Overview of Korea Economy and Franchise Business

Franchise Glance

“We consider South Korea as a developed market, meaning it is no different to the UK or the US… Korean consumers are demanding and expect high-performing products.” Hari Nair: Managing Director, Kimberly-Clark’s.

Recently everything seems prefixed with a K: K-Pop, K-food, K-beauty, K-movies; why not go to your local K-culture festival, sure there must be one near you, or coming soon. Korean culture is on fire at the moment and has been warmly received. Domestic franchisors have, quite rightly, been riding this wave and rapidly expanding internationally-China being a Korea franchisors first choice. However for an overseas franchisor looking in, what is this market like?

GDP was US$1.2 trillion in 2013 and predicted to rise as consumer spending and confidence grows through 2014 and 2015. The Hyundai Research Institute latest report predicts Korea will expand by 3.5% in the first half of 2015 and 3.6% in the second half.

Considering Korea’s comparatively slower Asian…

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