Retail franchising to grow by two-fold over next 5 yrs/ India
The concept of franchising has picked up substantially in the retail industry, which is expected to witness two-fold growth annually over the next five years.
Samsika Marketing Consultants Chairman Jagdeep Kapoor said that in the last three years, franchising has been clocking a 60% year-on-year growth which is likely to accelerate to 100% over the next five-year period. The main driver of this growth would be retailers` aspirations to expand fast.
To keep pace with increasing consumer expectations on quality, ambiance and brand experience, an increasing number of companies are now adopting the franchise route. Reliance Money Director and CEO Sudip Bandyopadhyay said that the company will have 10,000 Reliance Money outlets by December 2008, of which 9,000 outlets will be franchised.
The company has around 10% owned outlets while the remaining 90% are franchised. At present, Reliance Money has around 5,000 outlets, of which, 4,000 outlets are franchised.
Bandopadhyay said that it was possible to achieve the huge expansion and a customer base of 6,50,000 within such a short span only because the company had adopted the franchise route.
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