SKorea franchise stores post high revenue

SEOUL:Revenue of franchise stores in South Korea hit a record high last year amid high inflation, statistical office data showed on Tuesday.

The combined revenue in franchise stores jumped 18.2 percent over the year to 100.1 trillion won ($77.3 billion) in 2022, according to Statistics Korea.

It marked the highest since relevant data began to be compiled in 2013.

The double-digit increase was attributable to higher service prices. The country's consumer prices gained 5.1 percent last year, recording the fastest rise in 24 years since 1998.

Sales of franchise pubs surged 57.7 percent, while revenue in restaurants selling foreign dishes soared 41.0 percent. Sales of stores servicing coffee and beverages advanced 33.2 percent.

The number of businesses under franchise totaled 285,597 in 2022, up 9.7 percent compared to the previous year.

The number of franchise restaurants selling foreign cuisines spiked 23.4 percent, while the number of stores serving coffee and nonalcoholic beverages expanded 18.9 percent last year.

Franchise convenience stores, Korean food restaurants, fried chicken shops and coffee shops took up 55.2 percent of the total franchise outlets in the Asian country.

The number of employees in the franchise sector totaled 941,688 in 2022, up 12.9 percent from a year earlier.

Convenience stores, Korean food restaurants and coffee shops hired 48.9 percent of the total workers in the sector.

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