EGS Biweekly Global Business Newsletter Issue 98, Tuesday, December 26, 2023
Edited and curated by: William (Bill) Edwards, CFE, CEO of Edwards Global Services, Inc. (EGS)
Introduction: In this issue, my latest article, “Doing Global Business In These Times”, which global economy did best in 2023, the most used AI tools in 2023, the best and worst global airports, how KFC became Japan’s preferred Christmas food (really!), Turkey raises its interest rates to 42.5%, McDonalds’ new brand and the USA is seeing the lowest inflation in years.
The mission of this newsletter is to use trusted global and regional information sources to update our 1,400+ readers in 20+ countries on key global and local trends that can impact the success of their businesses at home and abroad.
NOTE: Some of the sources that we provide links to require a paid subscription to access. We subscribe to 40 international information sources to keep our readers up to date on the world’s business.
To receive this biweekly newsletter that is read by over 1,400 people in 20 countries, click here: https://bit.ly/geowizardsignup
First, A Few Words of Wisdom From Others For These Times
“Cheers to another year and another chance to get it right.”, Oprah Winfrey
“You will either step forward into growth or you will step back into safety.”, Abraham Maslow
“Year’s end is neither an end nor a beginning but a going on, with all the wisdom that experience can instill in us.”, Hal Borland
Highlights in issue #98:
- Brand Global News Section: CosMc’s®, Greggs®, KFC®, Luckin Coffee®, Tim Hortons® and YUM China
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Interesting Data, Articles and Studies
“Doing Global Business in These Times – Doing business cross border has significantly changed due to the pandemic. This article looks at changes in doing global business in recent years from a practitioner’s perspective, specific trends and factors that impact successful brand entry into a new country and how several countries where you might take your business are expected to do economically in 2024. What has changed and what is the picture for doing cross border business in 2024? Below are some factors to keep in mind when planning your 2024 new country marketing budget.”, Momentum Magazine, December 15, 2023. This article is by your newsletter editor, William (Bill) Edwards
“Here Are The Most Used AI Tools Of 2023 – Artificial intelligence was all the rage in 2023. From writing assistants to generative media tools, hundreds of millions — scratch that, billions — of users have incorporated artificial intelligence into their workflows in unprecedented ways…..the top 50 AI tools generated 24.3 billion visits between September 2022 and August 2023, with traffic increasing by an average of 236.3 million visits per month.”, Slash Gear, December 23, 2023
“Big tech and geopolitics are reshaping the internet’s plumbing – Data cables are turning into economic and strategic assets. Submarine cables used to be seen as the internet’s dull plumbing. Now giants of the data economy, such as Amazon, Google, Meta and Microsoft, are asserting more control over the flow of data, even as tensions between China and America risk splintering the world’s digital infrastructure. The result is to turn undersea cables into prized economic and strategic assets.”, The Economist magazine, December 20, 2023
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Global Supply Chain, Energy, Commodities, Inflation & Trade Issues
Annual % change in consumer price index
“Global Inflation Tracker – Inflation is easing from the multi-decade highs reached in many countries following Russia’s full-scale invasion of Ukraine. The latest figures for most of the world’s largest economies show the wholesale food and energy prices that soared during 2022 are now falling back.”, The Financial Times, December 11, 2023
“These are the world’s most expensive cities – EIU’s cost-of-living index shows where prices are highest. Tied in first place this year were Singapore and Zurich. Western European cities, including Copenhagen, Dublin and Vienna, take around half of the top 20 spots. The three biggest climbers were Santiago de Querétaro and Aguascalientes in Mexico, and Costa Rica’s capital, San José. Beijing was one of four Chinese cities among the ten biggest decliners in the ranking.”, The Economist, November 29, 2023
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Global & Regional Travel Updates
“The World’s Best and Worst Airports for 2023 Offer Plenty of Surprises – According to an annual ranking by AirHelp, US airports continue to miss the mark—as do hubs in many of the most-visited cities around the world. The results say that the world’s best airport is Oman’s Muscat International. In second and third place, respectively, are Brazil’s Recife-Guararapes International Airport and South Africa’s Cape Town International Airport. Japan and Brazil generally dominate in airport performance, with each counting three locations on the Top 10 list of best global airports. Of US hubs, only three made it onto the world’s Top 50 list: Minneapolis-St. Paul International (No. 13), Seattle-Tacoma International (No. 34) and Detroit Metropolitan Airport Wayne County (No. 38). European airports didn’t do much better, with just nine making it into the Top 50 best airport experiences of the world, according to AirHelp. Bilbao Airport in northern Spain took the No. 1 spot in Europe.”, Bloomberg, December 19, 2023
