Tims China has more than doubled its store count since the start of 2021, with digital ordering accounting for over 70% of its total revenues
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Tim Hortons entered the Chinese market in 2018 with an ambitious plan to open more than 1,500 stores in 10 years | Photo credit: Tim Hortons
Tims China has announced the opening of its 300th Tim Hortons location in China, a store in the city of Tianjin.
The
joint venture between Tim Hortons parent company Restaurant Brands International (RBI), and private equity firm Cartesian Capital Group, entered the Chinese market in 2018 with an
ambitious plan to open more than 1,500 stores in 10 years.
In a press release, the company said it had more than doubled its store count in China since the beginning of 2021.
"The opening of our 300th store is both a proud moment for all of us, as well as a major milestone for the Tim Hortons brand. By providing high-quality food and drink at great prices, we are well-positioned to be an emerging coffee champion in China," said Yongchen Lu, Chief Executive Officer of Tims China.
In a press release the company revealed that digital ordering, including in-store and delivery, now account for over 70% of its total revenues.
E-commerce is an important revenue stream in the Chinese coffee market, with World Coffee Portal
data showing 86% of Chinese consumers surveyed in 2020 indicating they have previously ordered takeaway coffee for delivery – with more than half doing so 2-3 times a week.
Tims China also confirmed that it had signed a definitive agreement with Silver Crest Acquisition in relation to a
proposed £1.8bn merger that could pave the way for an IPO.
Reporting its third quarter results in October 2021, RBI said Tim Hortons' global store count stood at 5,137, with year-on-year outlet growth of 4.1% and like-for-like sales growth of 8.9% – including 9.5% in its native Canadian market.