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City’s Mayoral Committee recommends Informal Trading Plan for Subcouncil 16<p>​The Good Hope Subcouncil (Subcouncil 16) is made up of Ward 77, which is the CBD, and immediate surrounding areas.<br> <br>This is the most densely populated of all the subcouncils. It includes the core of the city’s business hub that sees thousands of residents flock to the city centre to work in a broad range of industries including tourism, hospitality, film, events and the informal sector – all of which are key development sectors for Cape Town.<br> <br>‘We acknowledge the valuable contribution of the informal trading sector to the economic and social life of the city and we have therefore proposed the creation of additional trading opportunities as part of the Informal Trading Plan for Subcouncil 16. We need to create an enabling and well-managed environment for informal traders to operate and develop their businesses in a sustainable manner as  informal trading provides an income to residents who are unemployed,’ said the City’s Mayoral Committee Member for Tourism, Events and Economic Development, Councillor Garreth Bloor.<br> <br>The informal trading spaces for Ward 77 include the Grand Parade, St George’s Mall, Greenmarket Square and surrounding areas.<br> <br>The plan has been amended as follows:<br> <br>The number of informal trading opportunities has been increased from 430 to 599. There will be 200 trading bays in Greenmarket Square, 110 in St George’s Mall and 289 bays across the CBD in economically attractive areas<br>Day traders will be able to trade between 06:00 and 18:00 from Monday to Sunday<br>Night traders will be able to trade between 18:00 and 06:00 from Monday to Sunday<br> <br>‘Informal trading plays a vital role in creating much-needed employment and economic opportunities. The City is therefore doing all it can to balance the needs of residents and the formal retail sector with the need for economic development as we continue to build a city of opportunity. This sector is a crucial part of our economy and the City’s Economic Development Department must therefore invest in this sector so that it benefits both informal traders and the public. Not only does this sector provide the unemployed with opportunities to generate an income, but it also affords residents an alternative to established and traditional retail options,’ added Councillor Bloor.<br> <br>According to Census 2011, Ward 77 has a population of 28 252. There are 11 155 households with an average size of 2,53. About 94% of the labour force in this subcouncil is employed and 18% of the households have a monthly income of R3 200 or less.<br> <br>Once an informal trading plan is approved by Council and implemented, the City monitors the demarcated sites to ensure that traders comply with the City’s by-laws and within their permit conditions.<br> <br>According to the City’s Economic Performance Indicators for Cape Town (EPIC) report, 161 000 individuals (11,3% of the total workforce in Cape Town) are employed in the informal sector. It is estimated that without informal sector income, the poverty rate in the city would be 25,1%. Once its income contribution is taken into account, the poverty rate is reduced to 20,6% (a reduction of 4,5%). The 4,5 percentage-point reduction in Cape Town’s poverty rate is equivalent to pulling 186 000 individuals out of poverty. <br>Although the aggregate contribution from this sector to the GDP may be small, the aggregate improvement in well-being is large.<br> <br>The informal economy is represented by a diverse array of economic activities, including financial services, healthcare, retail in food and beverages, recycling, maintenance and repair of motor vehicles, and the repair of personal and household goods, to mention just a few.<br> <br> <br><strong>End</strong></p>2016-03-14T22:00:00ZGP0|#1d539e44-7c8c-4646-887d-386dc1d95d70;L0|#01d539e44-7c8c-4646-887d-386dc1d95d70|City news;GTSet|#62efe227-07aa-45e7-944c-ceebacca891dGP0|#8cbd3804-6136-43eb-bfc6-1dd6dac2bc3c;L0|#08cbd3804-6136-43eb-bfc6-1dd6dac2bc3c|economic development and planning;GTSet|#2e3de6c1-9951-4747-8f53-470629a399bb;GPP|#75a166cd-5513-4697-8f15-560d172b9c71;GPP|#2fa3d827-105d-4751-a104-aae0a7d376d7;GP0|#c1bd6ccf-c2d6-4ac6-96d9-254a0c1dc963;L0|#0c1bd6ccf-c2d6-4ac6-96d9-254a0c1dc963|Informal trading;GP0|#7faaf5cd-d29e-4664-aa40-4da6e367d936;L0|#07faaf5cd-d29e-4664-aa40-4da6e367d936|financial services1

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