A good local bakery is essential to any neighbourhood. One that has been around since 1884 is also promising too. It's a chain and I tried the one in Bellas Artes at the corner of Merced and Mosqueto.
Unfortunately the bread quality isn't as good as what I'm used to in Australia and around Europe. The croissant was a small dense little thing, more similar to eating thick buttered bread than the thin flaky French standards. Reading a bit now, what I probably ate was a medialunas rather than a croissant, but the store advertises and sells it as a croissant hence my expectation.
The empanadas and other savoury items were reasonable and generally filled will lots of cheese and ham or sausage. The apple danish was a hollow shell with the tiniest amount of actual apple filling.
There weren't any other bakeries nearby so it was suffice, but far from what I expected.