Are doughnuts the new cupcake, asks Crain's New York? No. Cupcakes are the new cupcake, the eternal cupcake, the once and future cupcake. (For a list of failed "new cupcakes" see here.) But doughnuts might be back after doughnut "fads have cooled in the past." They're referring specifically to Krispy Kreme, which at its height about a decade ago had nine New York stores and now has just one.
Anyway, these are bright days for humble doughnuts, which have been gussied up in gourmet clothing and trotted out for between $1.75 and $3 at places like New York's Doughnut Plant, Dough, and Wonder City Coffee & Donuts. Of course, New York's not the only place the doughnut has become popular: there's also Top Pot in Seattle (which has its eye on national expansion), Voodoo Doughnut in Portland, Doughnut Vault in Chicago and Federal Donuts in Philadelphia. So yes, the doughnut is very popular right now. But the new cupcake? Time will tell.