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Paris Baguette, owned by SPC Group, has achieved a significant milestone by opening its 500th international store in Singapore's Changi Airport, signaling future ventures into the Middle East.
Paris Baguette has been continuously opening bakery-cafes in many regions, and building new stores shows the brand's success in infiltrating the global market. It already has stores in New York, New Jersey, Pennsylvania, Toronto, Shanghai, Beijing, and Xi'an in China, and most outlets are newly launched.
Paris Baguette on a Roll in International Arena
With its expanding presence in the global space, the South Korean bakery-cafe chain is definitely on a roll. In fact, now that it has reached this new milestone of having 500 branches overseas, it plans to open more and target adding 50 new stores to surpass the 500 mark, as per Business Korea.
It was said that the company could put up hundreds of stores in several countries because it deployed several strategic business maneuvers, which proved effective.
In addition, Singapore may have also played a crucial part in Paris Baguette's global venture as it served as a strategic outpost for the company's impending ventures into the halal markets and the Middle East.
Expansion to the Middle East - Aiming for the $2 Trillion Halal Market
As mentioned, Paris Baguette plans to open over 50 stores for its global expansion. These outlets are set to be launched by the end of the year. According to Yonhap News, SPC Group's bakery subsidiary is entering the Middle East region, and the brand will soon have a presence in Saudi Arabia and the United Arab Emirates (UAE).
For this project, SPC Paris Baguette signed a joint venture agreement with Galadari Brothers Group, a leading local company based in Riyadh, Saudi Arabia. The memorandum of understanding was signed on Sunday, Oct. 22, and the announcement was made on Monday, Oct. 23.
"The halal market is a market of great strategic importance to Paris Baguette's global business, and we will accelerate the expansion of our global business through close cooperation and bold investments with Galadari Brothers Group," SPC Group's president and CEO, Heo Jin Soo, said in a statement.
Photo by: mohamed hassouna/Unsplash
