Shanghai Today
Struggling Shanghai Bakery Christine Will Reopen All Outlets Next Month - July 25, 2022
上海克莉丝汀连锁蛋糕店将在下个月重新开放所有门店
Christine will resume operations at all its stores next month despite being badly hit by the past two years’ of Covid-19 outbreaks and amid stiff competition, the much-loved Chinese bakery chain said yesterday, quelling concerns among the public that it might be the latest casualty of the pandemic.
Almost all of Christine’s stores in Shanghai have shut and customers are complaining that the company’s pre-paid cards cannot be cashed, according to Yicai Global research. One Christine outlet in the city’s Changning district is being renovated into a dumpling store.
Membership cards and coupons which expired while the stores were shut can be redeemed upon reopening, the Shanghai-based firm said.
But Christine, known for its delicious cakes and breads, was struggling even before the start of the pandemic as new players nibble away at its share of the market. The 29-year-old firm has not turned a profit since 2013 and between 2019 and 2021 racked up losses of more than CNY500 million (USD73.9 million).
The company shuttered 271 outlets in the three-year period from 2019 to 2021, saying that the shop closures were necessary to control costs and mitigate risk amid fierce competition.
Yet China’s baked food sector is growing rapidly. The market size expanded 19.9 percent last year from the year before to CNY260 billion (USD38.5 billion), and should reach CNY307 billion next year, according to iiMedia Research.
Source: Yicai
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