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Canadian coffee chain Tim Hortons has signed a joint venture in China that will open 1,500 new outlets in the world's second-largest economy over the next 10 years, said Wednesday Brands restaurant. The Burger King restaurant chain, which also belongs to the Burger King chain, announced that Chinese restaurants would be opened as part of a joint venture with private equity firm Cartesian Capital Group
"The Chinese People and a vibrant economy is a great growth opportunity for Tim Hortons. President Alex Macedo said in a statement
Tim Hortons, which has more than 4,700 members worldwide, saw its sales fall in the last two years
Sylvain Charlebois, professor of distribution and of food policy at Dalhousie University, Halifax, said: "What was considered a threat to a new identity in new territories. The favorite drink of the public, tea, is gradually giving way to its rival, "wrote Mr. Charlebois in a report, noting that Starbucks has 2,800 stores in China
" The Tim Hortons Legacy in Canada is to convince and consume coffee. elsewhere than at home. However, in recent years, a growing number of white Canadians are preparing coffee themselves. the trend for Canadians of Asian descent is the opposite, "said Mr. Charlebois." For traders, this change represents the golden goose. RBI understands that once a certain level of wealth is achieved and disposable income increases, coffee-related behaviors will change.
In April, Restaurant Brands announced that it would spend $ 700 million to reorganize the coffee chain. China is embracing coffee shops and switching from tea to coffee, prompting Starbucks Corp to say in May that it aims to triple China's business figure and double the number of coffees to 6,000 by 2022
Capital Cartesian Group is also already involved in Burger King's Chinese franchise operation.
© Thomson Reuters 2018
With a file from the Financial Post Staff
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