Based on research by external consultants, Wall Street English has identified Spain, Germany, Poland, Egypt and Taiwan as priority markets. It will seek franchise partners who “want to enter the education industry and work with [Wall Street English] to grow its global footprint,” according to a company spokesperson.
Lex Baker, director of new business development at Wall Street English, said the English language learning market represents a exciting opportunities in “high-potential” areas.
“Taiwan and Egypt offer the opportunity to create and lead the market”
“Expanding into Spain, Germany, Poland, Egypt and Taiwan offers high-potential territories to partners investing in the future of our global business,” Baker said in a statement.
“Our track record of helping franchisees launch successful businesses, whether in South America, Europe, Africa or Asia, speaks for itself. We’re looking for our next partners to leverage Wall Street English’s platform as one of the biggest market players to deliver a high-quality learning experience to students around the world.”
In 2018, the ELT firm invested more than US$4.5 million into its franchise network and has opened 19 centres around the world, including Thailand, earlier this year. The company, sold by Pearson in 2017, expects to open a further 12 this year.
According to the company, there is room for a “major player” to enter the well-developed markets in Spain and Germany, while the other territories have a strong demand for English language learning, driven by macroeconomic trends, the company argued.
“Taiwan and Egypt offer the opportunity to create and lead the market for English tuition,” Baker stated.
“While these are not necessarily the largest markets for English, when considering all assessment factors, they are attractive growth opportunities for a franchise partner,” he added.
Wall Street English Germany closed in 2016, when Wall Street English belonged to Pearson.
“As Wall Street English operates a franchise business model, our partners make strategic business decisions according to their own priorities,” Baker explained.
“As they looked to consolidate and re-structure their organisation, they decided to exit the ‘Direct to Consumer’ German market.”
Based on previous direct management and recent market research conducted by external consultants, the educational brand believes there is strong demand in Germany, Baker told The PIE News.
To facilitate further expansion, Wall Street English has invested in its central support capability, increasing headcount at certain offices by 25%.