Canadian coffee chain Tim Hortons to expand in Southeast Asia

March 02, 2023 | 12:10

(0) user say

In an effort to generate roughly $300 million in sales by 2033, the Japanese trading and investment conglomerate Marubeni aims to bring hundreds of Tim Hortons coffee shop franchises to three Southeast Asian nations.

Canadian coffee chain Tim Hortons to expand in Southeast Asia

Tim Hortons, commonly nicknamed Tim's or Timmie's, is a multinational coffee house and restaurant chain from Canada. This Toronto-based coffee chain now boasts more than 5,600 outlets worldwide.

Restaurant Brands International, Tim Hortons' parent company, and Marubeni entered into a partnership last year to open additional coffee shops in Singapore, Malaysia, and Indonesia, according to Nikkei Asia.

According to the proposal, by 2033, hundreds of new Tim Hortons locations will have opened.

Marubeni expects to begin establishing franchises in Singapore and Malaysia at the start of the next fiscal year, while outlets being operational in Indonesia in 2024.

This is the first Tim Hortons’ Southeast Asian franchise in a pact with Marubeni.

The Japanese firm wants to take advantage of its existing retail network in Southeast Asia, which currently offers pharmaceuticals and cosmetics.

5G to become leading technology in Southeast Asia

Global 5G subscriptions remain on track to top one billion by the end of this year, and five billion by the end of 2028, despite current and developing economic challenges in many parts of the world, according to the November 2022 edition of the Ericsson Mobility Report.

Funding for climate tech startups in Southeast Asia hits record high in 2022

Climate tech startups are creating a buzz in the Southeast Asia region thanks to a trend towards sustainable development.

163 IPOs in Southeast Asia in 2022

Initial public offering (IPO) fundraising was subdued across the capital markets in Southeast Asia last year, as Vietnam witnessed eight successful IPOs with funds raised amounting to $71 million.

By Celine Luu

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional