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| ▲ This photo, taken Nov. 18, 2021, shows a promotional sign put up at a bakery franchise outlet in Seoul. (Yonhap) |
franchise outlets-2020 sales
Sales at franchise outlets fall 5.5 pct in 2020 due to pandemic
SEOUL, March 22 (Yonhap) -- Sales at franchise outlets in South Korea declined 5.5 percent on-year in 2020 due to the fallout of the COVID-19 pandemic, led by a slump in sales at dining-out brands, the corporate watchdog showed Tuesday.
Sales at franchise outlets averaged 311 million won (US$254,400) in 2020, compared with 329 million won the previous year, according to the Fair Trade Commission.
Average sales at dining-out franchise brands fell 9 percent on-year to 283 million won.
Service providers, including education institutes and beauty salons, reported a 2.3 percent fall in sales to 128 million won. Average revenue at wholesale and retail operators declined 4.1 percent to 534 million won.
In-person services, such as restaurants and accommodations, took a severe beating from the COVID-19 pandemic as people refrained from visiting shops on concerns about infection.
Despite the pandemic, the number of franchise brands increased due largely to stricter rules in franchise registration.
The number of franchise brands jumped 58.1 percent on-year to 11,218 as of the end of 2021. It marked the first time that the tally exceeded 10,000.
The number of franchise outlets came to 270,485 as of end-2020, the latest figure available, up 4.5 percent from the previous year, the data showed.
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