NYC's Mercantile Mayhem: Hani's Bakery, 'Tis The Season for NYC-Centric Gift Guides, $5M from MacKenzie Scott & The FTC's Predatory Pricing Workshop
A newsletter about the survival of independent businesses in New York City with a focus on immigrant-owned, storefront retail and CPG enterprises.
NEW BAKERY ON THE BLOCK: HANI’S
Hani’s Bakery is a wonderful new bakery cafe in the city located across the street from Cooper Union at at 67 Cooper Square. It’s the creation of pastry chef Miro Uskokovic, formerly of Gramercy Tavern and chef Shilpa Uskokovic who is also the food editor at Bon Appétit.
The bakery officially opened last week on November 20 in a cute East Village space. There are several booths and a countertop made of blonde wood and creamy colored tiles with plenty of recessed, subdued lighting. Hani’s, named after Mr Uskokovic’s mom who is sadly no longer alive but whose photo sits prominantly on a shelf, offers sweet and savory treats.
Many of the cakes, tarts and cookies are elevated, jazzified takes on American flavors, like the multilayer peanut butter and jelly cake and malted cinnamon buns. The creation of this bakery is a wonderful immigrant story because Mr Uskokovic, a James Beard Award nominated pastry chef is originally from what is now Serbia, and Ms Uskokovic is from India.
Hani’s Bakery is such a lovely antidote to the everything-free craze (no flour, no diary, no sugar, etc) popular these days. Of course there are serious reasons why people don’t eat certain ingredients, but for consumers of baked goods who dabble in decadence, the clouds part when walking into Hani’s.
The word has gotten out, this past Saturday Hani’s sold out their goods before closing hours and lines have been forming outside the bright green door.
‘TIS THE SEASON TO BUY FROM INDEPENDENT BUSINESSES
What is an independent business? Scores of independent businesses are indeed 100% self funded, or have financed their launch or growth through bank or CDFI loans or grants. Some even maxed out credit cards—and are alive to tell the tale. Many small businesses have investors, from informal family and friends investment, to the more formal venture capital or private equity. I classify independent businesses as non-corporate enterprises, whether they have investment or not.
Keeping that in mind, why not buy from these independent businesses if you are giving gifts this year? New York City’s insane rents and mind-boggling cost of doing business makes it increasingly difficult for independent businesses to exist. Despite slim margins for most, they manage to stay afloat, providing the city with street life, spicy character and individuality, unlike the corporate chains. There are hundreds of independent businesses all over the five boroughs selling unique gifts-to-be. I like giving edible/drinkable treats and useful items because I don’t want to give “future landfill” as gifts. However, it can be fun to give a gift that’s a little absurd, decadent or of the “horizon expanding” and teaching variety (no, I never gifted a frozen crocodile foot).
There are a lot of shop small and local campaigns running now because of the holidays. I want to add that buying from independent enterprises should be enjoyable and not feel like a chore or breaking the bank. Not only is it fun to visit the types of stores you like—fancy foods, weird, foreign, stylish apparel, home goods, books—but $68 out of every $100 spent at local stores also remains in the local economy, according to Fundera. They add that local businesses generate “70% more local economic activity per square foot than big box retail” more small business stats here.
There are many reasonably priced, independently owned businesses in New York City, it’s just a matter of finding the stores and/or products. Which leads me to my next topic: Mercantile Mayhem’s New York City gift guides.
THE FIRST MERCANTILE MAYHEM NYC-CENTRIC GIFT GUIDES
Whether the terms “shop local” or “shop small” makes you jump for joy or feel slightly suffocated, please look out for the upcoming Mercantile Mayhem NYC-centric gift guides. These guides will highlight some of the city’s best products made in New York City and local shops to purchase gifts, all reasonably priced and non-corporate entities. I am compiling lists of the best sauces, coffees, spices, shops and merch—many have stylish merch for sale like t-shirts, tea towels, bags and hats.
Important note: these gift guides will be available for paying subscribers only, so if you are not a paying subscriber and want the Mercantile Mayhem NYC-centric gift intel, please sign up. It’s not expensive. At all. One plan costs less than two subway rides per month, the next level up is the equivalent of taking three subway rides a month for a year. You just click on this link and then click on “subscribe” rather than “no thanks”.
There will be other NYC-centric guides in the future, Valentine’s Day is around the corner. For traditional gifts, there are scores of NYC-based chocolate and candy businesses, florists and the lingerie designer Deborah Marquit still manufactures in the city. My mercantile meanderings have led me to some of New York City’s best businesses, I’d love to share the intel with readers among other independent business information. I will continue to write this newsletter for every 7 to 10 days.
ACCOMPANY CAPITAL RECEIVES $5M FROM MACKENZIE SCOTT
And now, a word from our sponsor… “We are thrilled to be among the recipients of MacKenzie Scott’s generosity,” says Yanki Tshering, the Executive Director of Accompany Capital about Scott’s $5 million grant to Accompany Capital. Board Chair Kwame Marfo adds, “This generous donation will directly support our businesses run by refugees, immigrants, women, and people of color, groups that often struggle to access finance from mainstream financial services institutions.”
