SM Group's Goldilocks ramps up nationwide expansion

Food service chain owner Goldilocks Bakeshop, Inc., one of the SM Group’s portfolio investments, is ramping up its store openings by 46 percent to 60 in 2024 to further increase its nationwide presence. In a statement, SM Investments Corporation said, Goldilocks opened 41 stores in 2023 to reach and serve more customers, bringing the total to 926 stores nationwide. Goldilocks looked to expand responsibly in emerging centers in the region, building on the momentum from last year with over 40 percent of new locations situated in Visayas and Mindanao. “Aligned with the SM Group’s strategy to develop areas outside of the NCR, the Visayas and Mindanao regions offer strong growth potential as many areas there are still unserved and/or underserved,” said Goldilocks Chairman and SMIC President and CEO Frederic C. Dybuncio. He added that, “From a customer focus standpoint, we continue to be committed to their needs and wants by building 60 new Goldilocks stores, with the aim of creating more delightful celebrations with our signature cakes and food offerings.” In 2023, Goldilocks also introduced new cake flavors for Mother’s Day, birthdays, and the Christmas season. Goldilocks’s network of over 76 multi-unit franchisees nationwide to date—mostly customers who turned business owners and partners was instrumental in growing the company’s footprint to reach more customers. Beyond site assessment, the SM Group’s leading bakeshop also provides financial and entrepreneurial support, and employee training to ensure a smooth transition of the franchise’s operations, said Goldilocks President Richard L. Yee. (James A. Loyola )