Parent company RBI has outlined plans for 1,000 Tim Hortons stores in the US by 2028 as part of a five-year growth plan that will focus on key international growth markets, including China
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Tim Hortons currently operates 631 US stores | Photo credit: Tim Hortons
Restaurant Brands International (RBI) has outlined a goal of reaching 1,000 Tim Hortons stores across the US by 2028.
The Canadian coffee chain currently operates 631 outlets across 11 US states, with a strong presence in New York, Ohio and Michigan.
The growth projection forms part of RBI’s new Five-Year Growth Outlook, which sets out plans to scale its current global portfolio of Tim Hortons, Burger King, Popeyes and Firehouse Sub outlets from just over 31,000 currently to 40,000 within five years.
To achieve its Five-Year Growth Outlook, the Toronto-based quick-service restaurant group will need to exceed 5% net outlet growth annually. RBI expects at least 7,000 of the net new stores to open outside of the US and Canada.
On an investors call following its full year 2023 results CEO Josh Kobza said that RBI was working with Tims China to lay a foundation to ‘meet the growth aspirations we know we’re capable of’. The coffee chain currently operates more than 900 stores in East Asia’s largest market.
Tim Hortons is also seeking growth in the UK, India and South Korea.
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RBI operated 5,833 Tim Hortons stores globally as of the end of 2023, including 3,894 in Canada – where outlet growth has stalled over the last two years.
However, while significant outlet growth in its domestic market is unlikely, RBI is seeking to boost Tim Hortons sales in the country by focusing on increasing PM daypart transactions through higher sales of wraps, savoury pastries and snacks. The coffee chain will also seek to grow its Tims Rewards app membership and cold brew sales across the next five years.
“When you add up the sum of the parts of our company, we have a pretty remarkable combination of growth drivers. The outlook we are sharing for growth is really the lowest average performance that we expect over the next five-years, with real upside potential from there,” said Patrick Doyle, Executive Chairman, RBI.
RBI currently operates more than 7,100 Burger King, 3,390 Popeyes and 1,260 Firehouse Subs stores across the US, and nearly 14,750 international outlets across its four brands.
Alongside outlet growth, RBI is also seeking $60bn in sales and $3.2bn in adjusted operating income by 2028.