and development requires lower profits by firms, it might explain why a Black business district does not already exist: owners are self-interested first. In the Chatham neighborhood along 75th street where Black Wall Street District Chicago is located , the same issue might be considered from the consumer's perspective. When Blacks can only patronize Black businesses, it guarantees a level of security. Thus, during segregation, Black businesses were assured some business because Black consumers had no where else to go. But in a society in which consumers are free to choose where they shop, the individual may base his choice on cost before racial solidarity. Thus, if Black Wall Street District Chicago stores cost more than their white counterparts, a rational consumer may shop elsewhere. The I Love Food Group consists of six restaurants serving everything from soul food, fast food and family style food to vegetarian dishes. All restaurants sponsored their catering services at the BWS summit and supports the concept and campaign of 75th Street as a Black Wall Street District in Chicago. Quentin Love owner of I Love Food Group partnered with four business associates, with each restaurant under the ILFG umbrella. The restaurants include Quench, with 2 locations at 510 E. 75th St. and 4653 S. Michigan, Soul Food Xpress, owned by Taron Bailey, at 2236 E. 71st St., 5 Loaves owned by the Kincaid Family at 405 E. 75th St., Vegetarian Life, owned by Rhatsiyah Worfolke, at 622 E. 71st St. and Stephanie Hart's Brown Sugar Bakery at 328 E. 75th St. "Our mission is to position food establishments and systems where they are needed the most; right in your neighborhood," said Love . "There are plans for expansion of Black Wall Street Districts in other US cities." said Carter. According to the Executive Director for the National Black Wall Street Merchants Association, Glenda McComb. "We are looking at Portland, Oregon, Jackson Ward in Virginia, Duraham North Carolina, and Auburn Avenue in Atlanta." McComb said "we have individual members all over the world." Black Wall Street Minnesota (www.blackwallstreetminnesota.com) was added in 2008. Carter said, "This story of Tulsa (1830 to 1921) is intriguing and exciting mainly because it was intentionally kept out of the history books and aggregate of courses of Black study given in a school, college, universities world wide." 
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