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Country & Regional Updates
Argentina
“Milei Unveils Broad Reforms to Liberalize Argentina Economy – Plan will face opposition in congress and from labor unions Measures come after deep budget cuts, sharp peso devaluation. President Javier Milei announced sweeping reforms to reduce the hand of the state in Argentina’s economy, including steps to privatize companies, facilitate exports and end price controls, in a bold political move that’s likely to face pushback in congress and courts.The libertarian leader listed 30 initial points of his plan in a televised address Wednesday night, adding they’re part of a broader package containing over 300 measures. He presented the all-around reforms as an attempt to free Argentines from the “oppression” of the state and its bureaucrats, in line with his campaign pledges.”, Bloomberg, December 20, 2023
China
“China’s Yuan Overtakes Yen to Rank Fourth for Global Payments – The yuan overtook the Japanese yen to become the fourth-most used currency by value in global payments for the first time in almost two years, according to a monthly tracker of the Chinese currency released by the Society for Worldwide Interbank Financial Telecommunication (SWIFT).”, Caixin Global, December 22, 2023
“China’s Foreign Direct Investment Drops to Near Four-Year Low – A measure of foreign investment into China fell to the lowest in nearly four years in November, underlining how geopolitical tensions and a slowing economy have combined to convince foreign companies to slow their expansion. New actually utilized foreign capital received by the country was 53.3 billion yuan ($7.5 billion) last month, down 19.5% from a year earlier, according to Bloomberg calculations based on data published by the Ministry of Commerce on Thursday. That’s the worst number since February 2020, when the Covid-19 pandemic first hit.”, Bloomberg, December 21, 2023
Greece
“Which economy did best in 2023? – Another unlikely triumph. The Economist has compiled data on five indicators—inflation, “inflation breadth”, gdp, jobs and stockmarket performance—for 35 mostly rich countries. We have ranked them according to how well they have done on these measures, creating an overall score. The table shows the rankings, and some surprising results. Top of the charts, for the second year running, is Greece—a remarkable result for an economy that was until recently a byword for mismanagement. Aside from South Korea, many of the other standout performers are in the Americas.”, The Economist, December 17, 2023
Japan
“How KFC Became Japan’s Hallmark Christmas Food – Ah, Christmas food. Maybe you go for a large, typical spread of roast this and roast that with various vegetables and sauces, rolls, and apple pie. Or maybe you live in Japan and queue up outside of a KFC waiting for a deluxe Christmas meal pack of crispy fried chicken like your artery-clogging parents before you. Hold on, you say: “Folks eat KFC for Christmas in Japan?” Yes, indeed. Feel free to peruse a Japanese-language KFC Christmas menu online; it doesn’t matter if you don’t read Japanese because everything has a picture.”, Grunge, December 20, 2023
South Korea
“S.Korea banks pledge $1.5 bln for small businesses amid push to share profits – South Korea’s commercial banks will provide 2 trillion won ($1.53 billion) to support small businesses, the organisation representing the lenders said on Thursday, amid political and regulatory pressure to share more of their profits with society. The Korea Federation of Banks, which represents 23 financial institutions including Kookmin Bank and Woori Bank, said of the total, 1.6 trillion won will be used as cash refund for interest payments borrowers made, to help them cope with the rising costs of living as interest rates climb.”, The Daily Mail (UK), December 20, 2023
Turkey
“Turkey raises rates to 42.5%, nearing end of cycle – Some analysts said one more rate hike was on the cards after seven straight months of tightening. The central bank has lifted its one-week repo rate by 3,400 basis points since June, when President Tayyip Erdogan appointed former Wall Street banker Hafize Gaye Erkan as its governor to conduct a sharp pivot toward more orthodox policies. It had raised rates by 500 basis points in each of the last three months but last month said tightening would soon end.”, The Daily Mail (UK), December 21, 2023
United Kingdom
“UK economy on brink of recession after growth falls – Gross domestic product revised down to -0.1% in the third quarter. The downgrades mean that the economy has expanded by 0.3 per cent so far this year, down from economists’ projections of 0.6 per cent, and the economy overall is 1.4 per cent larger than pre-pandemic levels.”, The Times of London, December 22, 2023
