Request For Proposals: Business Model Analysis

REQUEST FOR PROPOSALS (RFP)

Strategic Business Model Analysis for Baltimore Public Markets and Lexington Market

Issued: June 2, 2025

Pre-Proposal Meeting: June 10, 2025 at 11:00 AM ET

https://bit.ly/45GNGNB

Proposals Due: Friday, June 20, 2025, at 12:00 PM ET

1. Introduction

The Baltimore Public Markets Corporation (BPMC) is issuing this Request for Proposals (RFP) to engage a qualified advisory firm to assist in creating a transformative business model that will enable BPMC to operate sustainably, with minimal day-to-day reliance on public funding. The ideal partner will bring both analytical rigor and strategic vision to support this critical evolution.

BPMC operates five historic markets in Baltimore, including the newly redeveloped Lexington Market. We manage approximately 140 vendors, employ roughly 70 staff, and invest capital in long-term market infrastructure. The selected firm will help us design a future-facing, economically renewable model that is both mission-aligned and operationally sound.

2. Organizational Background

Founded in 1995, BPMC manages the oldest continuously operating public market system in the United States. The markets serve as vibrant centers for food, culture, and commerce. Our vendors are predominantly small, independent businesses, many of whom represent historically underrepresented communities. Despite the markets’ civic value, BPMC faces a structural financial imbalance, with annual revenue consistently trailing operating costs.

Recent capital investments—including the $45 million redevelopment of Lexington Market—highlight the promise of our system. However, we now seek an evidence-based roadmap to achieve operational self-sufficiency while continuing to deliver equitable economic opportunity across our markets.

3. Objectives

We seek a partner to help us:

• Reduce our dependence on government funding for daily operations

• Evaluate existing sources and identify new and diversified sources of earned revenue

• Benchmark comparable institutions and provide guidance on best in-class practices

• Recommend organizational staffing and operational models for long-term efficiency

• Align financial sustainability with our mission of equitable community development

4. Scope of Work

This engagement is expected to run approximately 100 days, starting in early July, 2025 and concluding by October 1, 2025. Deliverables should reflect a mix of rigorous financial modeling, strategic insight, and operational recommendations.

A. Organizational and Financial Assessment

• Analyze BPMC’s current business model, financial position, revenue sources, and cost drivers

• Review staffing structure, governance model, and merchant relations

• Conduct interviews with BPMC leadership, board, staff, merchants, and civic partners

B. Benchmarking and Best Practices

• Study 6–10 public markets or analogous nonprofit institutions nationally

• Document innovative revenue models, partnership strategies, and management approaches

• Focus on organizations that have achieved sustainability while maintaining a strong public mission

C. Revenue Model Development

• Identify and model 3–5 viable revenue-generating strategies tailored to BPMC’s assets and mission

• Include:

o Leasing innovations and rent structureso Use of common spaces for programming or event income

o Public-private partnerships or philanthropic co-investment

o Incubation programs with potential for equity participation in vendor businesses

• Model each scenario with assumptions, risk factors, and five-year projections

• Include stress tests to evaluate model resilience under various economic conditions

D. Operational and Talent Strategy

• Assess current staffing against business models and strategic goals

• Recommend right-sizing strategies, workforce development pathways, and improved internal systems

• Propose governance and organizational design adjustments to support new operations

E. Deliverables

1. Kickoff Briefing – Project plan, timeline, stakeholder engagement process

2. Interim Report (Week 6) – Benchmarking results, initial revenue ideas and analysis, early operational insights

3. Draft Strategic Business Model (Week 10) – Full modeling scenarios and preliminary recommendations

4. Final Report and Board Presentation (By Day 100) – Strategic roadmap with executive summary, implementation guidance, and

accompanying data

5. Proposal Requirements

Proposals must be no longer than 10 pages, not including a cover page and introductory letter. Proposals should include:

A. Executive Summary

• High-level summary of qualifications and understanding of the assignment

B. Firm Qualifications

• Experience with complex nonprofits, civic organizations, and economic development

• Relevant case studies or examples of business model transformation

C. Team Composition

• Key personnel, roles, bios or resumes

• Primary point of contact

D. Approach and Methodology

• Description of the firm’s approach to fulfilling the scope of work

• Stakeholder engagement and data collection methods

• High-level timeline

E. References or case studies

• At least three relevant client references or case studies with contact information

F. Pricing and Justification

• Firm-fixed price proposal for the full engagement

• Two-paragraph maximum justification summarizing the basis for pricing, including:

o Overview of methodology used to arrive at the price

o Brief rationale for how the fee reflects the scope and value of the work

6. Evaluation Criteria

Proposals will be reviewed by BPMC’s selection committee using the following weighted criteria:

Demonstrated understanding of the assignment – 25%

Proposed approach and methodology 25%

Relevant past work and performance – 10%

Cost effectiveness and value – 10%

Demonstrated commitment to public market values – 5%

Qualifications of team and organizational experience – 25%

We define “public market values” as including: equitable access to economic opportunity, cultural inclusion, local entrepreneurship, and public benefit.

7. Submission Instructions

• Any questions must be submitted by 5:00 PM ET on Monday, June 9, 2025 to rfpquestions@baltimoremarkets.org. A Q&A summary will be shared with all parties who express intent to apply.

• A pre-proposal meeting will be held at 11:00 AM ET on June 10, 2025. All attended must register at the link below.

https://bit.ly/45GNGNB

• All proposals must be submitted by 5:00 PM ET on Friday, June 20, 2025, to:

Email: proposals@baltimoremarkets.org

Subject Line: RFP Submission – Strategic Business Model – [Firm Name]

Late submissions will not be reviewed.

8. Payment Terms

The selected vendor is responsible for all travel, meetings, materials, and indirect costs within this amount.

Payments will be tied to milestone deliverables:

• 20% upon project kickoff

• 30% upon interim report

• 30% upon draft model submission

• 20% upon final deliverable and presentation

9. Project Timeline

Milestone

RFP Issued

Deadline for Questions

Pre-proposal Conference

Proposals Due

Finalist Interviews (if applicable)

Contract Awarded

Project Kickoff

Final Deliverables and Board Presentation

10. General Conditions

• BPMC reserves the right to reject any or all proposals.

• All submissions become the property of BPMC.

• Proposal prices must remain valid for 90 days post-deadline.

• Finalists may be invited to participate in interviews or presentations.

• The selected firm will be expected to sign a professional services agreement with

confidentiality and conflict-of-interest terms.