“…However, it has been argued that the influence of this factor is diminishing , and in this regard, Hutchinson, Quinn and Alexander (2005) stated that a successful international retailer does not need to be large. In contrast to high-cost market-entry strategies, such as acquisition or stand-alone stores, alternative lower cost modes of entry have been identified, such as joint venture, franchise and concession (Palmer, Owens, & De Kervenoael, 2010;Treadgold, 1988), which can be assumed by small and medium-size businesses with reduced resources. In particular, franchising is becoming increasingly popular (Doherty, 2007;Petersen & Welch, 2000), since, in contrast to wholly owned subsidiaries or joint ventures, no equity investment is required.…”