Yahoo Finance Tim Hortons reaches agreement to launch in Thailand
Tim Hortons is going to Thailand.
The coffee chain announced on Thursday that it has reached an exclusive master franchise and development agreement with WeEat Company aimed at launching Tim Hortons locations in Thailand.
“We are very excited to grow the Tim brand in Thailand as part of our broader global growth strategy,” Tim Hortons president Alex Macedo said in a statement.
“Thailand has a thriving coffee market ad our partner has a deep understanding of the Thai market, which we believe will position us well for success in the country.”
Tim Hortons did not disclose how many restaurants it will open in Thailand, or when. WeEat Company is owned part of the Wattanavekin family group of companies, according to Tim Hortons. The Wattanavekin family is listed as the 43rd richest in Thailand based on a net worth of $670 million.
The announcement comes shortly after Tim Hortons’ parent company Restaurant Brands International Inc. unveiled ambitious growth plants to expand to more than 40,000 restaurants globally over the next eight to ten years.
RBI, which also owns the Burger King and Popeyes chains, currently has 26,000 restaurants worldwide. The expansion would make it one of the largest restaurant companies in the world.
Tim Hortons opened its first restaurant in China in February. The location in People’s Square in Shanghai is part of a broader expansion that aims to open 1,500 restaurants across China over the next 10 years.
The new location includes food and beverage items unique to that market, such as salted egg yolk Timbits, and others that play to the Canadiana of the Tim Hortons brand, including a range of maple drinks and Montreal style beef sandwiches.
Tim Hortons said it believes it can replicate the recent successes in other international markets “by featuring a strong hot and cold beverage platform, a localized food menu and prominent Canadian branding in the restaurant design to celebrate the brand’s Canadian heritage.”
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