Yes it’s true, Accompany Capital (one of this newsletter’s generous sponsors) received a $5 million grant from MacKenzie Scott’s Yield Giving initiative. Accompany Capital is a CDFI (community development financial institution) that offers loans primarily, but not exclusively, to New York City’s immigrants and refugees and also provides financial services.
The $5m grant will help support a variety of Accompany Capital’s programs, like micro and small businesses loans, one initiative helps the city’s taxi drivers who need to refinance the crippling debt they’ve incurred from purchasing their medallions. Accompany Capital will also allocate funds to explain how CDFIs function to the city’s entrepreneurs, as many people, even in the finance world, do not know how CDFIs operate and that they are a source of funding.
To date, Accompany Capital has disbursed over $70 million in loans and assisted more than 10,000 immigrant and refugee entrepreneurs in New York City since 1997.
WORKSHOP ON PREDATORY PRICING
The virtual workshop Competition Snuffed Out: How Predatory Pricing Harms Competition, Consumers, and Innovation hosted by the The Federal Trade Commission will take place on December 18, 2024. It’s free and open to the public, running from 9:30am to 12:30pm.
FTC Chair Lina Khan will open the workshop, featuring economists, academics and antitrust litigators who will discuss how predatory pricing has impacted competition and consumers. A list of speakers and the workshop schedule will be posted here prior to the workshop.
Besides discussing the basics on predatory pricing and how it harms consumers and stifles competition and innovation, other topics include the heady, “Does legal doctrine need to change to match modern-day economic realities? How so?” But don’t be scared off by the legal terminology. Part of bringing down prices for consumers is to breakup massive monopolies, which are absurd concentrations of money and power that can squash individual businesses.
Registration is not required, a link to view the livestream webcast will be posted here the morning of the event. For additional workshop information, look at the FTC website for periodic updates or this a workshop description.
TAX FAIRNESS FOR SMALL BUSINESSES
One of the multitude of challenges independent businesses face is taxes. Small Business Majority (one of the newsletter’s generous sponsors) has joined forces with Main Street Alliance to launch the Small Business Tax Fairness Coalition (SBTF). The 2017 tax cuts in the Tax Cuts and Jobs Act (TCJA) are set to expire in 2025, potential changes will impact small businesses.
The Small Business Tax Fairness Coalition (SBTF) will advocate for a tax code that prioritizes entrepreneurs versus corporations. Small Business Majority has compiled tax research and for the CPAs in the house, the Tax Policy Center’s report.
"The current tax system does not reflect the vital contributions of small business owners to our economy," says John Arensmeyer, CEO of Small Business Majority. "With this partnership, we aim to ensure that tax policy reflects the needs of the smallest, most underserved businesses that drive job creation and local economic growth." Read full the press release if interested.
The Small Business Tax Fairness Coalition (SBTF) invite small business owners, policymakers and community members to join, New York residents can contact Lindsey Vigoda at lvigoda@smallbusinessmajority.org.
WHY SOME INDEPENDENT BUSINESSES ARE CASH ONLY
Keeping on the theme of small business’s uphill battles… are you an independent business getting crushed by “swipe fees” aka credit card processing fees? According to Small Business Rising, Visa and Mastercard control more than 80% of the credit card market, this duopoly allows them to extract 2-4% of every transaction.
Small businesses are coming together to urge Congress to pass the Credit Card Competition Act (S.1838) lead by Senator Richard Durbin (D-IL) and Senator Roger Marshall (R-KS). The CCCA is needed competition in the payments industry to pry Visa and Mastercard’s chokehold on the payments industry. There was a hearing on November 19, 2024, you can watch it here, or read CNBC’s piece here; read more about Small Business Rising’s CCCA initiative here.
Thank you to Mercantile Mayhem’s sponsor Accompany Capital. Based in New York City, Accompany Capital, a CDFI, helps immigrants and refugees with loans and financial services. Please read about it here.
Thank you to Small Business Majority, Mercantile Mayhem’s sponsor. SBM supports and empowers small businesses across the US with a focus on public policy. Please read about SBM here.
MERCANTILE MAYHEM NEWSLETTER SPONSORSHIP
Yes, I am still looking for one additional sponsor—individuals, businesses, organizations or foundations—who believe independent businesses in New York City need to survive. If you would like to know sponsorship rates and newsletter stats (open rates and such) please email me: ninarobertsnyc@gmail.com and I’ll send you the details. Please forward this newsletter to others.
OPPORTUNITIES
The Global Warming Mitigation Project is accepting applications for their 2025 Keeling Curve Prize awarded to startups, projects or initiatives that are working to create solutions to fight against climate change. Winners receive $50,000 each. Early submissions are encouraged, they will look at the first 500 acceptable applications. Deadline is January 15, 2025, apply here.
Immigrant founders, find your people and network through the Unshackled Ventures community. Unshackled Ventures is VC fund based out of the Bay Area cofounded by Manan Mehta and Nitin Pachisia, apply here.