“Britain’s cost-of-living squeeze will leave an enduring mark – Britons are going to the discounters more and going out less. Those habits may stick. The worst of Britain’s most sustained period of high inflation since the 1970s is coming to an end. The headline rate of consumer-price inflation in November fell to an annual pace of 3.9%, its lowest reading in more than two years. Such a prolonged squeeze is likely to reshape consumer behaviour. The most persistent shifts will probably be in food. Along with energy, food was a major cause of the spike in goods prices in 2021 and 2022….. Unlike energy bills, food prices are still rising at a fast clip. They were up by 9.2% in the year to November.”, The Economist, December 22, 2023
United States
“How has the structure of American households changed over time? In 2022, more than half of American households were childless: 29% were married households without children, and 28.9% were single households without kids. More than a quarter of households included parents — 17.8% were married households, while 8.1% were single-parent households. In 1960, households with married parents represented over 44% of all American households, while slightly over 13% were single with no children. Today, that’s inverted — in 2022, single people living alone and married couples without children outnumbered married-parent households.”, Voronoi – USA Facts, December 12, 2023
“The US Inflation Fight Approaches Victory – The US Federal Reserve’s preferred gauge of underlying inflation barely rose last month and—by one measure—even trailed the policymaker’s 2% target. That marks the first time in three years the Fed has achieved its definition of price stability after waging war on inflation triggered by the pandemic, Russia’s war on Ukraine and various other things. Americans can now look ahead to a likely reduction in interest rates next year and more affordability of almost everything (though savers may grumble).”, Bloomberg, December 23, 2023
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Brand & Franchising News
“East Lothian Greggs: ‘Huge milestone’ as 500th franchise shop opens in Monktonhall outside Edinburgh – The new shop is a partnership between Greggs and the UK’s largest independent forecourt operator MFG. The landmark opening comes one year after Greggs launched their 400th shop and is one of 71 franchised units that opened in 2023, with these locations now accounting for approximately 20 per cent of the retailer’s total estate.”, Edinburgh Evening News, December 15, 2023
“Yum China’s CEO on Chinese consumers’ incredible hunger for foreign brands – On a recent episode of Fortune’s Leadership Next podcast, co-host Alan Murray talks with Joey Wat, CEO of Yum China. The company, which is listed on both the New York and Hong Kong stock exchanges, was spun off from Yum! in 2016. Wat, who started working at age 9 in a factory in Hong Kong, oversees 14,000 stores across brands including KFC, Pizza Hut, Taco Bell, Little Sheep, and Huang Ji Huang. About 90% of the restaurants are company-owned, with just 10% run by franchisees. In 2024, Yum China will open more than four new stores per day.”, Fortune, December 20, 2023
“Luckin Coffee (China) in dispute with Thai company over trademark – China’s Luckin Coffee might be facing overseas trademark infringement compensation after a Thai group reportedly filed for 10 billion baht (US$290 million) compensation. Thailand’s 50R Group formally submitted a lawsuit to the local court requesting China’s Luckin Coffee compensate for economic losses. China’s Luckin Coffee, founded in 2017, said in August last year that the Thai stores bearing the same name were counterfeit.”, Shine.cn, December 12, 2023. Compliments of Paul Jones, Jones & Co., Toronto
“Canadian coffee chain Tim Hortons to open 150 outlets in Korea within 5 years – Tim Hortons has decided to enter the Korean market, which has a vibrant coffee market where coffee consumptions per person is almost threefold the global average, the company said in a statement. Korea will be the seventh Asian country to have a Tim Hortons shop following China, India, Pakistan, Thailand, Singapore and the Philippines, it said. The Ontario-based coffee chain, founded in Canada in 1964, currently operates more than 5,700 stores in 17 countries around the world, including the United States and China.”, The Korea Times, December 12, 2023. Compliments of Stephen Armstrong, MAPLE U.S.-Canada Business Council, Irvine, California
“A Trip to CosMc’s, McDonald’s New Space-Themed Takeout Chain – Expect sweet drinks—and plenty of quality time in the car—in the first few days for the new offshoot. The space-themed brand is the fast-food giant’s first new U.S. restaurant concept in its more than 60-year history, designed to deliver a beverage-heavy menu through takeout-focused locations built with multiple drive-throughs.”, The Wall Street Journal, December 12, 2023
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To receive this biweekly newsletter, click here : https://bit.ly/geowizardsignup
Our Mission, Information Sources & Who We Are
Our biweekly global business update newsletter focuses on what is happening around the worldthat impacts new trends, health, consumer spending, business investment, the franchise sector, economic development and travel. We daily monitor 30+ countries, 40+ international information sources and six business sectors to keep up with what is going on in this ever-changing environment. Our GlobalTeam™ on the ground covering 25+ countries provides us with updates about what is actually happening in their specific countries.
