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Neighborhood Goods raises $8.8 million in seed funding

Neighborhood Goods bills itself as “the department store of the future.”

Neighborhood Goods’ sample store (Credit: Neighborhood Goods)

Neighborhood Goods has raised an additional $8.8 million in seed funding led by Global Founders Capital. The startup creates large spaces where many brands can sell merchandise on a rotating basis.

Changing times brings great opportunity: Former J.C. Penney CEO Mike Ullman believes that only 300 of the current 1,200 malls in the US will survive. He sees the rest closing over the next five years as e-commerce companies continue to thrive.

New York Angle: Neighborhood Goods plans on opening its second location in New York this year, according to CNBC. The startup was founded in 2017, and has raised $14.5 million to date.

Heard on the Street: Founder Matt Alexander: “I think the reception to Neighborhood Goods is as much a reflection of the retail market, in general, as it is an early endorsement of our particular approach.”

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