BEIJING —As the developed world has slumped into a recession, franchising firms have increasingly looked into emerging markets for new opportunities of growth.

The years 2005-2008 were notable for a wave of private equity acquisitions. The 2010-2011 period will go down as the second wave.

ATLANTA — 2011 saw major inroads from franchisees who used their associations to collectively obtain better transparency and even to manage national marketing and supply chains to ensure t

Chart: BMM; Source: ICSC and Goldman Sachs

NEW YORK — Last minute shoppers were out in force this past week as they finished up their holiday shopping, giving retailers a strong two-week sales finish to the 2011 holiday season.