I love this kind of spaces. This is how I would advise to do it. Art/literature - create high quality, high ROI product offering first. Hand bound collectables for example. Low cost digital counterparts. Find niche online first. Crowdfund, test. Have the publishing first. That's raising capital. Profit/Non-Profit no real difference if you have income. Just don't rely on grants and voluntary resources (economic volatility will hit these first). Physical space: make it enchanting (design/brand/service/experience). So that people would want to pop in regardless of products. High ROI food: coffee, tea, pastry, nibbles, smoothies and such. Food=energy. Sell local energy (economic volatility will hit this last). Innovate. Constantly change the furniture, accessories - sell them. Both online and at the physical space. Think of it as a curated space. Assess risks particular to the location/niche. Have contingency. Have another contingency for risks that are unknown.
Anyone planning to open something like that - happy to give some more specific free advise (tangible products/interior- service design/branding/marketing/economics).