Jay Matson did not dream of becoming an entrepreneur. But being “his own boss” always appealed to him since graduating from graduate school in the late 60’s. Despite stints on the east coast and San Francisco during the era of love-ins and drug use, Jay returned to Galesburg and married a entrepreneur, single-parent from the area. He and his wife started their first retail store with $2500 that was a “pay-off” from the Chicago Transit Authority for being hit by a bus.
Today he guided our 24 MC students on his journey in developing Seminary Street into Galesburg’s best known destination.
Over the last 30 years Jay has learned a lot about how to create a destination for tourists and locals alike. Seminary Street was shaped by Jay’s vision to be a celebration of historic city centers. He pushed the city to recreate the original brick pavers in the street and special lighting. He bought most of the property over the three block area and installed awnings and restored the original brick exteriors and windows. While acquiring many properties he become a restaurant developer and gained national publicity as someone willing to transform a meat packing plant (sitting idle for years as an “eye-sore”) into a thriving eatery. He became well-known as someone that could transform empty storefronts into a destination shopping and eating experience. When he could not convince existing bakeries to open a new location on Seminary Street, he bought all of the machinery for the bakery, outfitted the kitchen and hired a baker because he was convinced the neighborhood needed a bakery.
Jay built loft-apartments for people who wanted a city-feel in Galesburg and he maintains that these units command the highest rents in the city.
He saw opportunity where others saw risk. He had his share of failures too. He invested $750,000 in a restaurant in Macomb as WIU was growing in the 80’s. When the 12% loan on the $750,000 ballooned to 21% he almost lost everything he had built. “it was a humbling experience after our success in Galesburg”.
Jay is now in the process of selling all of his businesses and even the real estate. “I am ready to retire, and we do not want to have so many employees”. The opportunity to own an outdoor shopping mall in the middle of a small city should appeal to someone who has imagination and drive. “There are so many things that can be done here”, Jay said. The opportunity to expand Seminary Street and tie merchants closer together will bring big benefits to Galesburg and revitalize downtown.
