ECONOMY
Taco Bell Tops Entrepreneur’s Franchise 500 List for Third Year in a Row
Entrepreneur unveiled its 44th annual Franchise 500 ranking on Tuesday and topping the list for the third consecutive year was none other than Taco Bell.
Since its founding in 1962 by American entrepreneur Glen Bell, Taco Bell has more than 7,700 locations in the United States. The 2023 honor makes the popular fast-food eatery just one of three companies to hold the No. 1 spot for three years in a row.
But Taco Bell wasn’t the only quick-service restaurant to dominate the media powerhouse’s list. Coming in just behind the Mexican-inspired restaurant chain for second place was Popeyes Louisiana Kitchen, followed by Jersey Mike’s Subs in third.
Source: Entrepreneur
The UPS Store ranked fourth on the list, and another popular American food chain, Dunkin’ Donuts, came in fifth. Rounding out the top 10 was education company Kumon (#6), Ace Hardware (#7), Culver’s (#8), which is known for its frozen custard and cheese curds, Hampton by Hilton (#9) and Wingstop (#10).
Given unprecedented challenges in recent years due to the coronavirus pandemic, Entrepreneur’s ranking shows QSR brands are still experiencing strong growth. According to Entrepreneur, 101 quick-service restaurants ranked in this year’s top 500, versus 97 last year. Plus, six of the top 10 – and 29 of the top 100 – are QSR brands.
“This year’s Franchise 500 ranking not only highlights some of the trends emerging from the ever-changing business landscape, but also underscores that consistency matters as some of the most established, long-standing brands once again find their way to the top,” Entrepreneur Editor in Chief Jason Feifer said.
Source: Taco Bell/Mega
Feifer added how “impressive” it is to see new businesses thrive despite the unpredictable economy as owners head into a new year.
According to Feifer, 7.1% of this year’s applicants just started franchising in 2022, and 27.8% had only started franchising since 2018.
“That’s a lot of fresh ideas – and, in time, future Franchise 500 ranking holders,” the editor in chief said.
The Complete 2023 ranking gives a look at the franchise industry and includes a variety of categories like automotive, health and wellness, financial services, home improvement, pets, lodging, maintenance, recreation, and more. It also gives insight into changing lifestyles and how businesses evolve to keep up with trends.
Moving up in the ranking this year were the subcategories of Coffee, Sandwiches, Smoothies/Juices, and Teas, according to the publication.
Meanwhile, the Health & Wellness category has been deemed one to watch, especially businesses that fall under the subcategories of Assisted Stretching, Chiropractic Services, CBD and Eye Care.
A total of 78 franchises within the Maintenance category were ranked for 2023, versus 72 the year prior. The number of pet franchises also saw an increase, with 12 franchises landing a spot on the list, as opposed to 8 in 2022.
Entrepreneur’s Franchise 500 ranking has been in existence for 44 years and has become both a dominant competitive measure for franchisors and a primary research tool for potential franchisees.
Entrepreneur has helped leaders start, run, and grow their ventures through content published in Entrepreneur magazine, titles under the publishing imprint Entrepreneur Press, and on Entrepreneur.com and GreenEntrepreneur.com.
To view the full ranking, visit www.entrepreneur.com/franchise500. Franchise 500 results can also be seen in the January/February 2023 issue of Entrepreneur, available on newsstands this month.
