Success does
leave clues and Yum Brands has picked up
its share of them. In an ongoing effort to garner a broad market appeal created
a new platform to recruit, elevate, educate, and execute on both long-term and
short team goals and objectives according to Steven Johnson, Grocerant Guru® at Tacoma, WA based Foodservice
Solutions®.
The future looks bright as Yum Brands and
the University
of Louisville announced the creation of a business
education program on franchising and targeted at women and people of color. The Yum Center for
Global Franchise Excellence
will focus on recruiting and educating underrepresented people of color and
women on the possibilities franchising holds as a “pathway to
entrepreneurship.” The effort is targeted at both new and existing franchisees.
So, the center is part of the Louisville,
Ky.-based Yum’s “Unlocking Opportunity Initiative” in which it committed $100
million over five years to promote equity and inclusion for employees,
frontline restaurant teams and communities around the world.
University of Louisville President Neeli
Bendapudi, stated, “We believe that combining the resources and expertise of
the University of Louisville with Yum Brands will create an unrivaled resource
for world-class training in franchising that will help people everywhere,
particularly underrepresented people of color and women, succeed in franchise
ownership and management”.
Regular readers of this blog know that, Yum
Brands operates KFC, Pizza Hut, Taco Bell and Habit Burger. The vast majority
of the chains' 50,000 global restaurants are owned by franchisees. Thus this
center builds on the university’s existing franchising education tracks within
the College of Business, which include a graduate program and an
executive-level franchise management certificate. This will create new
electricity for both the University and Yum Brands according to Johnson.
Focused on improving equity, the center
will recruit diverse students to its programs, research the reasons for lower
ownership among women and people of color and create podcasts and a journal to
share franchise education and news with owners and managers.
Once again regular readers of this blog
know that franchising is strong in the U.S. The International Franchise
Association projects the industry will have more than 780,000 total outlets and
employ 8.2 million people in the U.S. alone by the end of this year. But women
and people of color have historically been underrepresented as franchise
owners.
“Franchising is one of the best paths to
entrepreneurship, creating an opportunity to build generational wealth,”
Kathleen Gosser, executive in residence at the University of Louisville College
of Business, said in a statement. “Our goal is to uncover and reduce barriers
to franchise ownership, starting with education.”
According to Johnson, “Brand relevance is
in part driven with innovation in new menu related products in combination with
new avenues of distribution all of which are the platform for the new
electricity.”
Johnson stated “that in my minds-eye the
new electricity must be very efficient for the supply and includes such things
as fresh foods, music, developing brands, unique urban hemp clothing,
grocerant positioning, fresh food messaging, autonomous delivery,
cashier-less retail, plates, glasses, cash-less payments, digital hand-held
marketing.
All retailers to survive the next
generation of retail must embrace the artificial intelligence revolution
while simultaneously embracing fresh food that is portable, fresh, with
differentiation that is familiar not different. How
is your brand building new electricity?
Foodservice Solutions® specializes in outsourced business
development. We can help you identify, quantify and qualify additional food
retail segment opportunities or a new menu product segment and brand and menu
integration strategy. Foodservice Solutions® of Tacoma WA is the global leader in the Grocerant niche visit
us on our social media sites by clicking one of the following links: Facebook, LinkedIn, or Twitter
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