Tag: Goldilocks

Goldilocks bent on network expansion

By Iris Gonzales (The Philippine Star) | Updated February 6, 2018 – 12:00am

MANILA, Philippines — Goldilocks remains committed to expanding its network even as talks with the SM Group for a possible merger or acquisition bogged down, its top official said.

Goldilocks president Richard Yee said the company would continue to grow its network.

“We now have over 600 stores to serve our customers nationwide and we will continue this expansion in order to be more accessible to our customers,” Yee said.

Even as the talks did not push through, he said the SM Group’s interest in the company is a validation of Goldilocks’ efforts to strengthen its leadership position.

“To this end, we remain focused on our plans and strategies, which has allowed us to achieve double-digit growth in the past few years,” Yee said.

He thanked the SM Group for its interest in the company.

Last week, Goldilocks and SM jointly announced that talks for a possible acquisition wherein the SM Group will acquire the homegrown bakeshop and restaurant did not push through.

The Philippine Competition Commission (PCC), the government’s anti-trust body, which approved the transaction in December, said the parties decided not to pursue the deal.

“It’s a completely business decision on their part, we’re happy we went that far and they cooperated, SM presented their undertaking, but at the end of the day they decided not to continue their transaction,” PCC chairman Balisacan said.

For its part, SM cited “changes in the general business environment” as reasons for not pushing through with the talks.

“Regarding the proposed acquisition by SM Retail of Goldilocks, both SM and Goldilocks have jointly agreed not to pursue the transaction given changes in the general business environment,” SM said in a statement.

Both parties did not elaborate on the reasons for the collapse of the talks.

Had the transaction proceeded, Goldilocks would have been a subsidiary of SM Retail which is under SM Investments Corp. (SMIC).

SMIC, through SM Prime Holdings Inc. develops, owns and operates shopping malls around the Philippines. SMPHI operates close to 70 malls in the Philippines, while Goldilocks has a network of more than 500 stores, some of which operate in SM malls as well as 200 stores abroad.

It would have marked SM’s foray into a new retail format and for Goldilocks, it would have provided a big boost to the company’s expansion given SM’s wide footprint nationwide.

Goldilocks started in 1966 when Filipino-Chinese sisters Milagros Leelin Yee and Clarita Leelin Go and their sister in law Doris Wilson Leelin opened the company’s first store along Pasong Tamo in Makati.

*This article is copied from and was originally-published by The Philippine Star. It is also available online at http://www.philstar.com/business/2018/02/06/1784870/goldilocks-bent-network-expansion

PCC approves SM’s purchase of Goldilocks


HENRY Sy-led SM Investments Corp.’s (SMIC) plan to acquire pastry firm Goldilocks Bakeshop, Inc. has been approved by the Philippine Competition Commission (PCC).

In a statement, the antitrust regulator said the acquisition— to be made via SM Prime Holdings, Inc. (SMPH) subsidiary SM Retail, Inc.— could proceed after all parties submitted commitments to address potential competition issues.

A statement of concern was issued last month by the PCC’s Mergers and Acquisitions Office (MAO).

Identified issues include the possibility of partial or total foreclosure in terms of retail space at SM malls for competitors of Goldilocks and the potential for the SM Group to share a competing mall tenant’s business information to Goldilocks since the mall operator, through its point-of-sale (POS) system, had access to sales records.

The SM Group was said to have been able to address the concerns through initial undertakings following with a series of hearings and discussions. A final commitment was submitted on December 28.

“While selection of tenants in a mall is market-driven and based on consumer preferences, a mall operator should not be allowed to discriminate mall tenants and lease applicants, especially those that compete with stores owned by the mall itself,” PCC Chairman Arsenio Balisacan said.

“Such discrimination or unfair treatment can come in the form of arbitrarily assigning competitor tenants to disadvantageous locations or unfavorable lease terms, which amounts to partial foreclosure. It can also come in the form of giving less favorable lease terms or completely refuse them lease space in the mall, which amounts to total foreclosure,” he added.

SMPH also committed to data protection, pledging it would not give Goldilocks access to competitors’ information including sales data captured by the POS system.

“The commission appreciates SM’s move to make these voluntary undertakings–proof that PCC and the business community can work together to promote a culture of competition,” Balisacan said.

The transaction is expected to allow the SM Group to expand its retail business. The Goldilocks chain has over 500 stores nationwide.

*This article is copied from the published news by The Manila Times, January 10, 2018, page B1 and is also available online at http://www.manilatimes.net/pcc-approves-sms-purchase-goldilocks/373403/.

Goldilocks confirms talks with SM, sees strategic brand fit

By Iris Gonzales (The Philippine Star) | Updated August 31, 2017 – 12:00am

MANILA, Philippines – Goldilocks Bakeshop Inc., assured the public and its stakeholders that it would remain committed to upholding the same standards of excellence that have made it the country’s number one bakeshop.

Goldilocks president Richard Yee issued the statement amid ongoing talks with the SM Group for a possible acquisition or joint venture with the company.

“In light of media reports that the SM Group is currently in talks to acquire a controlling stake in Goldilocks Bakeshop, Inc., we would like to state that while we are currently engaged in discussions, we are not in a position to share any specifics as yet,” Yee said.

He said the company has been open to forging strategic partnerships with companies which share the company’s vision and values, while helping it become an even more formidable brand both here and abroad.

“Over the years, several groups have been interested and as of now we have narrowed the list down. We believe that the best strategic alliance is one that will make the brand stronger in its next 50 years,” he said.

He said any partnership or alliance with another company, if it proceeds, would enable Goldilocks to respond effectively to the demands of an ever-growing consumer base and to new markets.

“We reassure everyone our internal and external stakeholders, our employees, affiliates, business partners and most of all, our loyal customers that Goldilocks will always be committed to the same standards of excellence that have made us the country’s number one bakeshop,” Yee said.

The SM Group of retail tycoon Henry Sy has said that it is in talks for a possible acquisition or joint venture with homegrown restaurant chain Goldilocks.

In a disclosure, SM Investments Corporation (SMIC), the holding company of the Sy family, said it is in preliminary discussions with Goldilocks Bakeshop for “a possible equity investment, joint venture or other cooperation arrangement.”

The parties are still awaiting regulatory approval by the Philippine Competition Commission.

If the deal pushes through, it would mark SM’s foray into a new retail format, and for Goldilocks, it would provide a big boost to the company’s expansion given SM’s wide footprint nationwide.

Goldilocks started in 1966 when Filipino-Chinese sisters Milagros Leelin Yee and Clarita Leelin Go and their sister in law Doris Wilson Leelin opened the company’s first store along Pasong Tamo in Makati.

It is now estimated to have over 500 stores nationwide and abroad.

*This article is re-posted from the Philippine Star: http://www.philstar.com/business/2017/08/31/1734241/goldilocks-confirms-talks-sm-sees-strategic-brand-fit

Goldilocks brings Tondo children to Kidzania Manila

Goldilocks is no stranger when it comes to bringing magic, joy, and wonder to people’s hearts. Indeed, after 50 Golden Years of being the country’s number one bakeshop, it has become almost second nature to associate this well-loved brand with special occasions, celebrations, and fond memories. Goldilocks Foundation organized a spectacular and fun-filled event for approximately 100 children from Baseco, Tondo, and allowed them to enjoy a day like no other. In collaboration with Caritas Manila, the Goldilocks Foundation recently took over Kidzania Manila in Fort Bonifacio, for kids aged five to six and their guardians. It was truly a fun and educational experience for all the participants