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| People buy bakery products at Paris Baguette's new store in Red Bank in Monmouth County, New Jersey, Sunday. Courtesy of SPC |
By Kim Jae-heun
SPC has opened its 120th Paris Baguette store in the United States as Korea's largest bakery brand expands its presence in the world's largest economy, company officials said Monday.
The firm operates 20 stores directly through its U.S. subsidiary, and individuals and corporations run the remaining 100 stores under franchise agreements.
The latest Paris Baguette franchise store opened in Red Bank in Monmouth County, New Jersey, which is a commercial district that doesn't see many tourists. This is meaningful as Paris Baguette is gaining popularity among town locals and not only because Koreans visit the store or live there.
"Opening our 100th U.S. franchise Paris Baguette store in Red Bank is meaningful in terms of our global business expansion. We will further advance into the Canadian market and complete the construction of a global manufacturing facility in Malaysia this year to boost our business worldwide," an SPC official said.
SPC plans to sign 160 additional franchise contracts and aims to introduce 1,000 stores across the United States in 2023.
About 85 percent of Paris Baguette stores in the U.S. are operated by local franchisees.
The bakery-cafe brand has gained recognition among locals, in Manhattan, Midtown, the Upper West Side in New York and downtown Los Angeles.
SPC plans to open more stores in new areas such as North Carolina, Colorado, Maryland, Washington, Minnesota, Tennessee and Hawaii.
Meanwhile, Paris Baguette has stood out in the U.S. bakery industry since it first entered the local market in 2005. Last year, the bakery brand ranked 25th among the best franchise brands evaluated by the US-based magazine Franchise Times. It is the highest ranking achieved by a Korean brand so far.
SPC also opened two Paris Baguette stores in England, three in France and plans to open the very first one in Canada. Currently, the company has 450 stores in nine countries including China, Vietnam and Singapore.
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