Charlotte, North Carolina, August 17, 2025
News Summary
Charlotte, North Carolina, is seeing a rise in minority business ownership, with Black and Hispanic-owned businesses increasing by 65% from 2017 to 2022. National Black Business Month highlights this significant growth, alongside initiatives that aim to empower these entrepreneurs. However, challenges remain, especially for businesses at Northlake Mall, where recent developments have led to lease disputes and closures. Efforts are underway with a new $3.7 million initiative to support and scale Black-owned businesses, showcasing their vital role in the local economy.
Charlotte, North Carolina, is witnessing significant growth in minority business ownership as August celebrates National Black Business Month. The North Carolina Department of Commerce reports that Black and Hispanic-owned businesses in the state have increased by an impressive 65% between 2017 and 2022.
In 2017, Black entrepreneurs accounted for 3.7% of business owners in North Carolina, but that figure rose to 5.7% by 2022. The surge underscores a broader trend of increasing diversity within the state’s entrepreneurial landscape.
New businesses are emerging in various industries, contributing to job creation and community development. One notable example is Archive CLT, a coffee shop and co-working space founded by Cheryse Terry in 2022, designed to highlight Black history and culture. Terry aims to inspire local residents and visitors alike about the rich heritage of Black entrepreneurship in the Charlotte area.
Another significant contributor to the rise in minority-owned businesses is Magloire Lubika, co-owner of Surefire Market. Coming from a family of Black entrepreneurs, Lubika has witnessed firsthand the transformative impact of education and opportunity on elevating minority businesses. His family’s experience paints a picture of perseverance and success across generations.
Former Carolina Panther Damiere Byrd has also joined the ranks of new entrepreneurs by launching Bumble Roofing in Charlotte in 2025. Byrd emphasizes transparency and education as essential components of his approach to the roofing industry, recognizing the value of networking among minority business owners for shared success.
Despite the positive growth, the business landscape is not without challenges. A concerning development occurred at Northlake Mall, where three Black-owned businesses reported being pushed out by new ownership, despite initial invitations to fill vacancies. The mall was acquired by Hull Property Group for $39 million, which plans to shift the direction of the mall’s tenants. As a result, several small businesses have faced lease disputes and rapid closures, contributing to an exodus of tenants.
The mall had fallen into receivership in 2021 due to unpaid debts and has experienced three shootings within three months from December 2022 to 2023, prompting a substantial security overhaul. Numerous national retailers have closed their locations at the mall, adding to the concern over its viability. Currently, Northlake Mall operates with only 85 stores and restaurants, a significant decrease from its previous number of locally-owned businesses.
In response to the challenges faced by minority businesses, the Charlotte-Mecklenburg Black Chamber of Commerce has launched a $3.7 million initiative to support and scale Black-owned businesses through a dedicated hub. The forthcoming Innovation Center will include event spaces, co-working areas, and resources aimed at empowering minority entrepreneurs and addressing community needs such as food insecurity.
Business owners like Kevin Kelley of Kitchen + Kocktails emphasize the economic contributions of Black-owned businesses to the Charlotte community, showcasing their role as engines of growth and innovation.
Upcoming Initiatives to Support Minority Business Growth
- The launch of the $3.7 million initiative by the Charlotte-Mecklenburg Black Chamber of Commerce.
- Creation of the Innovation Center for Black entrepreneurs that will provide necessary resources.
- Focus on addressing food insecurity and empowering minority communities.
Challenges Faced by Minority-Owned Businesses at Northlake Mall
- Lease disputes leading to rapid business closures.
- A significant decrease in the number of locally-owned businesses.
- Recent incidents of violence prompting security concerns.
Summary of Key Statistics
| Year | Percentage of Black Entrepreneurs | Growth of Black and Hispanic Owned Businesses |
|---|---|---|
| 2017 | 3.7% | – |
| 2022 | 5.7% | 65% |
FAQ
What is National Black Business Month?
It is a month-long celebration in August dedicated to recognizing and supporting Black-owned businesses across the United States.
How have minority-owned businesses grown in North Carolina?
According to the North Carolina Department of Commerce, Black and Hispanic-owned businesses increased by 65% from 2017 to 2022.
What challenges do minority-owned businesses face?
Challenges include lease disputes, rapid closures, security concerns, and market competition, particularly highlighted at Northlake Mall.
What initiatives are being launched to support minority-owned businesses?
The Charlotte-Mecklenburg Black Chamber of Commerce is launching a $3.7 million initiative to support Black-owned businesses and establish the Innovation Center.
Deeper Dive: News & Info About This Topic
HERE Resources
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Charlotte’s Initiative for Minority-Owned Construction Businesses
Charlotte Celebrates Black History Month with Local Events
Carolinas Construction Firms Excel at ABC Gala
Charlotte Companies Pull Back on Diversity Efforts Amid Political Pressures
Charlotte Business Owners Face Uncertain Times
Charlotte Launches $40 Million Fund for Minority-Owned Businesses
Charlotte Awards $193 Million in Contracts to Minority-Owned Businesses
Additional Resources
- WBTV: Black Business Owners Speak About Minority Entrepreneurship Growth in North Carolina
- Charlotte Observer: Business News
- WCNC: Charlotte Entrepreneurs Celebrate Black Business Month
- Black Enterprise: Hub for Charlotte Black Businesses
- Wikipedia: Minority Business Enterprise
Author: HERE Charlotte
The CHARLOTTE STAFF WRITER represents the experienced team at HERECharlotte.com, your go-to source for actionable local news and information in Charlotte, Mecklenburg County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Lovin' Life Music Festival, Charlotte Pride festival, and major sporting tournaments at Bank of America Stadium. Our coverage extends to key organizations like the Charlotte Regional Business Alliance and Foundation for the Carolinas, plus leading businesses in finance and entertainment that power the local economy such as Bank of America and NASCAR. As part of the broader HERE network, including HEREAsheville.com, HEREGreensboro.com, HERERaleigh.com, and HEREOBX.com, we provide comprehensive, credible insights into North Carolina's dynamic landscape.
