D.C.'s "she-conomy" is booming
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The number of D.C. women-owned businesses is jumping, according to a recent Yelp report.
Why it matters: The trend is more evidence that the "she-conomy" — economic growth attributed to women and marked by "Barbie," Beyoncé's Renaissance tour, and Taylor Swift last year — continues to expand, writes Axios' Hope King.
State of play: D.C. has an especially robust network of women business owners, Fia Thomas, owner of the local clothing store Fia's Fabulous Finds, tells Axios. In fact, women own 47.4% of the city's businesses, said the U.S. Small Business Administration last year in a report.
- Thomas' store is located on Petworth's Upshur Street NW, which is lined with several women-owned storefronts like Lulabelle's Sweet Shop, Loyalty Bookstores, and Flowers by Alexes.
- And the area's women-owned businesses span industries — think Sheila Johnson of the Salamander hospitality group, Rose Previte of restaurants like Maydan and Compass Rose, and Rand Construction founder Linda Rabbitt.
D.C.'s network of women entrepreneurs is particularly supportive and collaborative, business owners tell Axios.
- "[We] face particular challenges that historically men have had an easier time with [like fundraising]," says local flower shop She Loves Me owner Holley Simmons. "Because of that, women look to each other for opportunities to lift each other up."
Zoom in: The D.C. region saw a 25% increase in women-owned businesses opening between 2022 and 2023 — the third-highest of any metro area, Yelp found.
- Some of the sectors fueling the DMV's women-owned growth were nightlife, up 122%, and hotels and travel, up 115%, Yelp tells Axios.
Meanwhile, D.C. flooring listings started by women saw 400% growth, says Yelp, following a national trend of women opening more businesses traditionally dominated by men.
- Overall, national listings within the home services category that were created by women grew 38% in 2023 from 2022, according to Yelp — greater than the national average of 32%.
- The need and desire to spruce up living areas shouldn't be a surprise. After all, homeowners stayed put last year and managers resigned themselves to a permanent state of hybrid work.
What they're saying: "D.C. is ripe for entrepreneurship because, in my opinion, we're still underserved when it comes to having a robust retail and services industry," says Salt & Sundry owner Amanda McClements. "The city is savvy and driven by strong values so small businesses can really resonate."
The bottom line: If you're a woman who wants to start her own business, find and lean into a network — and then give back, too, says Thomas.
- "You cannot make it by yourself," she tells Axios. "Collaborate with others who have like-minded personalities [and] who are willing to work together so that we can all make it."