GOLDILOCKS Bakeshop, Inc., part of the SM Group, is looking to add as many as 100 stores to its Philippine network this year, with its domestic store count expected to approach 1,100 by yearend.
“We typically explore opening close to 100 stores per year. But of course, not all of them become executable. So the actual executable number is somewhere between 50 and 100 per year,” Chief Operating Officer Jerson Go Uy told reporters on the sidelines of an event on Aug. 7.
The company has opened close to 30 stores so far this year, while about half of the planned new outlets are expected to be operated by franchise partners, he said.
Mr. Uy said the planned openings would span provinces and cities across the country.
“There are many opportunities. So we operate in many provinces and cities. We also have manufacturing operations across the nation, so we could support many places,” he said.
Goldilocks has also opened a store in Siquijor and has operations in Bohol and other areas, including locations that are more difficult to access, Mr. Uy said.
The company opened its 1,000th store around October last year. Asked about its year-end store count, Mr. Uy said it would “probably hit thereabouts” of 1,100.
The projected store count refers to Goldilocks’ Philippine operations and excludes its international outlets.
Mr. Uy said the SM Group’s involvement in Goldilocks has helped the company expand, citing synergies between the two groups.
“Definitely, the synergies between the SM Group and the previous company have helped,” he said.
He said Goldilocks does not receive preferential treatment when applying for space in SM malls.
“We are just like any tenant applying to mall space. We don’t get preferential rates,” Mr. Uy said.
Outside the Philippines, Goldilocks also operates stores in North America, including the United States and Canada, according to Mr. Uy.
He said the company does not currently have additional international stores in its pipeline and is instead looking to expand exports from the Philippines.
“Export is more of an untapped opportunity for us. Exporting from here,” Mr. Uy added.
Goldilocks has been operating for 60 years and is known for its cakes, snacks, and other food products. — Alexandria Grace C. Magno
