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Economy

Third-annual Detroit retail contest opens today

If you have a great idea for new retail in the city of Detroit, now is the time to make your pitch. You could win a $50,000 pot of money to help you do it.

This is the third year Hatch Detroit is holding the contest for new retail ideas. Entries are being accepted today through July 13.

Joe Posch won the contest in 2011. Last November, he opened Hugh - his "classic bachelor pad" shop on Cass Avenue.

"We've got lighters and some smoking accessories, some cigar accessories,” says Posch. “And then we've got men's classic grooming - shaving brushes, shaving soaps."

Hugh also carries furniture, housewares and vintage items.

Last year's winner was a Spanish tapas restaurant. La Feria is slated to open this summer.

This year's winner will be announced at the end of August.