‘Sex’-y NYC cupcake shop Magnolia Bakery to open 200 franchise locations across the U.S.
Image: Shiny Things via Flickr
We know “Sex and the City” did wonders for pink martinis, Manolos and Cynthia Nixon’s political career. And we’re pretty sure the cupcakes at Magnolia Bakery have the NYC-centric series to thank for its ability to expand worldwide. The popular pastries are, we’re told, gobbling up the market in Dubai, Kuwait, Tokyo, Mexico City and Seoul, and closer to home in (besides New York City) Los Angeles, Chicago and now Boston. But like Ms. Nixon, the company isn’t content to rest on its laurels. The Wall Street Journal reports that the Bleecker Street original will be plying its sweet treats in as many as 200 new franchises in the U.S. in the next five years
A Magnolia Bakery shop in Saudi Arabia. Would you ever know it? Image courtesy of Magnolia Bakery
Magnolia CEO Steve Abrams said about 50 of the country’s top markets will get at least three locations in each. The privately held company that started in the Village in 1996 boasted an annual revenue of $45 million last year according to company officials.
Market watchers note that the cupcake craze isn’t getting any younger, though Abrams points out that Magnolia has moved beyond cupcakes, which now only account for a third of the company’s sales. In cupcake circles, “We’re still the big name.” he said.
Image: Dominique de Luque via Flickr
Several New York City homegrown restaurant franchises are turning expansion into gold, including the food-cart-famous Halal Guys, who have more than 60 franchise locations across the U.S. with another 350 in development.
[Via WSJ]
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