V&A Waterfront, Treasury's Jobs Fund launch R63mn local food community incubator

Cape Town's iconic tourist destination, the V&A Waterfront, has recently announced a groundbreaking R63 million investment partnership with the National Treasury's Jobs Fund to establish a local food community incubator in the Cape Town Cruise Terminal area. The CEO of V&A Waterfront, David Green, shared insights about this innovative project and discussed the impact of COVID-19 on the V&A Waterfront during a recent interview on CNBC Africa. David Green highlighted the diverse impact of the global pandemic on the V&A Waterfront, with certain sectors like commercial offices and marine activities continuing relatively normally while retail, cruise business, and restaurants facing significant challenges. The CEO described the drastic drop in tourist numbers, from attracting 80,000 people a day to just 3,500 at the peak of the crisis. However, with the easing of restrictions to level three, the waterfront has seen an increase in visitors, though still significantly below pre-pandemic levels. Regarding support for tenants during these challenging times, Green emphasized the importance of providing assistance to vulnerable small businesses. The V&A Waterfront has offered 100% rent relief to small businesses and is actively helping them access additional support. Plans are in place to provide working capital to ensure these businesses can recover and thrive once normalcy returns. In terms of employment, Green acknowledged the impact of the tourism decline on retail, restaurants, and hotels. To address this, a furlough scheme has been introduced, allowing the temporary closure of businesses until November. By retaining staff and offering support to main tenants through furlough arrangements, V&A Waterfront aims to ensure stability and readiness for when international tourism can resume. Looking ahead, the CEO expressed optimism about the gradual resumption of international tourism, potentially by early October. Collaborating with organizations like the World Travel and Tourism Council, the V&A Waterfront is prioritizing safety standards to reassure visitors about the destination's commitment to health protocols. The highlight of the interview centered on the upcoming food incubator project funded by the R63 million investment. Green elaborated on the concept of a food incubator as a platform to support grassroots food businesses in commercializing their ideas. The initiative includes a shared common kitchen, a six-month cohort program for training, and opportunities for participants to showcase their products in pop-up restaurants. By bridging the gap between conceptualization and commercialization, the food incubator aims to nurture small businesses and foster innovation in the local food industry. The strategic timing of the investment aims to coincide with a potential opening in December or January, providing a platform for businesses to scale up and attract support from the community. In conclusion, the partnership between V&A Waterfront and the National Treasury's Jobs Fund signifies a commitment to community development, job creation, and economic recovery amidst the challenges posed by the COVID-19 pandemic. Through innovative initiatives like the food incubator, the V&A Waterfront continues to demonstrate resilience and a forward-thinking approach to supporting local businesses.