Franchising seen growing despite rise of online stores

ABS-CBN News

Posted at Mar 26 2019 08:15 PM

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Franchising experts said the industry will continue to grow despite the rise of online stores and the move away from "brick and mortar' shops. 

Franchising consultant Chris Lim said online channels are seen as a complement rather than as competition by franchise businesses. 

Lim said the sector is expected to continue seeing double-digit growth amid Filipinos' rising wealth and business awareness. 

"We're seeing 25 percent growth for franchising this year. We are resilient, we survive recessions. It’s about adapting, we have to drive efficiency and go hybrid. Online is a new channel. It’s not competition," Lim said. 

Allan Escalona, an entrepreneur who franchises a fruit drinks business and a self-service laundromat, said franchises can adapt to changing trends and consumer preferences.