Franchise Association Opens Second Half Startup Expo This Year

The "2023 Second Half IFS Franchise Startup Expo," hosted by the Korea Franchise Industry Association, opened on the 5th at COEX in Gangnam-gu, Seoul.

At the opening ceremony of the '2023 Second Half IFS Franchise Startup Expo' hosted by the Korea Franchise Industry Association, held on the 5th at COEX in Gangnam-gu, Seoul, association officials are taking commemorative photos while cutting the ribbon.
[Photo by Korea Franchise Industry Association]

This expo is characterized by an increase in participation from dining brands that had faced difficulties, amid expectations of economic recovery.

According to the Fair Trade Commission, as of the end of 2021, the number of dining franchise stores reached approximately 335,000, an increase of about 65,000 from the previous year, marking the highest growth rate ever recorded (24.0%). In particular, major dining sectors such as Korean cuisine (39.8%↑), coffee (30.0%↑), and chicken (13.6%↑) showed high growth rates, leading the expansion trend.

An association official stated, "The dining industry has focused more on strengthening internal operations rather than expanding franchises due to COVID-19 and its aftermath," adding, "Although the business environment remains challenging, it seems that activities such as participating in expos are resuming in earnest, supported by the recovery of dining demand and increased startup interest."

This expo, the largest in Korea with about 500 booths from 200 companies, will be held until the 7th. Leading brands from various sectors, including dining companies and Remax Korea, will meet visitors. Popular overseas brands in Korea are also participating.

Various events and seminars for all participants and visitors, including franchisors, franchisees, and prospective entrepreneurs, will be held, such as overseas expansion briefings for Taiwan, Canada, Brazil, and China; the 4th forum of 2023; KOTRA overseas expansion consultations; and franchise experiential startup education by the Small Enterprise and Market Service.