Hong Kong Retail Resilience: Bakehouse Flourishes Amid Gloom
Expanding in a Tough Market
Bakehouse based in Wan Chai, is making bold moves by investing HK$31 million to expand its presence in the New Territories, including openings in Tung Chung and Sha Tin. Founder Gregoire Michaud aims to double the bakery's locations to ten by 2025, leveraging the popularity of its sourdough egg tarts.
The Retail Landscape in Hong Kong
Statistics indicate that Hong Kong's retail sector is facing significant challenges, with high vacancy rates and many businesses shuttering. According to experts at JLL, over 600 street shops have closed this year. Despite this, ventures like Bakehouse are seeing success in a marketplace dotted with closures.
Shifting Consumer Preferences
- Rising demand for quality baked goods.
- Increased competition from international brands.
- Local eateries losing ground to mainland Shenzhen options.
A Positive Outlook for Bakeries
Even amidst economic challenges, the growth of specialty bakeries illustrates a unique strength in Hong Kong's market. With plans for more outlets and a need to hire an additional 150 staff members, Bakehouse exemplifies the potential for success in the food and beverage sector.
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