[News Article] SPC’s Paris Baguette secures bigger footing in North America
SPC’s Paris Baguette
secures bigger footing in North America
By Shim Woo-hyun,
The Korea Herald - South Korean bakery giant SPC Group said Wednesday that it
is opening nine new Paris Baguette stores in North America this month, seeking
a bigger footing in one of the key strategic markets. With the planned
nine new openings, SPC will be operating a total of 150 stores in the region. In Canada, SPC will
open a Paris Baguette store at the Southpark on Whyte, a residential complex
located in Alberta on Friday, while another outlet is set to open in Newmarket,
Ontario, next week. In the US, seven new
stores are scheduled to open by the end of September in six different states,
including New York, California, New Jersey, Pennsylvania and Massachusetts.
Later this year, three more will open in Washington, Hawaii and Tennessee. The recent push for
expansion comes as part of the company’s goal of opening 1,000 stores in the
North American region alone by 2030. In line with its
bigger presence, the company’s sales in the region have almost tripled over the
past three years. Its US sales surged from 132.6 billion won ($99 million) in
2020 to 352.8 billion won in 2022. This year, the figure is highly likely to hit
400 billion won, according to industry estimates. “Paris Baguette has
been recording improved performance in the highly competitive US market, the
home of franchise businesses and an arena for global brands,” an official from
SPC said. “As the company’s franchise business in the US is now on track, SPC will
boost its growth in the North American region and use the US business model to
accelerate expansion in other countries around the globe.” Source: http://www.koreaherald.com/view.php?ud=20230913000727
2023.09.15
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