Tim Hortons plans ‘hundreds’ of restaurants across SE Asia
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Japan’s Marubeni plans to open hundreds of Tim Hortons coffee shop franchises in three Southeast Asian countries, a move the trading conglomerate hopes will make around $300 million in sales by 2033.
Tim Hortons, headquartered in Canada, currently has over 5,600 locations worldwide. Marubeni signed an agreement with Tim Hortons’ parent company, Restaurant Brands International, to develop and operate the new coffee shops in Singapore, Malaysia, and Indonesia.
Marubeni plans to start opening franchises in Singapore and Malaysia in the next fiscal year beginning this April, while stores in Indonesia will begin opening in fiscal 2024. The plans will see hundreds of new Tim Hortons franchises in operation by 2033.
Marubeni will make use of its existing retail network in Southeast Asia to support operation of the new businesses, which will have menus tailored to local tastes. Currently, Marubeni chiefly operates stores that sell pharmaceuticals and cosmetics.
The Tim Hortons franchises will be the first businesses launched under a new corporate development division Marubeni established last year, focused on business growth in the Asian consumer market.
Going forward, Marubeni plans to position restaurant operations as a core segment of its business expansion ventures.
Questions & Answers
Q.Which specific countries in Southeast Asia will see new Tim Hortons restaurants opening?
Which specific countries in Southeast Asia will see new Tim Hortons restaurants opening?
Marubeni has signed an agreement to develop and operate new Tim Hortons coffee shops in Singapore, Malaysia, and Indonesia. These three countries are the initial focus for the expansion plan.
Q.When are the first Tim Hortons franchises expected to open in Singapore and Malaysia?
When are the first Tim Hortons franchises expected to open in Singapore and Malaysia?
Marubeni plans to start opening Tim Hortons franchises in Singapore and Malaysia in the next fiscal year, which begins in April. Stores in Indonesia will begin opening later, in fiscal 2024.
Q.What is Marubeni's sales target for these new Tim Hortons franchises by 2033?
What is Marubeni's sales target for these new Tim Hortons franchises by 2033?
Marubeni hopes the new Tim Hortons coffee shop franchises will generate around $300 million in sales by 2033. This target covers the operations across the three Southeast Asian countries.
Q.How will Marubeni support the operation of the new Tim Hortons businesses in the region?
How will Marubeni support the operation of the new Tim Hortons businesses in the region?
Marubeni will use its existing retail network in Southeast Asia to support the operation of the new businesses. Currently, Marubeni chiefly operates stores selling pharmaceuticals and cosmetics.
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