When the Wall Street Journal — a publication not really known for its extensive journalistic interest in Chicago-based cupcake bakeries — profiled Wrigleyville newcomer Phoebe’s Cupcakes, we perked up. The restaurant got off the ground thanks to a capital investment froM Chad Mollman, a partner at venture capital firm Ascent Equity Capital, which to us sounded like the sweet, sweet sound of franchise expansion.
Mollman talked to us a little bit about what we can expect from Phoebe’s as it (yes, we were right) grows from its current single location to its desired ubiquity. While we were right that Mollman has plans for expansion, he warned us “do not expect to see Phoebe’s Cupcakes everywhere within a year! Each location has to reach profitability and performance standards … before the next location gets open.”
If that sounds like corporate gibberish, understand that it’s all being done with your optimal cupcake experience in mind: “We are much more concerned with product quality and customer service than we are with rapid expansion,” Mollman told us. While he’d like to see Phoebe’s achieving total world cupcake domination eventually, “You will probably only see 1-2 Phoebe’s open a year initially, after this year.”