Memphis Guitar Spa is one of the first local businesses to receive grant money from the $933,000 Inner City Economic Development (ICED) fund, created by the City of Memphis from the Inner City PILOT fee paid by PILOT recipients.
Owner Kevin Ferner plans to use the three-year forgivable $25,000 loan to make improvements to the interior retail space and streetscape, as well as add to a 14-foot guitar to the façade of the building. The loan will also assist in the hiring of five new employees, with an average annual salary of $25,000, over the next five years.
"We have a few niches that make us unique," says Ferner, who points out that his boutique shop is the only one in the Mid-South doing finishing or inlay work. "My thrill is making custom instruments. We learn something new and get better and better with each thing we build."
Since opening last December in the
Broad Avenue redevelopment district, the custom guitar design, restoration and repair shop has enjoyed steady growth. Ferner expects to hire one new part-time employee in the next few months as well as a dedicated finisher by the end of the year. He also will add one full-time retail employee once the makeover of the retail area is completed.
Ferner is impressed with the positive transformation of Broad Avenue over the years.
"I went to the first Broad Avenue Art Walk a few years ago, and I was absolutely blown away by what had happened with the area," says Ferner, who had mostly worked from his home for nearly 15 years before hearing about the
MEMShop program. "And looking at what is happening with Overton Square, it's just fantastic what is going on in this city."
He is excited about Guitar Spa's new projects with
Stax Museum,
Ardent Records and a secret Elvis-related project with
Rhodes College.
By Michael Waddell
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