Food franchises set to grow
In a challenging economic environment, franchisors have continued to achieve double digit growth in the past 12 months according to a recent Australian survey of all franchises by PricewaterhouseCoopers.
According to the report, most franchisors surveyed by PricewaterhouseCoopers credited their 10+ percent growth to improved franchisee performance and strategic direction.
“These results demonstrate the ability of franchisees to market their business, offer high quality customer service and up-sell in tougher economic times,” PwC partner, Greg Hodson said.
“Prospective franchisees want to see strong, successful, inspiring leadership, real support, a willingness to listen and a track record of franchisee success when they are looking to buy a franchise,” Mr Hodson added.
Arguably, Melbourne CBD might be the perfect place to start a franchise, according to a recent survey by real estate agents, Savills, demonstrating a significant demand for food in the city.
Savills in the August 2012 edition of Spotlight on Melbourne CBD Retail, which revealed almost 30 percent of Melbourne CBD’s retail services are made up of food businesses.
The Savills report revealed that increased population, more office staff and an increase in tourists contributed to the retail sales growth.
A recent study by Colliers showed that there are currently 218 cafes in Melbourne’s CBD, with 291,336 CBD workers in the area. The report revealed that the total number of city workers is growing 1.5 percent each year. With Melbourne’s CBD residential population also set to rise, it appears the café and take-away food industry will remain promising for some time to come.