Opportunity In Crisis: RP Franchise Industry Remains Bullish For ’09
Amid the global financial crunch, the Philippine franchising sector flourished in 2008 and is expected to remain strong despite the global economic crunch.
This was the conclusion of an informal survey among members of the Philippine Franchise Association (PFA), the country’s largest franchise association.
“Franchising has always been the better investment option because of a proven business formula. With over 90-percent success rate, it has evolved as a business model primarily identified with minimal risk,” PFA chairman emeritus Samie Lim said.
Respondents revealed in the survey that growth in sales in 2008 averaged 10 percent. A certain pizza company, which has just begun its franchising operations, posted 50 percent growth in sales. Over-the-counter multiple bills payment collection service Bayad Center posted almost 200 percent growth in franchised sites in 2008.
This can be attributed to the fact that franchising can be compared to the proverbial shot in the arm, which boosts the growth of the number of outlets, and which naturally increases sales.
Other respondents also revealed increase in number of franchised outlets, despite the fact that the economy was rocked with fuel and food price hikes.
“With its mission to promote franchising as a tool for national development, PFA continuously provides services to help our members to be always a step ahead,” declared Lim. “These services include a continuing education program, seminars promoting global best practices, local and international expos, as well as support in issues affecting the franchising sector. This constant service is PFA’s proactive effort to strengthen PFA members and prepare them for any economic contingencies—like the fuel and food crisis and the ongoing financial slump. So crisis or not, PFA members are equipped to face any eventualities.”
Related posts:
- Franchising Is A Vibrant Business Venture Philippine Information Agency: The Philippine franchising industry flourished in...
- US Franchises Find Opportunity To Grow Abroad Wall Street Journal: As a sluggish economy continues to...
- Opportunities Abound In Middle East Despite Crisis Malaysia Star: The United Arab Emirates (UAE) and other...
Related posts brought to you by Yet Another Related Posts Plugin.
