The Ontario-based coffee chain has two further sites planned for the first quarter of 2025 and is seeking to operate 30 outlets in the Central American country within 10 years
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Panama is the coffee chain’s fourth Americas market after Canada, the US and Mexico | Photo credit: Kate Trysh
Tim Hortons has launched in Panama with an outlet at Soho Mall in Panama City.
The Canadian coffee chain announced a franchise agreement with Vortex Investment SA to enter the Central American market in February 2024 and expects to open two further stores in the first quarter of 2025.
Tim Hortons has a longer-term goal to reach 30 sites in Panama by 2034, with outlet growth focused on Panama City.
Panama is the coffee chain’s fourth Americas market after Canada, the US and Mexico, where it currently operates 3,861, 643 and 132 outlets respectively.
Tim Hortons was the key performer for parent company Restaurant Brands International (RBI) in the third quarter of 2024 and the only brand in its quick-service portfolio to post positive sales growth in North America.
The coffee chain’s combined Canada and US sales increased 2.8% year-on-year in the three months ended 30 September 2024 to reach $1.9bn, with like-for-like sales growing 2.3%.
Ontario-based Tim Hortons now operates across 20 markets globally, with a growing presence in the Middle East and East Asia.