Tim Hortons has laid out an ambitious plan to add 800 more franchise outlets by 2018, the latest shot in an escalating war to stay on top of the quick breakfast and coffee market.
The TSX-listed company said Tuesday it will add as many as 300 new locations in the U.S. in the next four years, a market where it has had difficulty gaining a foothold.
It also plans 500 more locations in Canada, including 160 in Canada as early as this year, a market where the brand enjoys extreme brand loyalty but is perceived to be near saturation.
"We believe that our enviable guest loyalty … will present significant opportunities to grow our Canadian business over the next five years," the company said in a press release.
The company singled out a number of American markets where it already has almost 100 would-be franchises lined up, including 40 in St. Louis, 25 in Youngstown, Ohio, 15 in Fort Wayne, Ind. and 15 in Minot, N.D.
Last year, Tim Hortons was the target of activist shareholders who didn't like the direction of the company and pushed it to abandon international expansion plans and focus on its strength — cranking out cash from Canadian locations, enough to boost the dividend.
Tuesday's roadmap shows the chain is doubling down on growth plans, under the leadership of new CEO Marc Caira, who took the reins last July after executive positions at Nestle and Parmalat.
The chain has growth plans as well in the Persian Gulf, a region of the world where it's eked out a surprising foothold, with 38 locations.
The road map laid out Tuesday includes adding about 220 locations in that area over the same period.
At the end of last year, Tim Hortons had 3,588 restaurants in its Canadian system, 859 in the United States and 38 in the Gulf region.
Tim Hortons shares were up slightly, trading at $58.22 on the TSX.
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