After two decades, it’s time to get a taste of something new, according to Magnolia Chief Executive Steve Abrams.
Abrams’ famous Magnolia Bakery is making a big bet on expanding its empire; Adrams plans to set up shop in 50 markets other markets in the U.S. with at least three stores in each location, according to the Wall Street Journal.
The bakery, which logged an annual revenue of $45 million last year, began in Greenwich Village in 1996 and now consists of six New York City stores, as well as one store in Boston, Chicago and Los Angeles respectively and 17 international franchise locations in seven countries.
The announcement of Magnolia’s major investment in brick-and-mortar locations has some wondering whether the hunger for the famous cupcakes will be strong enough to support a ballooning empire.
But Abrams’ isn’t worried: ““We’re still the big name. That’s always going to carry weight,” he told the Journal. [WSJ] — Erin Hudson