MISSISSAUGA, Ont. — Second Cup is embarking on a three-year plan that execs hope will bring the brand to the top of its game.
Its quarterly report revealed same-store sales were down 2.9 per cent in the 13-weeks ended Sept. 27, 2014, compared to Q2 sales, which were down five per cent. The Mississauga, Ont.-based company is set to raise $5 million in a private placement share offering, which will bolster its balance sheet and help fund renovations at prime locations. All company directors will participate in the share offering, acquiring a total of 40 to 60 per cent of the offering.
During the next three years, Second Cup aims to reinvent the brand to offer superior quality, community, creativity, collaboration and optimism; become the preferred destination for coffee; deliver an inspiring café experience; revitalize the network of cafés to be in priority markets; and become a sought-after franchisor. “With our three-year strategic plan, new vision and brand direction, we are entering an exciting phase of our transformation. Coffee will once again be at the core of our offering, and by renewing our focus on superior quality, franchisee and customer relationships and innovation, we are confident we will win the hearts of Canadians,” said Alix Box, president and CEO.
In the next few weeks, Second Cup will unveil its “café of the future” in downtown Toronto, followed by a new flagship café in Montreal.
