Bakehouse doubles outlets, adds 50% staff as its egg tarts beat Hong Kong’s retail gloom
The Wan Chai-based bakery will spend about US$4 million to double its branches to 10 by the end of 2025
Bakehouse is investing millions of dollars to double its Hong Kong footprint to cater to the rising demand for its sourdough egg tarts, offering a rare piece of good news amid the city’s retail and consumption slump.
The Wan Chai-based bakery will spend HK$31 million (US$3.98 million) to expand to Tung Chung and Sha Tin in the New Territories, while building out its factory in Chai Wan, doubling its branches to 10 by the end of 2025, founder Gregoire Michaud said in an interview.
“Because our brand has gained in image” through social-media platforms like Xiaohongshu, “people are inviting us” to expand the production and branches, said Michaud.
With overall vacancy rates hovering in the double digits, Hong Kong’s shop rents have fallen by more than 70 per cent since they peaked in the third quarter of 2014, said Jeannette Chan, senior director of retail at the JLL property consultancy in Hong Kong.