The largest “New York International Franchise Exhibition” in the United States opened at the Javits Convention Center on May 30, providing a platform for business owners interested in operating franchise brands in the United States to collaborate. This year, the Taiwan Ministry of Economic Affairs’ Commercial Development Bureau and the Taiwan External Trade Development Council’s New York office teamed up to bring 10 Taiwanese franchise brands to the exhibition. The brand operators interviewed expressed optimism about the huge development potential in the American market, citing the clear economic recovery post-pandemic.
Participants in the New York International Franchise Exhibition (IFE) covered a wide range of industries, including fitness, beauty, baking, and dining. Among them, nine Taiwanese tea brands and one building material brand formed the “Taiwan Franchise Brands Pavilion,” attracting a continuous stream of inquiries.
Executives such as Mr. Sun’s General Manager Xie Zongze, Maruyudou’s (Seiyuan) General Manager Liu Zhiyuan, and Marworks Food Tea’s Business Manager Zhang Cheng expressed that the US market offers vast scale and consumer potential. They highlighted the high profit margins in the American bubble tea market compared to Asia, emphasizing the profitability with proper location selection and positioning, potentially surpassing that of Taiwanese stores by 3 to 5 times.
The exhibition opened on Thursday morning, with Vice Consul General Zhang Junyu from the Taipei Economic and Cultural Office in New York personally visiting each Taiwanese brand to understand their operational status. He emphasized that New York is a market full of potential, welcoming both large and small businesses from Taiwan to expand globally.
Marworks Food Tea’s Business Manager Zhang Cheng mentioned their recent store openings in India and the Democratic Republic of Congo, where the latter has high spending power with a cup of tea selling for around 300 New Taiwan Dollars. This strong daily performance exemplifies the promising opportunities in diverse markets.
Furthermore, Liu Zhiyuan, General Manager of Maruyudo (Seiyuan), highlighted New York City’s unique commercial advantages. He referenced the successful store opening in Los Angeles through connections established at last year’s franchise exhibition, showcasing the importance of participating in events like this.
The Taiwan External Trade Development Council’s New York office introduced before the exhibition that the US milk tea market is projected to grow to $1.01 billion in 2024, indicating significant room for expansion. This market’s potential also attracts Chinese milk tea brand operators, creating a competitive landscape at the exhibition.
While acknowledging the fast-paced learning of Chinese operators, Zhang Cheng of Marworks Food Tea stressed the importance for Taiwanese brands to enhance packaging, marketing, and flavor innovation to tackle competition. Xie Zongze, General Manager of Mr. Sun, emphasized differentiating through quality products targeted at the health-conscious post-pandemic consumer demand.
Senior Manager Xu Yimin from the building material brand Keding expressed their goal at the exhibition is to expand business in New York, seeking like-minded and committed partners for collaboration in various forms, be it agency, distribution, or franchising.
The International Franchise Exhibition, organized by the International Franchise Association (IFA) and operated by MFV exhibition company with support from the US Department of Commerce, showcased a diverse range of global opportunities. Vice President of Business Development at MFV Exhibition Company, James Mastandrea, highlighted the beneficial presence of the Taiwan Pavilion at IFE, contributing to the event’s international diversity and success. He commended Taiwanese exhibitors for their past success, willingness to invest in potential clients, and mutual support, fostering a win-win situation for all involved.