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Crumbs' s ame-stores sales started declining in mid as the cupcake market was rapidly growing more crowded. When Crumbs opened in , there were only three bakeries devoted to cupcakes nationwide, according to Newsweek.
By , there were hundreds. High real estate costs. Crumbs' stores were too large for its needs, according to Darren Tristano, executive vice president at the food industry research firm Technomic. The company's shops averaged about 1, square feet, with one outlet near Chicago measuring 3, square feet, Tristano told Crain's New York Business reporter Aaron Elstein.
All Crumbs really needed was enough room for a cupcake display case and a register. Consumers may be losing interest in cupcakes.
As Crumbs was expanding, a nalysts began warning that the nation's cupcake craze was subsiding. The Wall Street Journal concluded last year that Crumbs' downfall was the result of mass "gourmet-cupcake burnout. Despite falling same-store sales, Crumbs kept opening new locations. The number of locations climbed to 70 in , up from 35 in mid, when the same-store declines had begun. Frederick G. Independent Chairman of the Board.
Edward M. John D. Eric Wesolowski. Chief Operating Officer. Robin Sepe. Senior Vice President - Human Resources. New Stories. Quote and financial data from Refinitiv.
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