Around 2,000 franchises shut down in Mexico due to pandemic
In an interview with Forbes Mexico, the CEO of Gallàstegui Armella Franquicias, Juan Manuel Gallàstegui, said that as in all sectors, the impact of the pandemic was strong and being a sector that covers 70 different areas, from beverages, food, retail, clothing, accessories to health and beauty, it felt the impact.
However, he explained that none of the more than 18,000 franchise networks in the Mexican market closed completely, only the franchised points of sale.
"2% of the total existing points of sale (closed), if we count that there were 100 000 points of sale, 2000 closed, it is not a negligible amount either, above all, many jobs were lost, because each franchise when it opens generates 8 jobs, if you close 2000, it is 16 000 jobs", he affirmed to the magazine.
After an improvement in the outlook for 2021 due to the vaccines, Gallàstegui assured that sectors such as clothing and footwear are where investors see better interest.