The more I think about it, this “type” of restaurant, a specific theme offering, could be one of the only types that might have a chance at success at the boardwalk. I am not saying the cake shop is it, but it has a chance.
Assuming your putting a restaurant in this location, you could go with one of three hugely overbroad categories. A simple quick service type place, a more upscale sit down type location, or like Cake Bake, a novelty/theme restaurant, where your coming almost as much for the ambiance, as you are the food.
Assuming you go with either 1 or 2, why are people coming to eat there? Getting to the boardwalk if you are not a guest in the Epcot area, or coming from Epcott/HS isn't the easiest journey. Sure during the day you could take a bus from your resort, to a park, and then another bus from the park to Boardwalk or Yacht club, but if the location is just a quick service or sit down restaurant, you are going to have plenty more options at your own resorts, and a lot less hassle to get there.
If your at a park, the same travel issue is there, but gets a bit easier, you could again take a park bus to boardwalk, or if your at Epcot or HS, you could walk/boat out of the park. But if its just a regular sit down or quick service joint, how many people are leaving the park to go to the boardwalk when the parks have many other dining options. And if your not staying in the epcott area, you would be leaving the park, going to boardwalk, then having to get your self back to your resort area, or park. Maybe this would appeal to people who are staying in the epcott area, and its a stop off for lunch/dinner after a day at the park before heading back to your room, but 1) now your limiting your customer base pretty significantly and 2) all the epcot resort areas have their own dining available, unless there is a lack of it available, what does adding just another sit down or quick service restaurant get you?
Cake bake shop offers an "experience" for good or for bad, that you are not going to get at another restaurant on property. Its the type of restaurant that you would "travel" or schedule your day around because its the only place you can go to get it. Is it enough of a draw to entice people over to the boardwalk long term....I can't say. But it at minimum offers something that gives a customer a reason to seek it out, that makes it the preferred choice over more convenient food locations in whatever area a potential customer might be in. It appears that WDW does NOT have the goal of making the boardwalk its own independent revenue generator where they are facilitating/encouraging people to go there independently as a destination, as opposed to just an ancillary feature of the Epcott resort area. If that stays the case, then a restaurant there has to be its own draw, as the boardwalk itself is not driving customers to the area. I can't say this theme is it, but its got a better chance than insert random sandwich/chicken finger and French fry restaurant here.
