Sweet success: The Cupcake Queens’ rise to the top

When The Cupcake Queens founder Monique Milenkovic opened her first store in Williamstown 15 years ago, she never envisioned she’d be running a multi-million-dollar company that now boasts eight stores in Melbourne with plans to expand interstate.
Hers is hardly an overnight success story – she’s built an empire while raising a family of six and savouring every moment. Ms Milenkovic admits anyone can open a business, but it’s harder to keep a long-term foothold – that takes commitment and savvy business strategy.
With her eye set on a bricks and mortar expansion interstate and other stores to come in Melbourne, Ms Milenkovic reflects on the commercial business decisions she’s made that have played a part in what happened next.

The Cupcake Queens Watergardens store. Picture: realcommercial.com.au
She has opened and closed stores, pivoted during COVID and opened a headquarters baking warehouse in Altona North. The Cupcake Queens employs more than 100 staff, many who have been part of the business long term. The cupcakes are cooked fresh daily and driven to her stores every day; with a silver service delivery that’s done in-house for those who order online.
Monique runs the business with her husband Jac who joined her full time 18 months after launching in 2010 – and says it’s their multi-channel approach that brings them success. Theirs is a finite blend of retail shop fronts and online that hits the sweet spot.
Monique, who grew up in North Melbourne living above a pub her parents ran on the corner of Howard and Queensberry Street called The Royal Park, says hospitality and hard work runs in her blood.
“My parents bought The Royal Park pub in North Melbourne in 1990. We lived in Balwyn at the time, and made the move to live above it when I was in year nine,” Ms Milenkovic says.

The Cupcake Queens Highpoint store. Picture: realcommercial.com.au
“I would go from North Melbourne to Kew to attend school, and when I’d come back, I had to walk through the pub to go upstairs. Resilience just happened, and you don’t realise it at the time, but it’s part of who I am. I saw my parents run several businesses. They went to run a Collingwood pub when I was in my university years. My parents worked hard and ran these pubs from the bottom up. I witnessed that and know what it takes to be in business,” she says.
She swapped a HR corporate career for full time baking, the pivot taking place during a paternal leave stint in 2009 after their first child, Nicholas, was born. He sadly died three days later.
“I was on parental leave with no child, it wasn’t a great situation,” recalls Ms Milenkovic.
“That’s when I got busy. I had already delved into the idea of cupcake baking, but it was my husband who told me to give it a go. He pushed me in a gentle and loving way. I opened Williamstown in 2010 and the local community got right behind me. That really gave me the strength to see I was onto something that could be big.”
The grassroots camaraderie of her local shopping strip played a huge part in The Cupcake Queens’ expansion.
“I am grateful for the community in Williamstown. If that store hadn’t been a success, I wouldn’t have opened my second, third, fourth and fifth store,” she says.
“Having that loyal customer base who have been with us all those years is why we are still here.”
These days, many new business owners approach Ms Milenkovic for commercial business advice.
“In 2025, there’s not many barriers to opening a business, but I think it’s about staying in business – that is the challenge and what I get people to think about long term. That’s what I am most proud of – that we got through the turbulent and challenging times instead of walking away,” she says.

The Cupcake Queens Watergardens store. Picture: realcommercial.com.au
Ms Milenkovic says while her cupcake recipe is her secret weapon; it was the press coverage of the day that drew more eyes her way.
“We were featured in ‘Epicure’ in ‘The Age’ on a Tuesday; it was a big deal to make page two back in 2010,” she says.
“In the same year, we were on ‘Postcards’. They filmed at our store, and as a result of those two things happening, people travelled from all over Victoria to buy cupcakes.”
Monique Milenkovic’s business tips
Why retail stores matter
“When I launched the business, many people externally to us would say, ‘you could just be an online business and be successful’. But I didn’t want that. I wanted bricks and mortar. I truly believe that a shop and a street presence is more important than ever. Having the combination of shop fronts and online hits the spot for us. I don’t believe we can have one without the other. That has been my view from the very beginning and I still believe going into a retail store is worth it.”
What would you do differently
“I have learned that physical stores take time. If I had my time again, I would not have closed some stores and given them more time to flourish. Williamstown hasn’t been an overnight success. Others I didn’t give a chance. I know now we can’t hit the numbers straight away and building that customer base is essential. I would say to myself don’t be so impatient.”
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Shopping centres versus high streets
“Being in a shopping centre is a completely different ball game to being on a high street. I think talk to as many people as you can and know your numbers before you sign a lease anywhere. Understand what that retail commitment means. For example, in a shopping centre you are committed to their store hours. That might sound basic, but people don’t understand that until they are there. Yes, you have to stay open until 9pm on a Thursday and Friday night and pay wages!
“Even abiding to store fit-outs is something you can’t change in shopping centres. It’s not where I would go because it’s so restrictive – not always in a bad way. Yes, you have foot traffic, but you have to know what you’re doing. We were fortunate to get into Northland Shopping Centre before COVID; a short-term lease situation when a tenant moved out suddenly and we had a shot at it. It’s rare these opportunities come up, but we’re seeing it and happening more at the moment. You have to think outside of the square and work with the landlord no matter where you choose your location.”
What’s next?
“We are trying to bed down the stores we have and have them performing at their best. That said, we will be opening more stores in Victoria and interstate. We are still on an upswing and our numbers are still going up. There are not many businesses that can say that. Our growth is across our stores and online put together. Strip shops and shopping centres are a good mix – and we’ll be looking in the northern corridor and doing some research on our next move. We can see where our deliveries are going and it’s giving us an insight before we open the next store. There’s no recipe for success though, you have to take risks no matter what.”