International Franchise Seoul 2019 (IFS) is the premier franchise show with the longest history in Korea for franchise enthusiasts seeking a full, five-sense experience. This high-value event gives franchisors access to the best franchise brands from multiple industries, including F&B, retail and services. It also connects them to emerging commercial trends and the latest market information, delivering qualified buyers and fostering optimal networking.
Growth of Korean Franchise Industry Market
According to the report of Ministry of Trade, Industry, and Energy, the number of Korean franchise brands increased 7.5% from 3,905(2013) to 4,199(2014). And the number of employees also increased 7.2% from 162,855(2013) to 174,542(2014). So it shows the Korean franchise market is growing continuously.
*source: the report of Ministry of Trade, Industry, and Energy(2016)
Increasing demand about overseas franchise brands
Also the demand of overseas franchise brands in Korea is increasing as the demand of travel is increasing. People who travelled other countries want to taste the food they ate and feel the local atmosphere again. Spread of V-food is the representative example. So the Korean franchise market will be attractive to the overseas brands.
*source: http://news.mk.co.kr/newsRead.php?year=2017&no=754233, Park Soo Ho
The trend of Korean Franchise Industry Market
- Experience-based activity : new entertainment culture like archery cafe, VR cafe, pet cafe, cartoon cafe etc.
- Growth of single households : increasing demand of delivery food and convenience facility like coin laundry
- Cost-effectiveness : Not only cheaper but also efficient, The things, which leaves the bubble of price, like low price coffee
- HealingA286;Health : Young people pay attention to healing items like flower delivery system, massage cafe, healthy foods for the balance of work and life and development of life’s quality.
*source: http://biz.chosun.com/site/data/html_dir/2017/12/15/2017121502013.html, Lee Kyoung Hee
By this flow, Korean market in franchise will be a great opportunity to expand the business size.
So examine Korean market with IFS!