William “Bill” Edwards: Global Advisor Is Uniquely Qualified to Steer Sr. Executives Successfully Through the Complex Waters of Going Global. With four decades of successful international business experience spanning virtually every corner of the world and many business sectors, Bill Edwards understands the global business landscape like no other. He has been a County Master Franchisee in five countries in Asia, Europe and the Middle East; the Senior VP for a franchisor operating in 15 countries and a full-service consultant taking 40 franchisors global.
For a complimentary 30-minute consultation on how to take your business global successfully, contact Bill Edwards at bedwards@edwardsglobal.com or +1 949 224 3896.
And download our latest chart ranking 40+ countries as places to do business at this link:
Our latest GlobalVue™ 40 country ranking
EGS Biweekly Global Business Newsletter Issue 97, Tuesday, December 12, 2023
Edited and curated by: William (Bill) Edwards, CFE, CEO of Edwards Global Services, Inc. (EGS)
Introduction: In this issue, global government debt is at $97 trillion. Analysts are mixed in how they see economies in 2024. The European Union proposes the first government rules for AI. Global airfares are expected to stabilize in 2024. And McDonalds® plans to open 9,000 more restaurants worldwide. And dairies take 1st steps to tackle planet-warming cow burps.
The mission of this newsletter is to use trusted global and regional information sources to update our 1,400+ readers in 20+ countries on key global and local trends that can impact the success of their businesses at home and abroad.
NOTE: Some of the sources that we provide links to require a paid subscription to access. We subscribe to 40 international information sources to keep our readers up to date on the world’s business.
To receive this biweekly newsletter that is read by over 1,400 people in 20 countries, click here: https://bit.ly/geowizardsignup
First, A Few Words of Wisdom From Others For These Times
“No one who achieves success does so without acknowledging the help of others.” – Alfred North Whitehead.
“Accept challenges so that you may feel the exhilaration of victory.” – General George S. Patten.
“You must do the things you think you cannot do.” – Eleanor Roosevelt
Highlights in issue #97:
- Brand Global News Section: 7-Eleven®, Joe and the Juice®, KFC® and McDonalds®
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Interesting Data and Studies
“Global government debt is projected to hit $97.1 trillion this year, a 40% increase since 2019 – During the COVID-19 pandemic, governments introduced sweeping financial measures to support the job market and prevent a wave of bankruptcies. However, this has exposed vulnerabilities as higher interest rates are amplifying borrowing costs. This graphic shows global debt by country in 2023, based on projections from the International Monetary Fund (IMF).”, Visual Capitalist, December 5, 2023
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Global Supply Chain, Energy, Commodities, Inflation & Trade Issues
Annual % change in consumer price index
“Global Inflation Tracker – Inflation is easing from the multi-decade highs reached in many countries following Russia’s full-scale invasion of Ukraine. The latest figures for most of the world’s largest economies show the wholesale food and energy prices that soared during 2022 are now falling back.”, The Financial Times, December 11, 2023
“Restoring Growth – OECD Economic Outlook November 2023 – The global economy continues to confront the challenges of inflation and low growth prospects. GDP growth has been stronger than expected so far in 2023, but is now moderating on the back of tighter financial conditions, weak trade growth and lower business and consumer confidence. Global growth is projected to be 2.9% in 2023, and weaken to 2.7% in 2024. As inflation abates further and real incomes strengthen, the world economy is projected to grow by 3% in 2025. Global growth remains highly dependent on fast-growing Asian economies. On the upside, growth could also be stronger if households spend more of the excess savings accumulated during the pandemic.”, OECD, November 2023
“Global trade to contract by 5% in 2023, UN body says – Global trade is set to contract by 5% in 2023 compared to last year, the United Nations trade body said on Monday, with an overall pessimistic forecast for 2024. In its Global Trade Update, the United Nations Conference on Trade and Development (UNCTAD) projected that commerce this year would amount to approximately $30.7 trillion. Trade in goods is expected to contract by nearly $2 trillion in 2023, or 8%, but services trade should increase by about $500 billion, or 7%, according to the U.N. body.”, Reuters, December 11, 2023
