When panic buying at a Hong Kong bakery chain led to a 3-day run on cakes, as thousands cashed in vouchers
“Hongkong’s first known ‘cake run’ was pronounced over yesterday,” reported the South China Morning Post on May 22, 1984. “The Maria’s cake shop chain was relieved to find business as usual yesterday and no queues.
“The chain’s founder, Mrs Maria Lee, and her top aides will hold a ‘post-mortem’ today in a bid to analyse the cause of the mysterious run. Some 400 bakers had to cope with the sudden surge in demand from Thursday to Sunday. Bakers who were on leave were called back to tackle the cake crisis.
“‘The meeting will also touch on the aftermath of the incident,’ Maria’s company manager, Mr Tse Kwok-ying, said yesterday. He described the present state of the multi-million dollar bakery chain as ‘just like mopping up a battlefield.’
“At the height of the run on Friday, hundreds of $18 gift voucher holders, mainly housewives, feverishly withdrew cakes from Maria’s outlets on both sides of the harbour, when rumours suggested the chain was on the brink of collapse.
“The bewildered Mrs Lee had to call a press conference to deny the rumours. Official clarification notices were prominently displayed in both Chinese and English papers in a bid to regain customer confidence.
“‘Queues were still seen on Saturday – despite the publication of the advertisements. The situation was better on Sunday afternoon – although people were still seen outside Chaiwan, Tsun Wan and Tsz Wan Shan branches in the morning. Our operation was 80 per cent normal today and should be back on the road by tomorrow,’ Mr Tse said.
“Figures on how many coupons were exchanged for cakes and the sum of money involved in the saga were not available because company accountants are still calculating, he added.”
