March 18, 2014 13:17
A recently opened store of Paris Baguette in Manhattan is recording profits despite gloomy predictions that it was a flagship outlet too far.
SPC Group, the operator of the bakery chain, said on Monday that the outlet opened last Friday in an upscale neighborhood of 70th Street and daily sales have been surpassing overall costs.
It is unprecedented for a Korean bakery to put up good performance downtown in a major U.S. city. The group said its two other stores in Manhattan that opened last fall, on 40th Street and 50th Street are also posting profits.
The firm's booming start in the U.S. market has boosted its confidence significantly.
Launching its first U.S. outlet in October 2005, the group now operates 33 stores in the country. It will open 20 more stores there this year with a view to operating a total of 1,000 outlets across the country by 2020.
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