“Dairy Giants Take First Steps to Tackle Planet-Warming Cow Burps – Six of the world’s biggest dairy producers pledged to publicly say how much methane they emit as part of efforts to address livestock’s huge environmental footprint. Agriculture emits about 40% of all methane, a potent gas with 80 times the warming power of carbon dioxide. The majority of that comes from livestock, whether belched from the stomach or through manure. While the focus has been on tackling the problem in the energy sector — such as leaks from oil wells — addressing it in farming has so far proven elusive.”, Bloomberg, December 8, 2023
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Global & Regional Travel Updates
“Amex GBT Projects 2024 Global Airfares to Stabilize – 2024 economy- and business-class airfares throughout the world are projected to stabilize, “with prices falling on some routes,” according to a new American Express Global Business Travel forecast, released Wednesday. Business-class fare projections from North America to other regions are mixed….. Most economy-class fares from North America are expected to decline.”, Business Travel News, December 6, 2023
“Indonesia eyes visa waivers for 20 countries, including US, China, India – The government will finalise the list of countries included in the provision within one month, according to a statement. Minister Sandiaga Uno said the president had instructed the government to consider the visa waiver as a means of boosting the economy, tourism visits and investment.”, Reuters, December 7, 2023
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Country & Regional Updates
Argentina
“Argentina prepares for Milei to start shock therapy – Argentina’s financial markets were on tenterhooks on Monday to see if new President Javier Milei would immediately launch into his promised economic shock therapy by devaluing the peso. The radical economist took office on Sunday with a warning in his inaugural speech that he had no alternative to a sharp, painful fiscal shock to fix the country’s “titanic” challenges. Milei has promised deep cuts to public spending but his task looks daunting, with inflation nearing 200%, recession looming and payments ramping up while Argentina’s reserves are depleted.”, Reuters, December 11, 2023
China
“Wall Street Puts a ‘Sell’ on Its China Holdings – Institutional investments in the nation have plunged as its economy slows and property market craters; ‘a bit of an awakening’. The amount of money that institutional investors have in Chinese stocks and bonds has declined by more than $31 billion this year, through October, the biggest net outflow since China joined the World Trade Organization in 2001, official Chinese data show.”, The Wall Street Journal, December 7, 2023
“China’s deflation worsens as economic pressures mount – Consumer price data comes after policymakers pledge to step up fiscal and monetary support. China’s consumer prices fell 0.5 per cent year on year in November, the sharpest decline in three years as the world’s second-largest economy grapples with worsening deflation. Consumer prices dropped by more than the 0.2 per cent decline forecast by a Bloomberg survey of economists and exceeded October’s fall of 0.2 per cent. Producer prices, which are measured at factory gates and heavily driven by the cost of commodities and raw materials, dropped by 3 per cent and have remained in negative territory for the past year.”, The Financial Times, December 9, 2023
European Union
“Europe seals world’s first set of rules regulating artificial intelligence – The deal requires ChatGPT and general purpose AI systems (GPAI) to comply with transparency obligations before they are put on the market. The proposals lay the groundwork for the Artificial Intelligence Act, which will be voted on by the European Parliament and Council next year and will come into effect in 2025. The legislation, if passed, would be the world’s first comprehensive rules to regulate the use of artificial intelligence, paving the way for legal oversight of AI technology.”, Fox Business, December 9, 2023
India
“India’s stock market tops $4 trillion in value as investors buy into world’s fastest growing big economy – The S&P BSE Sensex, India’s benchmark equity index, is up more than 7% in just the past month and has gained 14.3% for the year-to-date as investors seek exposure to the world’s most populous nation and fifth biggest economy. The MSCI China index, in dollar terms, has dropped 13.6%, while the MSCI World Index is up 16.1% over the same period, boosted by an 18.5% gain for the S&P 500 in the U.S. ‘It’s been a fantastic decade for Indian blue chips, with the Sensex hitting a new all-time high in 9 of the past 10 years, for a cumulative total of 243 times,’ noted Benedek Vörös, director, index investment strategy at S&P Dow Jones Indices.”, Market Watch, December 7, 2023
