50-year-old Goldilocks plays the millennial card

Richard Yee

In this second part of the interview with businessman Richard Yee,  president of Goldilocks, discusses where the 50-year-old bakeshop is headed and how it remains relevant in a crowded market.

Question: How does Goldilocks connect to the newer consumers—the millennials?

A: This is a very significant point for us, because at 50 years old, Goldilocks is a Gen X company that needs to understand and engage millennial consumers.

The starting point of any connection, of course, is learning everything about the people you want to connect with. To this end, we are intentional and all-inclusive in our market research and consumer analysis efforts, dedicating a good amount of resources to make sure that our information is accurate and verifiable.

Our online, interactive, mobile, and social media elements have been fully upgraded and are continually evolving. We have a strong presence wherever the millennials are in the digital space.

When all is said and done, however, there is one thing that stands out most about millennial consumers: they are surprisingly very loyal. But of course, this comes with certain conditions—they are loyal only if they perceive that their loyalty is rewarded.

Q: The restaurant business unit of Goldilocks is a laggard, yet, you have expanded to other restaurants.  Tell us the idea behind these new brands.

A: By no means is our foodshop business a “laggard.” Quite the contrary, we are on practically every list of leading quick service restaurants in the Philippines, particularly in the Filipino fastfood category. In fact, when you think about it, our palabok, fresh lumpia, pork barbeque and dinuguan are as iconic as our signature mamon, ensaymada, polvoron, and cake rolls.

In 2011, our company acquired the franchise to operate Domino’s Pizza through Domino’s Pizza Philippines, a wholly owned subsidiary of Goldilocks Bakeshop. Domino’s allows us to extend our reach to an entirely new segment in the food business, while still sticking to what we know and do best.

Q: Goldilocks is celebrating its 50th year this year, how do you future-proof the company in light of fiercer competition?

A: Ultimately, a company or a brand is only as good as the products and services it represents, so you must first ensure they are future-proof as well.

Goldilocks is a company that embraces change, and we are not afraid to modify or reinvent our products and services to adapt to rapidly evolving technology and taste preferences.

Another key to remaining relevant and maintaining leadership is to organizationally unite our frontline store personnel and customer service with our marketing, production, and research and development departments. The feedback that we receive daily from the market has a direct and seamless path to the executives who are responsible for creating our products and food offerings and to those who conceptualize and execute our marketing programs.

Customer experience is also critical to longevity. Even with a number of blockbuster products, poor customer service can damage your brand severely.

Q: Talks of acquisition by another restaurant group did not materialize. What are your plans for Goldilocks?

A: We will continue to explore collaborating with various groups in order to ensure consumers gain even greater access to our products here, across the country and around the world.  Just as legacy dictates, we will constantly deliver on our promise to provide total customer satisfaction through world-class products and services, and showcase the best that the Philippines has to offer.

Right now we are strengthening our presence in areas outside Metro Manila, specifically Visayas and Mindanao. At present, there are 15 Goldilocks stores in key cities in North America. Considering the success we have had in different territories, Southeast Asia appears to have enormous potential.