Corner Bakery, which began in 1992 as a small store in Chicago, now reports 130 locations across 15 states, brought in an estimated $240 million in revenue in 2011 and is stepping up hiring and expansion plans for 2012. Corner Bakery CEO Mike Hislop spoke with FOX Business last week to describe how Corner Bakery is leveraging the franchise model to become “the neighborhood café.”
Hislop knows that Corner Bakery is “the right brand, with the right economic model, in the right segment.” Corner Baker is on track to double their system over the next 3-4 years, with half their locations becoming franchises. Hislop credits their catering business to helping grow their economic model. Twenty percent of Corner Bakery’s business comes from catering and that makes them very different from other brands, Hislop says.
Roark Capital who has been in franchising for the past 15 years, bought Corner Bakery last year. Hislop believes Roark will help Corner Bakery with the knowledge they bring in the franchise space. “They’ve helped already in franchise finance, bringing in more lenders to help our franchisees grow and expand.” Corner Bakery has currently signed up 17 franchisees that will build 250 locations across the US.
With the interest growing in franchise opportunities, Corner Bakery is in that perfect space or “sweet spot” and with bakery cafes being the fastest growing segment in the restaurant industry, Hislop reports the brand will continue to expand this year.
Posted by Jenna Weisbord, IFA Manager of Communications & Marketing