Batter up, bake a cake and make the world a little better. This playful saying, though new, seems to fit Goldilocks, now a beloved Filipino household brand of cakes and pastries.
The story of Goldilocks began in 1966, not with a jingle, but with the entrepreneurial spirit of sisters Milagros and Clarita Leelin, along with their sister-in-law Doris Wilson. What started as a modest 70-square-meter space on Pasong Tamo Street in Makati, with just 10 employees, has since blossomed into a global enterprise.
For Clarita, baking was a passion ignited at the tender age of 10, when her parents, Pascual Leelin and Trinidad Tancioco, gifted her an oven. This early interest eventually led Clarita and Milagros to start a small cottage industry, baking delicacies in their Makati apartment and selling them to doctors, nurses and patients at a nearby hospital. This marked the crucial first step in an epic entrepreneurial journey that would eventually reach far and wide across the globe.
In 1976, Goldilocks opened its first overseas branch in Los Angeles, California, followed by additional outlets in San Francisco, San Jose and Las Vegas, Nevada.
The brand further accelerated its expansion in 1991 with the launch of its franchising program. This led to a remarkable proliferation of branches both domestically and internationally, totaling 964 as of 2024. Globally, Goldilocks has established 12 stores in the continental USA, two in Canada and six in Thailand.
Richard Yee, the current president of Goldilocks and a second-generation owner, cited the importance of their franchise model.
“We realized that to fulfill our strategic growth plans and to transition to the next generation, we had to partner with highly motivated entrepreneurs who shared the principles and values of Goldilocks,” he said.
Yee, son of founder Milagros, attributes their robust franchise network to the “strong partnership and positive relationship we have with our franchisees.”
“In a manner of speaking, therefore, we made sure that our family business would grow by adopting more members through franchising,” he said.
In 2006, Pancake House International made an offer to acquire Goldilocks for P2 billion, but the talks ultimately fell through. Later, in 2018, SM Investments acquired a 34-percent stake in the chain. The Sy-led conglomerate solidified its control by acquiring a majority stake in 2021, making Goldilocks its subsidiary.
Last year, Goldilocks announced ambitious plans to launch 60 more stores, aiming to cap the year with 986 branches worldwide.
Yee’s ascent to the presidency of Goldilocks was a testament to his comprehensive understanding of the business.
He didn’t just step into the top role; he earned it by serving in various capacities, including plant manager, director for marketing, sales and finance, and then vice president.
“I enjoyed all of my previous posts for their own unique reasons,” Yee recalled.
He said each position presented its own set of challenges, and he found great satisfaction in developing innovative, out-of-the-box solutions for each. As plant manager for two years, he learned the intricacies of technical production and gained an appreciation for the corporate commitment to total quality management throughout the manufacturing process.
He said these experiences provided him with a “well-rounded understanding of the overall business landscape of Goldilocks, which has been invaluable in my current role as company president.”