“What India Needs to Ditch Coal – India, along with China, has opted out of the Global Renewables and Energy Efficiency pledge at the COP28 climate conference in Dubai—which included a commitment to curtail investment in new coal power. Coal currently meets nearly three-quarters of India’s growing energy needs. Moreover higher electricity capacity will, ironically, be key to survival in its increasingly hot weather as air conditioning needs rise. So what does India really need to shift decisively toward low carbon power? For one, money—much of it from the developed world.”, The Wall Street Journal. December 11, 2023
The Philippines
“Peso Set to Ride Remittance Wave on Philippine Holiday Spending – The Philippine peso has outperformed its Asian peers this year and a seasonal pick-up in overseas remittances ahead of Christmas will likely extend the gains.
Remittances are a key pillar of the nation’s economy, which typically receives the highest cash transfers in the last month of the year as workers send money home for holiday spending. The inflows have helped strengthen the currency in all but three Decembers in the last 10 years, data compiled by Bloomberg show.”, Bloomberg, December 10, 2023
Turkey
“Türkiye logs 5.9% Q3 GDP growth, sets eye on disinflation – Türkiye’s economy expanded by a more-than-expected 5.9% year-over-year in the third quarter, driven primarily by solid household spending, the official data showed Thursday. The country’s gross domestic product (GDP) thus grew slightly above the market expectations, hovering around 5.6%, data by the Turkish Statistical Institute (TurkStat) showed. ‘As envisaged in our program, we are moving toward a more balanced composition in growth,’ Treasury and Finance Minister Mehmet Şimşek said as he commented on the figures.”, Daily Sabah, November 30, 2023
United Kingdom
“Interest rates won’t be cut until 2026, predicts CBI – Business lobby group forecast based on inflation not hitting Bank of England’s 2% target until second half of 2025. In its latest outlook on the UK economy, the CBI said the base rate will stay at 5.25 per cent for at least two more years, despite rising market speculation that rates will be cut next year. The forecast is based on projections showing that consumer price inflation will not reach the Bank’s 2 per cent target until the third quarter of 2025. Rate-setters on the monetary policy committee — including Andrew Bailey, the Bank’s governor — have pushed back against traders’ expectations and warned that no monetary easing is imminent, despite inflation falling to a two-year low of 4.6 per cent in October. The Times of London, December 8, 2023
“UK economy showing ‘signs of life’ as eurozone heads towards recession – A closely watched index of private sector activity in the UK returned to growth in November after three months of decline. But in the single currency bloc business continued to struggle – leaving it on the brink of recession. The updates came as an influential ‘hawk’ at the European Central Bank said she believes further interest rate hikes can be taken off the table following the ‘remarkable’ fall in inflation. Isabel Schnabel fuelled speculation that rates in Europe and the UK will be cut in the first half of next year.”, The Daily Mail, December 5, 2023
United States
“(U.S.) Stock analysts who got it wrong last year predict a soft landing in 2024 – What a difference a year makes. Heading into 2023, stock forecasters were predicting an imminent recession triggered by high interests would torpedo financial markets. As we head into 2024, by contrast, Wall Street expects a soft landing for the U.S. economy to power the market to record highs. Most strategists also expect the Federal Reserve to turn the page on its rate-hiking offensive and for the S&P 500 to grind higher in the new year. Like most New Year’s resolutions, however, stock forecasts often end up bowing to reality. That imminent recession analysts predicted last year? It never materialized. Instead, the economy continues to grow; inflation is easing and equities are cruising toward year-end having booked double-digit gains.”, CBS News, December 8, 2023
“Market pros are all over the map when it comes to 2024 forecasts – Investment banks and asset managers have wildly varying stock market and currency calls for 2024, reflecting deep division over whether the U.S. economy will enter a long-heralded recession and drag the world with it. The lack of consensus among forecasters is a stark contrast to a year ago, when most predicted a U.S. recession and rapid rate cuts that failed to materialize. The world’s largest economy expanded by 5.2 per cent in the third quarter of this year.”, The Globe and Mail, December 8, 2023
