TARP money at work: Homescapes Home & Garden opens in Carmel

Tuesday’s edition of Home Accents Today’s eweekly (subscribe here for free) linked to a great article by guest columnist/retailer Thompson Lange who co-owns Homescapes Carmel in Carmel-by-the-Sea, Calif. with his brother Beau.  In that article, which also ran in our April issue, Thompson gives an uplifting account of what happens when TARP money is used as it was originally intended: a community bank invests in a local qualified business, and that business invests in products and services that generate economic growth.

In this case, the qualified business is Homescapes, and the result is a new shop – Homescapes Home & Garden – that celebrated its grand opening May 15th with hundreds of friends and supporters in attendance. Thompson said the two weeks leading into this past weekend were particularly exhausting (you can read all about the Langes’ challenging efforts to get things ready for a spring opening here) and the staff was tagging merchandise right up until the opening, but the excitement, and the receipts, were high:

People seemed genuinely happy that we had taken the plunge and opened a new store while the economy is still wobbling… Sales were good even that night, for those who could force their way through to the front desk with something we’d actually had time to tag.  The weekend receipts were over double those of our downtown store, which is good news, but I would imagine due in part to the general feeling of goodwill the locals have for us coming in, taking over a space and keeping the employees from Succulent Gardens employed (and the cat, Babycakes, who came with the joint fed and housed). Still, whatever the reason, I’ll take it. And hope it continues.

But here’s the best part. In addition to keeping Babycakes happy and everyone at Succulent Gardens employed (Succulent Gardens, the former owner of the space, was absorbed into Homespace), Thompson said the new store will carry "succulents from Succulent Gardens’ Nursery in Castroville, patio furniture from Rodney Hunter Furniture in Monterey, pottery from the Pot Stop in Moss Landing, orchids from Matsui Nursery in Salinas, products from Bonny Doone Farm in Santa Cruz and on and on."

So, in this case, the TARP money that went to the local bank will literally be spread throughout the local community. 

It’s important to note here that Homescapes wasn’t even a customer of the bank that made the loan, and that the bank approached Homescapes — because the store was named 2008 Business of the Year by the Carmel Chamber of Commerce, an honor Thompson said was based solely on Homescapes’ community involvement.
 
“Trust me, the award wasn’t based on our balance sheet…It’s really important to us that our Homescapes Carmel makes a difference in our community. Maybe not just with our product – it’s only stuff after all – but rather by donating, participating, hosting fund-raisers and having open houses. Our absolutely true, albeit sappy, philosophy: We all live in communities and rely on our neighbors. It’s up to all of us to make our towns special… or at least celebrate our good fortune in living where we’ve chosen to live and do business.”

Thompson shares before and after photos of Homescapes Home & Garden’s transformation on his blog at www.thearmchairtraveler.net/2009/05/16/beforeduringafter/.