The Magnolia Bakery has signed a 10-year lease at a 5,200-square-foot space at 1751 Park Avenue, ahead of an online push that will broaden their market for baked goods and merchandise, the Wall Street Journal reports.
Co-owner Steve Abrams says he expects the new online store to bring in $10 million a year, an estimate that actually sounds conservative when you consider the fact that Magnolia’s biggest fans live nowhere near New York City.
The bakery opened a branch in Dubai in February and Mr. Abrams is reportedly scouting space for a second one there, and another in Abu Dhabi.