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Brand & Franchising News
“From one 7-Eleven store to a $1.71 billion payday – The 7-Eleven Australia convenience store business, which began with one store in the Melbourne suburb of Oakleigh in 1977, has been sold by the Withers and Barlow families in a $1.71 billion payday. It has been acquired by the Japanese parent group Seven-Eleven Japan, which plans to step up expansion in Australia of a business with 752 outlets selling snacks, drinks, coffee and fuel. It has a market share of about 32 per cent in convenience store merchandise. The new owners are aiming to open around 35 stores annually. The Japanese group owns the 7-Eleven global licence and already collects licence fees from the Australian business, which has been owned by the two families since 1976.”, Australian Financial Review, November 30, 2023
“Private Equity Firm to Acquire Majority Ownership in Joe & the Juice – The 360-unit beverage chain wants to expand worldwide, including a new franchise program. Private equity firm General Atlantic announced Monday that it will acquire a majority interest in Joe & the Juice, a growing beverage chain with stores around the world. General Atlantic, which initially made a minority investment in October 2016, has three priorities for Joe & the Juice: accelerate expansion in international markets, capitalize on customer demand, and build digital channels.”, QSR Magazine, November 14, 2023
“Retail Food Group acquires Beefy’s Pies in major business deal – An Aussie award winning pie company has been sold to a major food and beverage group for $10 million. With stores in Gympie, Brisbane and on the Sunshine Coast, Beefy’s Famous Aussie Pies is an institution for many visitors to the southeast Queensland region. RFG CEO Matt Marshall said there was a number of appealing factors for acquiring Beefy’s, including its loyal customer base and its ability to foster a passionate business model since it opened its first store in 1997.”, News.com.au, November 30, 2023. Compliments of Jason Gehrke, The Franchise Advisory Centre, Brisbane
“Yum’s KFC division agrees to acquire more than 200 KFC restaurants in the UK and Ireland from franchisee EG Group – The deal “represents a significant opportunity to accelerate KFC’s growth strategy in the large and growing UK and Ireland chicken market, with high average unit volumes and robust margins,” the companies said in a joint statement. No financial terms were disclosed, but the deal is expected to close by the end of the first half of 2024.”, Market Watch, December 6, 2023
“McDonald’s Targets 50,000 Restaurants in Expansion Blitz – Most new stores will be in international licensed markets. The chain currently has more than 41,000 restaurants and already committed to opening an extra 2,000 by the end of this year. The new target highlights the burger giant’s stepped-up ambitions as it looks for its next leg of growth.”, Bloomberg, December 6, 2023
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To receive this biweekly newsletter, click here : https://bit.ly/geowizardsignup
Our Mission, Information Sources & Who We Are
Our biweekly global business update newsletter focuses on what is happening around the worldthat impacts new trends, health, consumer spending, business investment, the franchise sector, economic development and travel. We daily monitor 30+ countries, 40+ international information sources and six business sectors to keep up with what is going on in this ever-changing environment. Our GlobalTeam™ on the ground covering 25+ countries provides us with updates about what is actually happening in their specific countries.
William “Bill” Edwards: Global Advisor Is Uniquely Qualified to Steer Sr. Executives Successfully Through the Complex Waters of Going Global. With four decades of successful international business experience spanning virtually every corner of the world and many business sectors, Bill Edwards understands the global business landscape like no other. He has been a County Master Franchisee in five countries in Asia, Europe and the Middle East; the Senior VP for a franchisor operating in 15 countries and a full-service consultant taking 40 franchisors global.
For a complimentary 30-minute consultation on how to take your business global successfully, contact Bill Edwards at bedwards@edwardsglobal.com or +1 949 224 3896.
And download our latest chart ranking 40+ countries as places to do business at this link:
Our latest GlobalVue™ 40 country ranking
