Korea’s leading bakery franchise Paris Baguette has launched its 100th franchise store in the US, stepping up its overseas business, its operator SPC Group said Monday.
Reaching the milestone with the opening of "Paris Baguette Red Bank" in New Jersey, the company aims to introduce 1,000 stores across the US market by 2030.
According to the food company, Paris Baguette plans to sign 160 additional franchise deals this year.
Entering the US in 2005, Paris Baguette has worked on enhacing brand awareness among local consumers by setting up stores in major commercial districts including Times Square, Midtown and the Upper West Side in Manhattan, New York, as well as in downtown LA.
SPC is set to open more stores in new locations such as North Carolina and Colorado, aside from its western base -- near Silicon Valley, LA and San Diego -- and its eastern base connecting New York, New Jersey and Boston.
Its efforts for bolstering market presence have started bearing fruits. It ranked 25th in the "2022 Franchise Top 500 Ranking" selected by the US Franchise Times -- the highest among Korean companies -- and is recognized for its performance in the US business market.
SPC has also actively expanded its global business by opening two stores in the UK and three stores in France last year, taking over “Lina’s”, a French sandwich chain. Currently, Paris Baguette operates a total of 450 global stores in nine countries, including the US and China.
"Global business is booming, with the US franchise surpassing its 100th store," an SPC official said, adding that the company will accelerate global businesses this year, including entering Canada and completing construction of factories in Malaysia.