The share of foreign franchises in Russia fell to 8% by the end of 2023, which is the minimum figure of the last 14 years (statistics have been kept since 2010). This was told to socialbites.ca at Tochka Bank.
Meanwhile, the share of Russian franchisors continues to increase. Analysts say that 92 percent of all franchises sold last year belonged to domestic companies, indicating that the position of domestic brands is strengthening with the departure of foreign players.
“The growth of the franchising market in the Russian Federation, despite the decrease in foreign participants, generally speaks of economic self-sufficiency: increased import substitution in various sectors creates favorable conditions for the development of local brands. This creates new opportunities for entrepreneurs and investors,” said Maxim Frolov, leader of Tochka franchising department.
A total of 637 new trademarks were registered in 2023, and 239 of them were able to sell at least one franchise that year.
Before recognizedWhy Russians began to open franchise businesses more often. It turns out that residents of the Russian Federation use them as an alternative to bank deposits.
Earlier economists refuted Myth about the importance of foreign investment for Russia.