OAKVILLE, Ont. — Oakville Ont.-based Tim Hortons has announced its ambitious growth projections for the coming years.
“Our strategies will continue to transform Tim Hortons, not only adding significant scale but also introducing important additional growth layers to our business platform to extend our position as a leader in the North American restaurant industry,” said Don Schroeder, company president and CEO. “We are a growth company with significant long-term opportunities in Canada, and we are also excited by the prospects of continued profitable growth in the U.S. and potentially internationally in the longer term,” he added.
According Schroeder, and other members of the executive team, the Tim Hortons strategic plan targets investments and opportunities designed to leverage its core business strengths and business model to drive future growth. In addition to same-store sales growth drivers, the company expects to open approximately 900 new locations in North America between 2010 and 2013.
The development of approximately 600 new restaurants in Canada is focused on growth markets in Quebec, western Canada and major urban locations as well as continued growth in Ontario. In the U.S, development of approximately 300 new restaurants will be focused primarily on existing major regional markets, such as New York, Ohio and Michigan.
Far from just brick and mortar expansion, the company also has an eye on menu expansion. While remaining secretive about details, plans are to introduce new menu and product innovation targeted across restaurant dayparts to meet customer needs, expand market share and drive same-store sales. The chain is targeting further expansion of the breakfast daypart and afternoon and evening snacking dayparts, in addition to extending lunch daypart opportunities, including sandwich and soup offerings. There’s also talk of expanding hot and cold beverage offerings.
Continuing on that same theme, the partnership with Cold Stone Creamery will expand with the addition of the ice-cream franchise in 60 Canadian locations in 2010.
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