Anyone never knows the end of covid-19 pandemic. What business could be survive? We think that any commercial transaction involving the buying and selling of a business format will continue to survive with changing the content. Generally, a business format is defined as franchising when it has three elements such as the unified trademark, the control and the fee collections but we don’t think so in the future because the market already changed to be smaller than before. As you know, product-out or normal market-in has been ended. A business format should be small-market-in.
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