Tim Hortons intends to open 800 more locations worldwide over next five years as part of its overall company strategy
February 25, 2014
(United Press International)
– Canadian fast-casual restaurant chain Tim Hortons said Tuesday it intends to open 800 more locations worldwide in the next five years.
The company calls its road map for the coming years its "Winning in the New Era" strategy.
"Consumers are highly interconnected and have increasingly evolving needs," company President and Chief Executive Officer Marc Caira said in a release posted on the company website. "Our strategic road map is ambitious but achievable, and is designed to capitalize on our strengths while allowing us to rapidly adapt to deliver on those changing consumer needs.
"We are energizing the Tim Hortons brand in all of our geographic markets and we are focusing on driving long-term, sustainable, profitable growth which we believe will return us to above-market total return to shareholders."
He said the strategy will focus on evolving consumers' tastes and preferences, including their growing desire for balanced menu options to address their interest in health, wellness and nutrition.
He said the company's strategy will also recognize the ongoing shift to an aging population that is increasingly in ethnic diversity and the rising importance of the Millennials generation.
Tim Hortons said it views the United States as a growth area, with plans to add about 300 restaurants there by the end of 2018. It said its development plans call for 40 franchise locations in St. Louis, 25 in Youngstown, Ohio, 15 in Fort Wayne, Ind., and 15 in Fargo and Minot, N.D.
The company said it will keep expanding the Middle East, projecting about 200 more locations there in the coming years.
"We are setting out to be bold, different and daring," Caira said.
Tim Hortons, with headquarters in Oakville, Ontario, has 4,485 restaurants, including 3,588 in Canada, 859 in the United States and 38 in the Gulf Cooperation Council region.
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