In recent days, the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP) organized a seminar in which they discussed about Central America and its potential in the market for franchises. The country that leads the ranking is Guatemala, followed by Costa Rica and Panama placing third.
Gogetit Highlights
* Guatemala and Costa Rica are the countries of the region with more developed franchises, followed by Panama.
* Guatemala, for its population and extension, leads the ranking with 350 marks. Followed by Costa Rica with 267 brands and Panama with a little more than 200 brands.
* In Panama, grows every day the number of franchises established in the country. In recent years, it has surpassed the 200 franchises.
The franchise business in Central America is one of the emerging markets in the world in terms of its development. This was one of the topics discussed thoroughly in a seminar organized by the Chamber of Commerce, Industries and Agriculture of Panama, with the participation of leading figures from the world of franchising.
According to information published by Panama America website, and according to statements by Juan Manuel Gallástegui, general secretary of the Iberoamerican Federation of Franchising (FIAF), “Central America is changing from receiver to be generating franchises. The first thing to do before a franchise is to “investigate” the market where the business is established.”
Thus, Guatemala, for its population and extent, leads the ranking with 350 marks, followed by Costa Rica and Panama 267 brands with over 200. This was explained by the executive director of the National Center for Franchising of Costa Rica (CENAF), Karol Fallas.
“In Costa Rica, a franchise has an area of expansion of about 20 or 30 brands. In Guatemala, however, expansion is 150 marks,” added Fallas.
The franchise market has sizes, as franchises can be very large or very small investments, generating growth for the franchisor and for investing. As a general rule, 80% of franchises are international business and 20% are domestic business. The percentages may be reversed if there is government support, as is the case of Costa Rica, according to the Director of the National Center for Franchising of that country.
Read more information here (Article in Spanish).
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