Global Franchises Converge In Seoul

JoongAng Daily:

With President Lee’s plans for reviving small and mid-sized businesses at its core, the franchise industry needs to receive better backup since it has made so many contributions to the Korean economy.”

That remark came from Kim Yong-man, president of Gimgane, a Korean franchise known for its Gimgane Gimbap stores. He is also president of the Korea Franchise Association.

“Starting up a franchise is like running a small business, and the industry is in need of government support, including financial incentives,” Kim said.

Korean franchises posted 84 trillion won ($71 billion) in total sales last year, accounting for 7 percent of the GDP, and they employ 1.5 million people. The industry also serves as one of the best opportunities for people who accept early retirement.