Franchising and COVID-19: Adaptation, Trends, and Economic Recovery Potential

Abstract

The article focuses on the impact of COVID-19 pandemic on the franchising market. As the pandemic hit severely the global economy, it is becoming critically important to scale a business and adapt to changing conditions. Franchising is one of the best methods of such an adaptation. The article assess the impact of pandemic on different advantages of franchising for both counterparties and analyzes the statistics and crucial franchising market trends in the USA and Russia. Besides, the article reveals the potential of franchising in economic recovery, taking a closer look to the creation of new jobs, increase in business activity and contribution to the GDP.