[MONITOR] Franchise stores close down at record pace

By Korea Herald
  • Published : Mar 20, 2017 - 16:15
  • Updated : Mar 20, 2017 - 16:15
The number of closed down franchise stores nationwide in 2015 reached 13,241, 19.7 percent more from the previous year, data by the Fair Trade Commission showed.

This means an average of 36 stores closed down per day.

The number of newly opened franchise branches, meanwhile, reached 22,536, down 9.2 percent from 2014.

The aggravating franchise business is attributed to declining consumer sentiment and excessive competition.

Experts also warned against retirees jumping into franchise businesses without due knowledge or preparation.