I have a typed xml document stored as text. So I use CONVERT the data type to xml by using a Common Table Expression in order to be able to use XML methods:
For those interested in performance I ran a query to compare these approaches and the first option with "() and add a [1]" was MUCH faster than ".query('strFranchise').value('.',...)".
Difference in Execution plan was 15% to 85% when running one after the other on same data. So ()[1] is over 5 times faster! Execution plan is much different.