Street Vendors to Join Franchise
Johannesburg – A new business concept will attempt to get street vendors involved in what will be the country’s largest franchise group.
The concept, by Innovative Franchise Concepts (IFC), will offer street vendors training and support to help them move from the informal to the formal sector, say the IFC founders.
The first in a series of innovations is a Fast Forward Caf?®, a franchised brand, which offers street food vendors among other things the necessary infrastructure, supply chains and other support towards building a successful business.
Street vendors who formerly constituted a nuisance can in this way become an important part of our economy, reckons Shawn de Bruyn, chief executive and co-founder of the IFC.
The group soon wants to establish 6 500 franchise units across the country, making this the largest franchise brand. It will provide collective buying power and direct competition to retail groups like Shoprite and USave.
It is estimated that about 30 000 jobs will be created and affect some 150 000 lives, according to De Bruyn. It could alter perceptions of vendors and the quality of their wares. Each unit has a fully equipped kitchen and, inter alia, a gas refrigerator worth about R10 000.
But to put this dream into effect IFC needs cash of about R700m. For this it will be knocking on government’s door and large companies are encouraged to participate, thus contributing to enterprise development and donating the necessary funds to empowerment efforts.
The Metropolitan Trading Company has already awarded the IFC a tender to establish the cafes in Johannesburg.