Franchisors Discover That Ethnic And Low-Income Markets Suit Their Expansion Plans
The future will be a rainbow. The Census Bureau expects minorities, now roughly one-third of the U.S. population, to grow in number to more than half of the population by 2042. Since the start of the century, Hispanics alone have accounted for 50.5 percent of overall population growth, according to the Pew Hispanic Center.
True, many of you won’t be here then. And your businesses won’t, either—unless you’re setting an agenda for the inevitable shift in customers.
“If you are planning five to 10 years ahead, you have to be thinking: Where are franchisees coming from?
Where will they be located? Does my franchise development team reflect the changing demographics? Does my company focus on diversity, and is it inclusive?” says Miriam Brewer, director of diversity and education for the Washington, D.C.-based International Franchise Association. About half of IFA’s members are foodservice franchisors.
To gear up, IFA has been running one-day diversity seminars across the country since April 2007, attracting aspiring franchisees, forward-looking executives from growth-oriented restaurant companies and local officials. Says Brewer, who organizes these events: “We like to partner with mayors and community organizations to bring all stakeholders together.”
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